Third-generation decentralized blockchain project Skycoin is now seeking to expand their influence by setting foot into the South Korean market.
The makers of Skycoin’s high-performance ecosystem seeks to introduce a new decentralized networking protocol to displace the inefficient blockchains and their flaws, resulting in a new internet that is faster, more secure, and totally decentralized.
Skycoin pays tribute to Bitcoin as the first generation of decentralized economics for its role in giving global users access to finances only they control, and to Ethereum as Blockchain 2.0, for giving a platform for thousands of Dapps and blockchain projects to launch easily.
But Skycoin is Blockchain 3.0, built from scratch to realize an incentivized ecosystem to promote decentralization and privacy, with an ability to scale indefinitely. It takes the best from Bitcoin and Ethereum, but addresses the persistent issues of speed, centralization and scaling, that have constantly plagued these early blockchain networks.
The full Skycoin suite of technologies form an ecosystem that works harmoniously together.
Skycoin acts as the native digital asset that generates network bandwidth via the production of Coin Hours. Skywire will be the wireless and decentralized mesh network to create a Web 3.0 that is as fast as it is secure. Obelisk is the new consensus algorithm distributing a “web of trust”. Fiber is the parallel network of blockchains that can scale infinitely.
The latest generation of blockchain
Instead of the congestion experienced when multiple blockchain projects housed on one network work simultaneously, Fiber can scale as and when needed. It does so by using parallel blockchains, giving apps 100% customized implementations. In fact, the more projects Fiber hosts, the stronger the system is.
Ethereum’s security issues are also solved by Skycoin’s programming language, CX, which lets users code contractual agreements on blockchain while letting them change these contracts to fix any bugs found. CX looks at the average programmer’s premise of security, making it a general purpose programming language.
Skycoin is all about the real world, tackling actual issues and rewarding Skywire users with financial incentives.
A new horizon in South Korea
Skycoin recognizes South Korea as a country leading the pack in technological advancement. The Bloomberg innovation index puts them consistently in the top spot, while they hold a leading position in technical density.
Its embracement of blockchain is demonstrated by the implementation of classification standards and regulatory frameworks, where its largest conglomerates are already supporting some of the largest crypto exchanges.
This nurturing environment will only help to roll out decentralized technology, with a further advantage of the innate desire of South Koreans to develop products that are simple, fun and easy to use. Their progression from paid texting to free-text apps led to the development of smartphone apps like Kakao Talk have resulted in high user experiences that led them to overtake first movers, and is now the country’s most popular platform. This same philosophy of customer-centric tech is clear in their blockchain approach.
While Ethereum paved the way for a piloting of decentralized tech, Skycoin has built upon and perfected these ideas, resulting in an incentivized platform that can already be easily used. It hopes that this will be recognized and used to help blockchain adoption in the region.
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