log
log

FAQ

Skycoin

What is Skycoin?
Skycoin is a next-generation cryptocurrency. Skycoin addresses those issues and limitations of Bitcoin that can not be resolved due to how Bitcoin is designed, implemented and deployed.
Skycoin is developed to satisfy the need for a medium of exchange for those who want to keep what they produce. Skycoin is designed for total availability, i.e. to run well even on budget hardware, slow networks, and under continuous cyber attacks.
Skycoin is what Bitcoin would look like today if Bitcoin creators could go back to the past and re-design Bitcoin with the knowledge of future.
Where can I download Skycoin wallet?
Skycoin wallet is available for download here on our site. We have several different platforms which can run the Skycoin wallet. Click here to see the download options.
What is the difference between Skycoin and Skymesh?
Skycoin is the name of a cryptocurrency. Skymesh is a kind of Mesh Network whose design was customized to provide a reliable, self-replicating, encrypted backbone for both the Skycoin and related user-space applications.
What proof algorithm does Skycoin use?
How do I mine Skycoin?
You do not. Skycoin does not use prof-of-work or any similar concept. Instead, network nodes decide, jointly, what the next block should be. Skycoin Consensus Algorithm takes care of this.
How can I buy Skycoin?
You can buy Skycoin from C2CX.com
How is Skycoin different then Bitcoin?
No mining. Minimal wait for your transaction to show up in blockchain. No need for an expensive hardware to make blocks. Privacy: only the nodes you are directly connected to know your IP address; everyone else only know your public key.
How does Skycoin determine consensus?
Consensus is determined, jointly, by the nodes who wish to participate in consents trials using Skycoin Consensus Algorithm. It works as follows. Nodes designated as block-makers (1) observe coin transactions that are broadcast over the network, (2) pack them, according to a deterministic algorithm, into a candidate block, and (3) broadcast the hash of the candidate block to the network. All network nodes receive messages containing candidate hash, perform authorship verification, fraud detection, and collect a data sample of candidates. When a node is done collecting data, it determines the winner using a statistical inference technique. This concludes the consensus trial for a given block sequence number. When networking issues and the intensity of malicious/subversive activity are below certain levels, the wast majority of nodes arrive at the same winner hash code. Furthermore, the node is able to compare itself with the rest of the network, and re-initialize its blockchain in case, for example, it has missed blocks due to network connectivity issues.
Does Skycoin have a white paper?
Yes. Please visit our White Papers page.
How long do transactions take to process?
We expect the transaction time to be several seconds. We expect it to increase as Skycoin community grows, and to shrink as we optimize block-making rules and further develop Skymesh technology.

Skymesh

What is Skymesh?
Skymesh is a kind of Mesh Network whose design was customized to provide a reliable, self-replicating, encrypted backbone for both the Skycoin and related user-space applications.
Can I setup a Skymesh node now?
How do I setup a Skymesh node?