Can someone explain what the services are Skycoin will provide? By services I mean "remittance" or e-commerce / micro transactions which Bitcoin enables? Is Skycoin another Bitcoin with own code base that overcomes the design flaws of POW/Bitcoin? How does it enable mesh networks? And will Skycoin have applications beyond mesh networks?
Yes. Skycoin starts with security and usability. Skycoin eliminates the waste of mining and eliminates the 51% attack threat. Skycoin fixes signature malleability, hash collisions in coinbase outputs and several flaws in Bitcoin.
Then Skycoin adds a new, more usable wallet and features to make it easier to use than Bitcoin. For instance, if you have Dogecoin in your Skycoin wallet and a merchant wants Bitcoin, you hit send and it will convert the Dogecoin to Bitcoin at an exchange at market rate and send the coins to the address. We are able to do conveniences like that. We want to support the major coins in the wallet and want to have receipts, messages and other improvements that streamline usage.
Then
Skycoin is focusing on applications that drive adaption and utilize the coin. The mesh network is something we can get working quickly and see if it gets adaption. However, it just one application that we are working on. Skycoin is really an application stack and ecosystem. Ethereum and several other projects are already using libraries that were developed under the Skycoin project.
Another example, Ethereum offers the ability to do computations in the blockchain and the Skycoin wire protocol is gradually adding support for "personal blockchains". So instead of having one global blockchain, each person can have their own blockchain, which is cryptographically secured and which the people who need the chain replicate. So it may end up making more sense to embed Ethereum's contract system and scripting language in "local" chains instead a single global chain (which can become bloated) and the moving assets between chains. This could be the basis for an open transactions style crypto-securities system.
This is an example of a personal blockchain:
https://github.com/skycoin/skywire/blob/master/chaintest.goYou generate a public key and only the person with the private key can mint new blocks, but everyone can replicate the chain if they know the hash of the public key. The block body can be any array of bytes. This is a major set forward for making it easy for developers to create new blockchain based applications.
Skycoin is not just a coin, but a set of libraries and standards.Thanks for your reply.
Skycoin eliminates the waste of mining and eliminates the 51% attack threat. Skycoin fixes signature malleability, hash collisions in coinbase outputs and several flaws in Bitcoin.
Specifically, what mechanism do you want to use for selecting the party to find the next block? Proof of Stake? Something else. I haven't yet seen a meta description of that...
For instance, if you have Dogecoin in your Skycoin wallet and a merchant wants Bitcoin, you hit send and it will convert the Dogecoin to Bitcoin at an exchange at market rate and send the coins to the address.
You would need a wallet that has an inherent market for that. Or would you just allow users to hold all kinds of coins in the one wallet and let them then spend whatever coin is required at a given exchange rate?
Ethereum and several other projects are already using libraries that were developed under the Skycoin project.
Can you point me to those libraries and/or a prove of Ethereum using them? Sorry for the dumb questions. Due diligence is necessary at a place where anonymous developers are doing IPOs...
Here is another question
https://bitcointalksearch.org/topic/m.6007937The personal blockchains base, the wallet and all that is quite a big endeavour. What development time did you plan for all this? And who is "we"?
Thanks and kind Regards