Skeincoin's Bluepaper Review

mossystump (25)in #cryptocurrency • 6 years ago

Hello and welcome to my page! I wanted to take some time today to talk about a pristine microcap coin-* Skeincoin * and their 'bluepaper' they just released!

Skeincoin (SKC) is an absolute gem of a coin, with a dev team that's been reviving a once dead project that's been around since 2013, this is definitely a 'OG' Blockchain in the crypto space. The revamped team definitely knows what they're doing too, already registered in Belarus, SKC has already taken the first step to becoming globally accepted with the Skeincoin Foundation being a legally registered business! This will open up so many doors as regulations come down and the market grows; as coins start to weed out, only strong fundamental coins will survive and thrive. Skeincoin being one of them! 💪

I wanted to discuss the blue paper and all that it entails!

About the tech:

When comparing to Bitcoin, Skeincoin has a faster blocktarget, resulting in a faster transaction process rate. For the second PoW hashing round, Skeincoin uses SHA-256(same as BTC). The blockchain is fast, cost efficient and flexible and thus well suited to be integrated into (micro-)payment applications and markets. Combining both algorithms to one coin, Making this a prime Cryptocurrency that you can use and spend in real world applications, small or large!
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Skeincoin's scalability with a smaller block size ensures faster transaction speeds and low energy use throughout the network.
Skeincoin is using the much more flexible and faster 'Skein hash'. Skein is one of the hash functions from the next generation - 10 years newer than Bitcoin's SHA2 hash. While Bitcoin has to use the limited SHA-256, Skeincoin is using the much more flexible and faster Skein hash.

Looking at main Cryptocurrencys, Bitcoin has a block time of 10min where Skeincoin has a block time of 120seconds!😱 SKC rewards 32coins/block and will have 32halving events just like BTC.

For LTC, SKC is much more scalable and cost effective that it could easily replace the key dynamics that put LTC runner up for currencys.

For ETH, Ethereum and all other tokens rely on the ethereum network, meaning what other people do on tokens can potentially slow down other tokens or the ETH network causing delays and lost time/money, where SKC uses its own hashing to ensure transfer of funds with no delays along the way reguadless of what others may be doing or transferring themselves. Your transaction is always a priority.👌
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Skeincoin has lots of great features being implemented, like CSV, atomic swaps and the lightning network. Ensuring fast micro-transactions with CSV, faster transacting with the lightning network, and with atomic swaps- exchanging to other Cryptocurrencys/assets instantly without the need for an exchange.🔥

Another big implementation that is potentially one of my favorites is the Privacy that is going to go into SKC.🕵️ Implemented with zkSNARKs, bulletproofs, schnorr and CoinJoin.
zkSNARKs is already a working system,(in ZCash) proven and true to privacy, with now 'bulletproofs' to hide transaction details while also keeping together the traceability on the Blockchain.
Schnorr and coinjoin together could be used to mix up two transactions when every a private transaction is asked for, resulting in a privacy-on-demand effect.

SKC is registered under the Skeincoin Foundation as the legal entity which ensures that buying and selling crypto is legal for companies using the Skeincoin blockchain and that the Skeincoin development team can work within legal regulations and without bans.
*It's good to note as well the registered Skeincoin Foundation is not registered to control the chain, but rather to just oversee development, promotion, and the community of Skeincoin.

SKC transactions charge a ~.001% fee/KB for transactions, and they aim to make this cost even smaller!!💸
The lightwallet will make sure faster syncing/processing times for you wallet, having less time spent waiting and more time spent sending and transacting.

Skeinpay aims to get business and shops to accept Skeincoin as a payment option, making it easy for all parties involved! Debit also helps with this by giving out a debit card for SKC, giving it more of a real world feel, also more accepted by corporations and big business; it will make the payment process even easier.

With these services, paying and using SKC is easier than ever! The technology makes reliable micropayments possible anywhere you'd go making it a amazing payment system for example...gaming!

So many use cases for SKC and so much potential! This is a gem that everyone should have a bag full of! The dev, tech, and goals behind Skeincoin point to a bright future ahead. I'm happy to be along for the ride and happy to contribute how and where I can to get SKC in the public eye. Once the volume comes in and values this coin anything under $1 will be a steal!