Blockchain thats been in developement since the bitcoin early days, fixing literally all of the issues with bitcoin: >web of trust algo that got rid of the miners and pos hoarding from network operation >fixed double spending >fixed signature malleability >51% attack impossible >secure deterministic wallets >coinjoin protocol for privacy >created their own networking protocols for consensus verification >uses a lot less resources than bitcoin nodes >soft coded blockchain size parameter for ez scaling >provably hundreds of txs per seconds >no tx fees >timelocked distribution over a 14 year timeline
Coin itself is used for operating skywire, a new decentralized internet built from the ground up, designed to be in every way better than tcp/ip: >got their own hardware infrastructure >uses public keys instead of ip addresses >all traffic encrypted by default >man in the middle attacks impossible >nodes forwarding traffic can only see the previous and next hop, not origin or destination >latency superior to ipv4 because ISPs use hot potato routing and skywire doesnt >speed superior because bandwidth aggregation is possible, using the unused bandwidth of your neighbours >immune to all of ISP fuckery such as throttling, censorship, outages etc >works as an overlay over the current internet as of now, but will be completely independant as soon as the network backhaul is in place >incentivized for the first 14 years, you get paid for running a node and transferring packets for the network >it will be faster and pretty much free, no way current ISPs can compete
All of this already works, it's a massive project with like 80 developers, check their github. Why the fuck aren't you all over this?
finally, a coin that solves the 'rich dev dumping on my ass' problem
Jayden Butler
And how exactly will it fix the problem?
Jack Thompson
Since I didn't get an answer in the previous thread from the user who was acting like a skycoin dev
>Could you shed some light on how the nodes are incentivized to do validation? I understand they're supposed to take part in consensus trials as block-makers, but what's there to motivate nodes to do it? >Another question I've had - do you understand how huge the scope of the project is? It seems a bit ambitious not that it's a bad thing (considering it's been in development for so long and the wallet for example seems ready), but you gotta maintain some limits before starting to do everything at once?
Jaxon Ward
Why would any dev dump their coin? The objective should be to pump it, then exit without crashing the price, shouldn't it?
Adrian Wilson
I'm out of alts for the btc rush. Once it peaks, I will drop a few in Sky. Definitely some potential.
Matthew King
>Could you shed some light on how the nodes are incentivized to do validation? I understand they're supposed to take part in consensus trials as block-makers, but what's there to motivate nodes to do it? I'm not one of the devs, but here's what one of them posted on telegram a while ago: "It cost $5 per year or something like that to run on a consensus node or a block minting node. Generally, only the most trusted nodes in the consensus network should be involved in minting at all.
They do not really need to be paid to do this. They do need to be trusted and need to be not stupid (be able to run command line, reinstall software, keep ethernet cable plugged in, etc)
I think we could give them a tip or something of a few thousand dollars a year, but the function is mostly automatic. Its something they will be doing anyways. They do not need to be paid out of block rewards or transaction fees because its just an overhead cost.
We want the interests of the consensus network and minters (block creators) to be aligned with the interests of the skycoin community. Where as in Bitcoin/Ethereum the miners hold the userbase hostage and basicly extort transaction fees from them (even intentionally causing congestion to get more fees)."
>Another question I've had - do you understand how huge the scope of the project is? It seems a bit ambitious not that it's a bad thing (considering it's been in development for so long and the wallet for example seems ready), but you gotta maintain some limits before starting to do everything at once? It's the most ambitious project i've ever seen, and the most ridiculous thing is that they're actually pulling this off. And nobody knows about this, because they're autists with no idea what marketing is.
Lincoln Green
Thanks for the answer! So, if I understand correctly, they just are setting it up so that a relatively small number of validators can support many users? Sounds good, and it's clear that they've given it thought.
Yep, it really does seem like it's moving steadily, pretty amazing
Chase Williams
You guys should check out the interview they did recently, talks about bitcoin early history, it's pretty fascinating. youtube.com/watch?v=BuY5IbkkbXg
Benjamin Russell
yup, there's also some sort of coded countermeasures in place for when a trusted node turns malicious. Their whitepaper are extremely complex, but maybe you'll be able to infer more from them. Or just ask the devs on telegram.
