The Skycoin Platform is the most advanced blockchain platform in the world. Developed by early contributors to both Bitcoin and Ethereum, Skycoin’s platform is completely secure, infinitely scalable, and ISP independent. It uses its own specific distributed consensus algorithm, called Obelisk, instead of other commonly used algorithms like proof of work (POW) and proof of stake (POS). Obelisk uses the concept of ‘web of trust dynamics’ which distributes influence over the network and makes consensus decisions depending upon the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network. Skycoin is very fast. With transaction speeds close to 2 seconds and no transaction fees it can rival any other cryptocurrency on the market as a payment method. The transaction costs of Skycoin are covered by Coin Hours. This is value paid to Skycoin holders for each hour they hold a Skycoin. Skycoin is against charging transaction costs and mining incentives as it only drives up the costs of the network. The biggest benefit of Skycoin is that it is energy efficient due to the Web-of-Trust social proof. It can even run on a 30-watt cell phone processor making it great for mobile payments. Centralization becomes less of an issue when anyone can participate in the blockchain. Sia stores tiny pieces of your files on dozens of nodes across the globe. This eliminates any single point of failure and ensures highest possible uptime, on par with other cloud storage providers. A major goal of Skycoin is to promote actual usage of cryptocurrency rather than speculation. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycoin also has its own ICO platform called Fiber, their own deterministic programming language, CX, derived from Golang, a private decentralized messenger system called Sky-Messenger, and a decentralized social media platform, BBS. Here is another way to think of Skycoin: An open-source, community-owned, hardware-based peer to peer internet designed from first principles and leveraging the incentive system of the blockchain.

A Skycoin wallet is a digital or physical tool that stores your public and private keys. These keys are needed to access and control your crypto assets. The wallet doesn't store the actual coins but lets you interact with the blockchain. It’s the gateway to sending, receiving, and safeguarding your Skycoin.

Open your Skycoin wallet and select “Send.” Paste or scan the recipient’s wallet address, enter the amount of SKY, and confirm the transaction. Once confirmed, the recipient sees the funds in their wallet.

Go to the “Receive” section in your Skycoin wallet. Copy your wallet address or use the QR code. Share it with the sender. After the transaction is broadcast and confirmed on the blockchain, your wallet shows the updated balance of SKY.

It’s a unique string of letters and numbers linked to your wallet’s public key. Others use this address to send you SKY. Think of it like your crypto account number; it tells the network where to send the funds, but it doesn’t give access to your private key.

To securely store your Skycoin, consider using a hardware wallet like Cypherock X1. It splits your private key into five cryptographic parts across secure components, ensuring your funds stay safe even if you lose one, two, or even three parts.

Yes, modern hardware wallets like Cypherock X1 support thousands of coins and tokens, including Skycoin. You can manage your entire crypto portfolio across multiple wallets and blockchains seamlessly.

With Cypherock X1, your private key is split into five secure parts. As long as you have two parts of the hardware components (an X1 Card or the X1 Vault), you can recover your Skycoin even if the other three parts are lost.

Look for tamper-proof smartcards, EAL6+ certification, offline verification, and decentralized key storage. Cypherock X1 offers all of these, ensuring bank-grade security for your Skycoin.