There is a lot of talk about the benefits that cryptocurrencies can bring if any at all. In the case of a few coins, this could be true as they have been developed just to take advantage of the popularity of cryptocurrencies and their investment opportunities some people are making without fully knowing what they are doing.
There are coins which have so far taken a backseat approach and have addressed the flaws with first and second generation coins while bringing a significant benefit to businesses and end users. This cryptocurrency is Skycoin and is the leader of third generation cryptocurrencies.
Skywire and a New Internet
Millions of users use the internet every day. What they might not be aware of are the implications or threats that face them. Net Neutrality was in place to level the playing field for users and businesses alike. Now, this has been removed large ISP’s have regained control that was taken away from them.
They have now been handed a free reign to do as they wish. If there is a company, website or technology, an ISP is against they are free to restrict services, throttle connection speed or impose premium rates.
Initially, these considerable costs can be imposed on large companies such as Google, Facebook or any other company that has millions of users. These costs will filter down to end users. If this happens, it might be the case free services at some point have a charge imposed on their usage.
With the introduction of Skywire, these restrictions can be bypassed, and control is handed back to end users or businesses. How this is done is by the use of the Skywire-miners.
These create nodes which are linked together with each other and form an interconnected mesh network. Once this grows the internet is entirely decentralized compared to only a few ISP’s controlling the storage and forwarding of data and bandwidth to end users.
Benefits of a Mesh Network
These nodes when in operation bring more benefits than only a network that is interconnected and can adapt to network outages and slowdowns. The entire system becomes secure, and there is no weak point when it comes to data integrity.
All this is broken and divided between the nodes and delivered to users on a P2P level. Routing is faster and direct, and if any data becomes corrupt or, a node is offline a copy is used which is located elsewhere on the network.
User privacy is also enhanced as connections can take multiple routes to their destination. At present ISP’s and governments continually track sites we visit and build up over time a record of our surfing habits.
How Skywire Prevents this?
We all know there are thousands of altcoins on the crypto market, and although some of what they offer is a viable solution for whatever they are providing.
There is one fundamental flaw in the concept of all coins apart from SKY. Satoshi’s vision was for a decentralized currency, and to a certain extent, a distributed ledger does this as in BTC and the other top currencies apart from one significant oversight. They all run on the back of the current internet infrastructure.
This means ISP’s are still involved. With the Skywire-mesh the network sits above the current internet, and the SKY miners connect via Wi-Fi. Now once mass adoption takes place, there is no need we have to connect to a major service provider.
How Skywire and Skycoin make payments.
To generate interest in the network a couple of things happen but first, we need to understand the problem they have addressed with 1st and 2nd generation cryptocurrencies. BTC and other coins are based on the Blockchain which slows the network when more users are making transactions.
Aside from this transaction fees are becoming expensive and also it is not overly private. SKY has addressed this and transactions are fast, and they have no associated transaction charges.
Why are there no charges? The answer is the coins require no mining as they are released by the network at set intervals. As the Skywire-mesh is P2P, it is secure and private. This leads us to how the network gets funded if there are no coins to mine. SKY and Skywire-mesh also use their own Blockchain
SKY and Coin Hours
Bandwidth is the key, and this is what users pay for. The way they pay for these is through Coin Hours, so no real currency is used to make a transaction. The way to generate these Sky-Coin-Hours is by holding SKY in your SKY-Wallet.
You earn 1-coin hour per SKY you hold for an hour in your wallet. When you make a SKY transaction from your SKY-Wallet 50% of the coin-hours are burned. This difference is what goes to long-term investors and paying the miners for their network contributions.
A New Internet a New Beginning
At present, the technology is entering the latter stages of testing. Skywire’s mesh net is a technology that will revolutionize the internet and make it fully decentralized.
When the developers took a step back and looked at the flaws of the internet and of current Blockchain based cryptocurrencies they saw what had to be addressed and where limitations were in the present crypto world.
Network scalability is also a current problem, and this is why the Blockchain slows with increased numbers of users. SKY and the mesh-network become faster and stronger with increased numbers of users.
Some of the developers of SKY worked on BTC and Ethereum, so they have a broad insight into what has to be fixed.
Over the next couple of years when more of the general public get to hear of the “New Internet” and how they are able to benefit in privacy, security and have no big brother watching their every move. The crypto SKY and the mesh-network underneath that it is such an integral part will change the way we think and use the internet.