What Is SkyLedger?
SkyLedger is a new blockchain network in the third generation, following in the footsteps of bitcoin and Ethereum. It has been invented by the developers of these two cryptocurrencies who have designed it to sustain risks that the two predecessors are unable to sustain. It is also meant to solve problems that are currently being faced in the standard blockchain platforms.
How Does SkyLedger Work?
This platform uses a new distributed consensus algorithm known as Obelisk. The algorithm spreads the influence across the network based on a web of trust. It at the same time corrects the main security flaws prone to bitcoin and Ethereum brought about by their centralizing tendencies. It is developed on stronger foundations than its forerunners making it faster, more efficient and secure than bitcoin and Ethereum.
Advantages of SkyLedger
It is Decentralized
SkyLedger is truly decentralized. Each coin on this platform uses its blockchain. It does not hold all the data into one central database. Assigning each coin its independent data storage ensures that they all grow independently with none affecting the other.
The coins are also not prone to 51% attacks. Though it is a very rare attack on bitcoin and ether, it is still a possibility. This platform is secure in that it does not rely on mining and one stakeholder does not control its stake.
With bitcoins, transactions are based on Proof of Work, while in Ethereum, they are dependent on Proof of Stake Algorithms. SkyLedger has divorced such transactions and based its own on a coin-hour mechanism. The users in this platform get coin-hours for their tokens and can spend the same to confirm their transactions.
Solved Scalability and Speed Issues
SkyLedger has been able to deal with scalability and speed issues that affect bitcoin and Ethereum. It can compete with other payment providers such as AliPay and ApplePay as it allows a multiple and an unlimited number of transactions per second.
It has no blocksize limit enabling users to adapt it to any transaction rate. This ability allows users to save time, energy and uncertainty that is often associated with waiting for too long.
With SkyLedger, will save a lot of energy that was initially lost in mining bitcoins and Ethereum. Analyst estimate that the energy used in mining bitcoins is far more than that of the Republic of Ireland while for Ethereum is more than that of Cyprus.
However, their platforms’ developers had not put energy efficiency into consideration. But now there is need to as users of these platforms increase. This network uses minimal energy making it very energy efficient.
SkyLedger Review Summary
Bitcoin and Ethereum currently remain as the platforms of choice for many Initial Coin Offerings (ICO) considering their stability. However, with the problems identified and the security risks associated with them, companies will now begin looking for faster and safer options like SkyLedger.
It is a good thing that the platform has also been developed by bitcoin and Ethereum creators since they understand the flaws that existed and seek to eliminate them in this third-generation platform.