Why Skycoin’s powerful blockchain platform is the smart choice for your Initial Coin Offering
As the new cryptocurrency bull market begins, emerging blockchain projects are once again searching for the best platform on which to launch an ICO (Initial Coin Offering). The first choice that often springs to mind is Ethereum, a platform that was used to launch countless ICOs during the 2017 bull run.
But technology evolves quickly in the blockchain industry, and Ethereum is looking increasingly dated compared to faster, cheaper and more scalable solutions like Skycoin Fiber.
Skycoin Fiber is a highly flexible plug-and-play blockchain platform that enables projects to quickly launch their own customized cryptocurrencies.
Unlike competing platforms that offer similar functionality (such as ETH, EOS or NEO), the projects that launch on Fiber are each given their own dedicated blockchain, meaning no contention for resources. This also means Fiber projects are true coins, rather than tokens. (A coin is a cryptocurrency with its own blockchain, while tokens are cryptocurrencies that exist on someone else’s blockchain, such as Ethereum ERC-20 tokens).
Skycoin Fiber’s advanced peer-chain architecture can be conceptionalized as an infinitely scalable array of blockchains running side-by-side. Every coin deployed on Fiber is fundamentally isolated from the others, to ensure one project never adversely affects the speed, stability or security of the others.
Each Fiber project also has full control over the configuration of its individual chain, including block size, block times, transactions per second, hardware, coin/token economics, consensus protocol, and block proposer algorithm. This makes Fiber adaptable to any application’s needs.
New coins launched on Fiber are instant members of the Fiber exchange protocol, thus benefitting from the inherent interoperability of the platform. This eliminates the expense and delay previously associated with securing an exchange listing. All new coins will be listed automatically, and at no cost, on the upcoming Skycoin distributed exchange (SKY DEX), allowing these coins to be traded with other Fiber coins, or with popular cryptocurrencies like Bitcoin and Ethereum. Fiber coins also have their own blockchain explorer, and their own Coin Hours generation mechanism.
Importantly, Fiber coins are compatible with Skycoin’s range of desktop, mobile and hardware wallets, ensuring safe storage of these digital assets.
The desktop and mobile wallets can be visually branded to align with each project’s brand identity. And since Fiber addresses are universal, it’s possible to use the same Fiber address to store coins from multiple Fiber blockchains. Skycoin also intends to develop a range of “superwallets”, or multi-coin desktop/mobile/hardware wallets that can be used to simultaneously secure coins across multiple Fiber chains.
Additionally, Fiber chains can run over Skywire, Skycoin’s revolutionary decentralized peer-to-peer mesh network, guaranteeing full decentralization at the physical layer and complete independence from ISPs and other centralized infrastructure. Fiber chains will also benefit from the future integration of the CoinJoin privacy protocol, delivering an additional layer of anonymity and protection.
And since each chain is independent, if one Fiber blockchain is compromised or out of service, all others remain unaffected. This robust architecture is vital for government agencies and military organizations that must adhere to strict requirements in terms of uptime, privacy and security. Large enterprises can also implement private singular blockchains for each of their customers, thus ensuring privacy and security requirements for each client are achieved.
In traditional Proof of Work cryptocurrencies like Bitcoin and Ethereum, miners compete with each other to solve complex mathematical puzzles. The winner earns the right to add the next block to the chain, and receives payment in newly created coins for doing so.
Note that Proof of Work is not a consensus algorithm, despite often being referred to as such. Proof of Work is a block proposer selection algorithm — a Sybil attack resistant method for selecting the next block producer. The consensus algorithm used by Bitcoin and Ethereum is known as Nakamoto Consensus, a variation of BFT (Byzantine Fault Tolerance) consensus.
But Proof of Work is slow and inefficient. Bitcoin’s blockchain can only handle six transactions per second, while Ethereum can handle only 30 transactions per second. This results in congestion during spikes in volume. During busy periods, it can take hours to process a transaction. The Ethereum network infamously ground to a standstill in 2017 when the CryptoKitties game caused a surge in activity. And since transactions are prioritized based on the amount a participant is willing to pay to the miners for verification, transaction fees also rise when Proof of Work blockchains become congested.
Skycoin Fiber blockchains can theoretically support a wide range of different block proposer selection and consensus algorithms including PoW, PoS, DPoS, BFT and Nakamoto. However, since there is no traditional mining in Skycoin (no creation of new coins), there is no real incentive to implement these inefficient models.
Instead, Skycoin Fiber chains by default will support Masternode-based consensus, as well as Obelisk-based consensus (Obelisk is due for public release later this year). Various other forms of consensus are also in development, since some institutions don’t need or want traditional consensus for their internal blockchains. Such alternative consensus models may be desirable to institutional investors, banks, governments, military organisations, NGOs, charities etc.
Because Masternode and Obelisk consensus models are vastly more efficient than Proof of Work, each Skycoin Fiber blockchain currently handles 300 transactions per second, with a target of 3000 TPS in future implementations. Fiber transactions are always fast (approx. 3 seconds) and completely free, regardless of network utilization. The default speed can be further customized by adjusting the block size, block time, and hardware supporting the chain.
The elimination of inefficient Proof of Work calculations, along with the elegant simplicity of Fiber’s code (5000 lines compared to Bitcoin’s 100,000 lines), means Fiber can offer Visa-like speeds and a level of performance and reliability unmatched by any other blockchain platform.
CX is Skycoin’s revolutionary blockchain programming language. It’s used to develop cutting-edge applications, games and smart contracts.
CX applications are integrated with a type of Fiber blockchain called CX Chains. Each CX program creates its own dedicated blockchain on which the program code, program state, and associated data are stored.
This gives each program the ability to store its own fungible currencies, as well as non-fungible digital assets (such as digital artworks, video game characters and equipment, musical compositions, and other intellectual property). CX Chains have the power to transform the video gaming and application development industry.
Skycoin Fiber is a one-stop solution for every potential blockchain project.
If you’re considering the launch of an ICO, or if you’re planning to create a blockchain-based game or application, then visit the Skycoin telegram groups listed at the bottom of this article for more information.
Dozens of projects have already launched their ICOs on Skycoin Fiber. Many of these are still under NDA (including one of the largest solar manufacturers in China), however some of the projects that have been announced publicly are listed below.
But Fiber is just one part of the Skycoin platform. Other components of the ecosystem include:
To learn more about the world’s most comprehensive blockchain ecosystem, simply join one of these Skycoin telegram groups today.