Project created to solve the deficiencies of the previous-generation blockchain projects and provide its users with a truly decentralized space.
Skycoin’s main premise for existence and business is very simple: none of the current blockchain projects have fulfilled the promises of, first of all, creating a platform for all-around transactions that would not rely on any centralized party, and secondly, of creating an actual crypto “currency” - currency in the sense of an actual means of financial transactions in the real world, not just a new digitized asset created for its future speculation on the market. Skycoin is created to achieve those things: an entirely new, built from the ground-up blockchain project that is made to achieve the truly decentralized state of the Internet. Their consensus algorithm is also brand-new: neither a Proof-of -Work nor a Proof-of-Stake, their consensus mechanism is called Obelisk, and it utilizes what they call a “web of trust”. That mechanism has nothing in common with the already existing consensus mechanisms, as the Skycoin’s website claims, and it is an energy-preserving way of achieving scalability.