Skycoin (SKY) is a coin used on its native blockchain which is a third generation blockchain due to its consensus mechanism. Both Proof of Work (used in Bitcoins) and Proof of Stake (used in Ethereum) have their demerits and are prone to “51% attack”. Skycoin blockchain uses web-of-trust consensus algorithm known as Obelisk. This algorithm allows the nodes and the general community to audit the network with a high degree of accuracy. This consensus protocols have several other advantages such as high scalability and low energy consumption, immune to 51% attack, robust defense (against large-scale coordinated attacks) and Two node structure.

Skycoin transactions complete in 2 seconds. The transaction fee is taken in “coin hour” a separate currency paid to Skycoin holders for each hour they hold the coin. 1000 coins held for 1 hour will generate 1000 “coin hours”. Coin hours are linked to various other services such as VPN service or movie downloads from Popcorn Time and over the counter services.

The maximum supply of Skycoin is 100 million coins. Skycoin provides an ecosystem and complete solution for shifting from Web 2.0 (Centralized) to Web3.0 (decentralized) The Ecosystem comprises of Skycoin (cryptocurrency), CX (A Turing complete programming language), Skywire (Decentralized internet), Obelisk (Consensus mechanism for blockchain), Fiber (the foundation of cryptocurrency 3.0) and skyminer (Hardware).

Skycoin was founded by Synth (earlier contributor Bitcoin), Houwu Chen (One of the creators of Ethereum), Steve Leonard (Skycoin software developer). The advisory board consists of 4 members and two companies TokenKey and SharkCIA.