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Blockchain 3.0 Project Skycoin has recognized the promise South Korea has for the cryptocurrency industry and has announced moves to enter the market.
How Is Skycoin a Blockchain 3.0 Project?
While Bitcoin ushered in blockchain 1.0 novel technology and Ethereum built upon it with blockchain 2.0 projects that allowed countless other blockchain projects to launch off Ethereum’s backbone, Skycoin brings forth the next level of innovation with Blockchain 3.0.
Skycoin promises an ecosystem that incentivizes users at every turn, as well as scalability to be a viable contender on a global scale. Skycoin has dedicated technologies to handle various aspects such as speed, centralization, and scalability.
Skycoin is the native currency that will be used within the entire ecosystem, as well as producing coin hours for network bandwidth. Skywire will be the decentralized mesh network for Web 3.0, creating a fast, secure, and wireless infrastructure for connecting things together.
Obelisk is the consensus algorithm that will compliment with the Skywire to help distribute a web of trust, and Fiber is touted as an “infinitely scalable parallel network of blockchains” for hosting transactions from users as well as startups built upon the platform.
Skycoin Making Moves In Korea
Similar to Skycoin, Korea has consistently stayed ahead of the technology curve. This is one of the many reasons Skycoin has begun movements to position itself in a favorable light towards the East Asian country.
Korea has also consistently remained number 1 in Bloomberg’s innovation index, and a top country in terms of technology density. Korean citizens have been shown to be technically inclined, quickly adopting Bitcoin and other developing technologies.
Some of the largest technology and cryptocurrency firms reside in South Korea, and most traders are aware of the “kimchi premium” due to the Bitcoin craze that Korea has.
With recent developments like an exclusive cryptocurrency division within the South Korean government as well as Jeju Island making plans to become a cryptocurrency safe haven, it was a no-brainer for Skycoin to plant roots in the country.
Skycoin will use the advancements that Ethereum made within blockchain technology and perfect it, which should lead to massive growth and adoption not only in the region but globally as well.
To learn more about Skycoin, check out their website. For more information about future plans, internal workings, and other in-depth data, make sure to read their whitepaper. For social media updates, make sure to follow their Twitter. For more information about Bounties, check out their Telegram bounty channel.