SkyCoin Unveils its Innovative SkyCoin Fiber Solution for a Frictionless Blockchain
In a bid to eradicate all the fundamental challenges associated with Blockchain technology, the SkyCoin team has developed a revolutionary system known as SkyCoin Fiber.
Even with the inherent capabilities of blockchain technology, there is no denying the fact that maintaining and operating blockchain systems is not an easy task. However, the distributed ledger technology is still gaining widespread adoption with each passing day.
Of a truth, there are various types of consensus protocols in the blockchain world. However, the fact remains that each one of them, be it PBFT, PoW, PoS or DPoS has its drawbacks and advantages.
In 2013, Vitalik Buterin got inspired and created the Ethereum network, with a focus on making it easier for decentralized applications to be built upon the blockchain. With Ethereum, came smart contracts as well as an entirely different mining protocol. Hence it was dubbed ‘Blockchain 2.0’ by experts.
Ethereum holds the impressive record of being the first blockchain for distributed applications. Today it boasts more than 1,000 sub chains, from businesses to games.
While the Ethereum Network has excellent features that make it unique, it also has its limitations, of which the most notable one is its scalability issue. Once there are high volumes of transactions and ICO activities on the network, transaction verification times increases and the system would now require users to increase the Gas fee for transactions to be confirmed on time.
The Skycoin Fiber protocol was built to eliminate all challenges associated with blockchains. It was developed from the ground up, and it’s quite robust, customizable and easily scalable.
According to the project team, the architecture of Fiber allows it to succeed where ethereum and bitcoin have failed so far.
It uses the Obelisk protocol which is based on a ‘web of trust’ to solve the problem of high transaction fees and slow confirmation time.
The Obelisk ‘web of trust’ protocol employs a certificate of authority in reducing the amount of cost required for consensus.
Each ICO or distributed application (dAPP) built on the network is given its blockchain. Therefore the problem associated with parent/child blockchains are solved.
The fiber protocol supports cross-chain interoperability by way of atomic swaps and more.
It’s stale news that ethereum made it possible for blockchain developers to create applications on a trusted network. However, it’s also true that the network has scalability and interoperability challenges.
Skycoin Fiber protocol solves that problem seamlessly.
Skycoin is programmed with CX, which is modeled after the robust and feature rich ‘golang.’
Skycoin Fiber is an excellent network for dApps as it has all it takes to make applications run in a frictionless way.
For more information visit www.skycoin.net
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