Skycoin Fiber looks to bring in the new era of distributed ledgers, or Blockchain 3.0. The Fiber network was designed from the ground up to be robust, customizable, and infinitely scalable.
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Problems Of Blockchain 1.0 & 2.0
While Blockchain technology has made leap and bounds since its original inception back in 2009, there are still many problems that need to be solved before its able to be a viable product for the mainstream masses.
Even with the debut of Ethereum and what many dub as “Blockchain 2.0”, which improves on the first version through a slightly better mining algorithm and making smart contracts a reality, Ethereum still struggles when it comes to handling network congestion during periods of increased transaction volume.
This slows the Ethereum network which not only affects Ethereum, but the many platforms, ICOs, and other applications that rely on the Ethereum blockchain for their own operations and transactions. For those that need their transaction verified, they must pay more gas, with those willing to pay the most having their transactions included in the next block, referred to as the “Gas Wars.”
New Obelisk Protocol
The Fiber Network looks to finally solve this problem which has plagued both Blockchain 1.0 and 2.0 through a new protocol the Skycoin team is calling Obelisk. The protocol is based on a “web of trust” that relies on certificate authority, reducing the cost for consensus.
The programming language used to create Fiber is none other than CX, a derivative of the popular “golang”, which is feature rich and seeks to meet developers’ needs.
The new protocol boasts nearly instantaneous transactions, with each ICO/dAPP receiving their own blockchain under Obelisk, solving any problems associated with the parent-chain/child-chain relationship.
Problems Obelisk Solves
Skycoin calls the child-chain paradigm not only parasitic, but fundamentally inefficient, so they replaced it with fully symbiotic peer chains.
Fiber is not an exclusive network either, built for complete cross-chain interoperability, through atomic swaps and other methods, without a negative impact on overall network performance.
Skycoins Protocol even improves upon the work the ERC20 tokens of Ethereum has started, with each token, or fiber, on the platform being its own validated fork of Skycoin, allowing it to be customized for that specific project’s needs. Instant support for your token also arises from this; each fiber is also a member of the Fiber exchange protocol, so there is no need to fight for exchange listings either.
Besides the Obelisk Protocol, the Skycoin team is working on a whole umbrella of services, from custom hardware to be the backbone of the network, a custom messenger for secure communication, to their own VPN they dub “SDN” for end to end encryption over the network to ensure privacy when connected online.
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