SkyCoin Price Continues To Soar After the Coin Was Listed On Binance
After being listed on the Binance Exchange, SkyCoin (SKY) price has continued to rise. This is despite other coins on the exchange and the entire crypto market slumping. After news that SKYCoin would be listed on Binance, the coin appreciated although its volume did not surpass previous record levels. The price rose by 37% to reach $34.77 from a low of $9 that was the coin’s price in March.
The Skycoin low supply of 25 million coins could be one of the reasons why its price rose to the current price before the test launch. Before its listing on Binance, the coin relied on niche exchanges such as Cryptopia where it traded at low volumes. With robust volumes at Binance, the chart of SKY might be very different in a few months to come.
About The Skywire Miner
SkyCoin is a project that provides a proprietary hardware referred to as the Skywire miner. It is said to be designed by some of the original Ethereum and Bitcoin developers from the ground up to achieve a truly decentralized cryptocurrency. This background does give the project some credibility.
The Skywire device is similar to a hardware running a node. It is a custom-built hardware unit for the new internet. The Skywire protocol focuses on anonymity, privacy, and peer-to-peer decentralized mesh internet. The Skycoin blockchain will offer free and instant transactions between the users of Skywire. The Skyminer is the internet access point that compensates users for their bandwidth.
The mining device is far more energy efficient compared to ASIC devices. The information the machines transmit will be sent to the mesh network as a means of earning Skycoin. Spending the currency is done so for the purposes of accessing bandwidth provided by the network. The network as documented can handle thousands of transactions per second without any challenges. This means there will be no actual mining of the coin involved as the coins are already created.
Although the units seem like they will be valuable to the ecosystem, some accusations from the crypto community members have come up claiming that the project is a scam as it seems to be trying to push the hardware to the buyers. However, others consider the Skycoin ecosystem legitimate although the platform’s network is yet to be built as the Skywire device is being shipped. The Skywire miners will be bought at 1BTC, which will be sent to the suppliers, the buyer will receive the device and a reimbursement of 99% of the BTC value denominated in SKY.
For now, speculative pricing is having an effect on the SKY price and only time can tell if the platform will successfully build its network. Currently, the Skycoin team is concentrating on implementing its DEX support and launching the Skyminer network.
The Skyminer is set to be released soon. Being listed on Binance is no proof that the coin is legit as other coins such as Centra (CTR) had been listed on the exchange but later turned out to be fraud. Investors can only wait and see.