Skycoin (SKY) is an open-source, community-owned, hardware-based peer-to-peer internet that leverages the incentive structure of the blockchain.
Skycoin’s platform has been billed as ‘completely secure, infinitely scalable, and ISP independent’ by the project team. Written in Golang and running on the Obelisk consensus algorithm, Skycoin is focused on security, usability, and ease of use. Obelisk is predicated on the notion of ‘web of trust dynamics’, which makes consensus decisions depending upon the influence score of each node. Each node subscribes to a select number of other network nodes, and the density of a node’s network of subscribers determines its influence on the network.
Skywire, the flagship application of Skycoin, aims to decentralize the internet at the hardware level. Skywire’s objectives extend beyond providing decentralized bandwidth – it also aims to offer storage and computation.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.