Bitcoin vs. Skycoin - Can Blockchain Decentralize the Internet?



Can Blockchain Decentralize the Internet

A new internet way of working is needed to protect all end users from the latest blow that was received against Net Neutrality.

Before, ISP's had to offer a level service standard to all users regardless. This gave users the ability to access what they wanted when they wanted and without any real restrictions. Now the rule has been rolled back ISP's can continue with a monopolistic approach.

This isn't only bad for users of what they can access, it is bad for businesses who could be hit with premium rates for using a network and being able to maintain a decent connection speed.

Bitcoin Was The First

This was the first cryptocurrency to invest in which was made available to the general public. We all know there was a huge rush as BTC was seen as a tremendous investment opportunity.

However, the first to the gate is not always the best, and Bitcoin problems are there and need rectifying.

Network Congestion

The Blockchain does have tailbacks of transactions waiting to be performed and is some of the reason why there is so much power usage from the BTC miners.

There is also the fact that the Blockchain network is not fully utilized on a daily basis, and the more users that use it, the slower the entire system becomes.

Transaction Speed and Charges

The BTC transaction time is slow, and it has reached the stage where fees are being paid to process transactions first. This is a total contradiction of the vision Satoshi add for a decentralized network and cryptocurrency.

Bitcoin Security

After all, that is seen in the media regarding exchange hacks and other thefts of cryptocurrencies in whatever form.

What a significant number of people want to know, is cryptocurrency safe? So far the Blockchain and BTC are seen as highly secure though they are exposed to other threats by the nature in which they work.

Looking at all the flaws with BTC, the Blockchain and ISP's that might slowly take away some of the freedom users have on the internet.

There has to be a solution for the sake of end users and businesses, and that answer might be right around the corner.

Skywire A New Internet

The Blockchain introduced P2P transactions without passing through third parties or clearing houses.

This way it is decentralized though it still has to pass over the current internet infrastructure. The SKY mesh-network has dedicated nodes which take all this away from ISP providers.

Skycoin-Skywire working together offer a full P2P mesh-network. ISP's can be bypassed, so they are unable to impose network restrictions.

With the decentralization SKY brings the network nodes would adjust as a response to anything an ISP attempted to do.

SKY has no mining of coins though miners are in place to provide services to the network. This makes the decentralized mesh-network self-funding, so the more substantial the contribution to the network the more you can benefit.

Transactions are performed almost instantly as there is no delay in waiting for a miner to process a transaction.

The new Algorithm which comes with SKY "Obelisk" creates a "Web of Trust" so there is network consensus which does away with POS and POW cryptocurrency mining problems.

Skycoin And Correcting Flaws

As a result of this, the network and SKY are protected from 51% attacks, and any malicious nodes can be cut off by a collective agreement.

In the eventuality, this happens all traffic is re-routed via other nodes. A mesh-network that works of this design is able to resist exploitation, attacks, and manipulation.

Users will also come to find that any transactions that are made have no network fee and the entire network experience will be faster and more secure than other alternatives.

Telecoms will also not be in a position to track an end users browsing habits, so privacy is enforced.

The time for an entirely decentralized internet and cryptocurrency that Satoshi envisioned can soon be realized. SKY and Skywire have taken the long-term approach.

They have addressed the many flaws that are associated with BTC and the other 1st and 2nd generation cryptocurrencies.

Rather than rushing to market with a cryptocurrency and a secure network infrastructure that will revolutionize the world. SKY has sat back and watched and learned from others mistakes.

For this company, things will be right upon launch rather than having to make forks as the progress commences is the way BTC has had to make. They have done it once and the threat of them having to do it again is very real.


Bitcoin vs. Skycoin - Can Blockchain Decentralize the Internet? Bitcoin vs. Skycoin - Can Blockchain Decentralize the Internet? Reviewed by Brian Williams on 3/17/2018 Rating: 5

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