Continuing the series of articles about Coin and Token by TechtipsnreviewToday, let’s learn about Skycoin (SKY) with us!
Let’s start!
What is Skycoin (SKY)?
Skycoin (symbol: SKY) is a cryptocurrency (Native Currency) of the Skycoin Blockchain platform.
Skycoin (SKY) was created from Genesis Block on April 2, 2015 and released to the market through many Skycoin ecosystem development activities.
Basic information about Skycoin (SKY)
- Ticker: SKY
- Blockchain: Skycoin
- Consensus: Obelisk
- Token type: Coin
- Avg. Block Time: 10 seconds.
- Avg. Transaction Time: 300 TPS
- Total Supply: 100,000,000 SKY
- Circulating Supply: 15,000,000 SKY
Token Allocation
The total supply of Skycoin is 100 million SKY and the development team is distributed according to the following ratio:
- 3% is issued through a token sale.
- 22% is the total amount of SKY that will be issued during Skycoin’s first ecosystem building phase (First Stage).
- The remaining 75% will be released 5% every year after the first 25% is in circulation (Second Stage).
Skycoin (SKY) Rate Today
What is Skycoin (SKY) used for?
As far as I know, Skycoin (SKY) is used for the following 2 purposes:
- Hold SKY to receive Coin Hour (CH) token and CH token’s mission is to pay “gas” fee in Skycoin’s network.
- Like Bitcoin, SKY also has the role of a store of value.
Skycoin Transaction Fee (SKY)
Skycoin uses a dual-currency mechanism, so there are 2 coins in Skycoin’s network: SKY (coin) and Coin Hour (token).
This dual mechanism is used in many other projects such as Neo (NEO, GAS), Vechain (VET, VTHOR), Terra Money (TERRA, LUNA)….
Therefore, when making transactions in Skycoin’s network, you will have to pay a transaction fee and this fee will be paid in CoinHour (CH).
CoinHour will be generated every hour at a ratio of 1:1 with the number of SKY you hold in your wallet.
Below is a description of how Skycoin transaction fees are calculated.
In addition, you also have to pay deposit and withdrawal fees on the exchange when making SKY deposit and withdrawal orders.
Because the deposit and withdrawal fees are regulated by the exchange, you should consult before making SKY deposit and withdrawal.
How to earn and own Skycoin (SKY)
Skycoin (SKY) is released through ecosystem development activities, so there will be many Airdrop, Bounty or Collaboration programs with other exchanges and projects to distribute SKY coin to the market.
However, SKY coin currently has no programs running.
Therefore, you can follow their channels to know what activities or programs will run in the future.
In addition, those who do not want to waste time but still want to own SKY can buy directly at the exchange.
Secure Skycoin (SKY) Storage Wallet
Currently, you can store SKY on the official Skycoin Wallet.
Skycoin Wallet has completed 2 versions on Desktop and Mobile.
Desktop Wallet: Fully supports 3 main operating systems including Microsoft, macOS and Linux.
Mobile Wallet: Support on both iOS and Android.
In addition, SKY is also stored on hardware devices such as Ledger Nano S, Skywallet.
You can also store SKY on reputable exchanges that support Skycoin trading.
BUT… You should limit using this method if you store it for a long time and a large amount of coins (avoid the case of the exchange being hacked).
Skycoin Exchange (SKY)
After nearly 4 years of appearing and circulating on the market, Skycoin (SKY) is being traded on several different exchanges.
Skycoin’s total trading volume within 24 hours reaches more than 1 million USD, showing that SKY’s liquidity is at an average level.
In which, SKY is being traded the most on Binance, accounting for 77.22% of the total trading volume.
Skycoin Futures (SKY)
After nearly 10 years of birth and development, the Skycoin project is still trying to shape its ecosystem.
However, the speed is still not very fast while the competitors in the areas that Skycoin targets have been developing very quickly.
In addition, the development roadmap of the project in 2019 is not mentioned. The future of Skycoin is worrisome indeed.
Should invest in Skycoin (SKY)?
Above, that is all the information I can find about Skycoin (SKY). Thereby, you will have more data to be able to make more accurate judgments and views about SKY Coin.
Disclaimer: This article is for informational purposes only about Skycoin (SKY) and should not be considered investment advice. Investment Cryptocurrency is a form of risky investment, you only participate with the amount of capital you can lose.
Summary
Through this article, I hope you have more useful information about SKY coin in particular and the Skycoin project in general.
If you have any questions about Skycoin (SKY), please leave a comment below. Me and the team Techtipsnreview will respond as quickly as possible.
In addition, you can join the Techtipsnreview Community Group to discuss more about the coins/tokens that interest you.
Best regards and see you in future posts!
Source: What is Skycoin (SKY)? Complete set of SKY . cryptocurrency
– TechtipsnReview
