How Skycoin is a ‘reaction’ of Bitcoin, an interview with Synth, its founder

Cryptopotato got the opportunity to discuss Skycoin in detail with its founder, Synth and learned all sorts of useful things regarding the blockchain industry. Synth is one of the earliest contributors behind Bitcoin and started Skycoin over 8 years ago with the vision of creating a new, faster, decentralized internet.

When we talk about digital currencies then Bitcoin immediately pops up in our head, but in reality, there had been multiple attempts to create digital currencies. Bitcoin was just the first one to successfully achieve mass adoption. However, it was soon realized that Bitcoin’s systems and algorithms aren’t as perfect as they were thought out to be.

The network behind Bitcoin can only support 6 transactions per second and due to its imperfect consensus algorithm, the whole network suffers from centralization, which beats its original purpose. These limitations prohibit the growth of Bitcoin network and as Synth explains in this interview, “when you’re buying coffee with Bitcoin, you don’t want to wait for 40 minutes, waiting in the line, for your transaction to clear up. So with Skycoin, we wanted to make sure that transactions were faster than a credit card transaction.”

Roughly around the same time Bitcoin was launched, Skycoin also originated, but the project was only in development phases. Skycoin learned from the mistakes that were evident in the whole Bitcoin fiasco and is trying to create a network that is free from those limitations.

Unlike Bitcoin’s proof-of-work consensus algorithm, Skycoin has developed its own, novel Obelisk consensus algorithm. It’s a web-of-trust styled algorithm that is immune from 51% attacks and does not require mining. Moreover, transactions are also faster due to seemingly unlimited bandwidth. The decisions are carried out through community consensus and do not depend on a few majority stakeholders.  

The Skywire test-net is the first official product of the whole project and has been released on May 22nd, 2018. Developers and users can download and use the test-net and this will allow the team of Skywire to ensure that the system is ready for wide adoption. Operators of official Skyminer and selected operators will receive Skycoin for their participation in the test-net.

We hope you enjoy the interview and get to learn more about blockchain and how it works!

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Source: Crypto Potato