Skycoin (SKY), a project within the blockchain & crypto arena recently released the much anticipated “SkyWire” for a Testnet. This move aims at decentralizing the internet completely as opposed to the current protocols which face some inefficiency.
SkyWire is a modern technology whose purpose is to connect people of the world via the internet at a more efficient and cost effective channel. The purpose of this blockchain platform is to restructure world-wide internet connections using a decentralized approach.
The current TCP/IP protocol is the system that SkyCoin is looking forward to replace once the Testnet proves to be successful although it depends on the market’s response. TCP/IP handles data packages where TCP is the speed driver while IP is the data router between entities that are connected. The TCP/IP has been for a long time within the internet arena hence some difficulties like insecurity & heavy government regulations have hindered connections in the past.
Unlike the aging protocols, SkyWire uses a mesh network made up of thousands of nodes whose connection to each other enable routing & directing traffic. This blockchain era innovation has proven to be more secure, quick and quite stable due to the numerous nodes in the network. Basically, it applies the concept of decentralized tech fully.
In order to achieve the desired level of effectiveness, Skycoin (SKY) has implemented an updated protocol known as the Multi-Protocol Label Switching (MLPS). This comes with increased levels of security as nodes can only see data packets of nodes next to them. In comparison with the IP V4 & IP V6, the MLPS stands out since the origin and destination of data cannot be traced as is the case in the former.
Another advantage of SkyWire is its affordable nature which is attributed to using the latest blockchain tech. This innovation is specifically designed to benefit the people as internet connections go deeper into countries even in the Sub-Sahara. Internet Service providers who have monopolized this industry for quite a long time will face greater competitions hence a starting point to achieving Net Neutrality.
Those who opt to use the SkyCoin platform will have the freedom to connect to nodes of their choice. Also, users will only be required to pay for the bandwidth that they have used. This is very important in cost-cutting and empowering users to be in-charge of their data. Generally, connections will cost less than what ISP’s charge today.
Skycoin (SKY) Testnet was officially released barely two weeks ago and so far users have been testing the capability of this proposed protocol. Skyminers are the ones who have been facilitating the operations of hardware components in this innovation and in return rewarded SkyCoins. This project is open to Skyminers who have built experience from an interest in the protocols used.
Cryptocurrencies have enjoyed price gains when listed in new coin exchanges although the degree of correlation is yet to be established. Skycoin (SKY) was listed on Binance, a major coin exchange a day after launching the Testnet. So far proxies for its price are in BTC, ETH and the BNB coin.