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December 25, 2017

Solar Bankers: Part of the Skycoin Ecosystem

Suncoin is part of a unique ecosystem of cryptocurrencies based on the Skyledger blockchain platform. With the ongoing development of Skyledger blockchain technology, based on the innovative Obelisk consensus algorithm, dozens of firms have already approached the developers of Skycoin for use of their ICO platform.

The advantages of Skyledger technology for ICOs are clear: there is no mining requirement and coin creation occurs over a period of only several days before the start of the ICO; once coins and wallets are created, zero-fee and instantaneous transactions allow for straightforward coin distribution; and the system has a high degree of usability. Furthermore, unlike ERC20 tokens, Skyledger provides businesses with a private blockchain that is not shared with other currencies. Private chains provide for increased data security, in addition to the benefit of high-speed transactions.

The usability, low cost, and efficiency of Skyledger tokens makes them very well suited for projects seeking to tokenize commodities trading. The separation of the mining process from coin creation and distribution allows tokens to act as discrete units of digital equity in a straightforward sense. Hence many of the projects and ICOs that use the Skyledger platform focus on using their tokens to represent tradeable rights of share in ownership of particular commodities.

Solar Bankers, for its part, seeks to decentralize the production, distribution, and exchange of electricity by tokenizing electricity and providing a platform for the trading thereof. As the Skycoin team states in a recent blog post discussing current business applications of its technology, “Solar Bankers is using the power of blockchain to decentralize the energy sector . . . With decentralized peer-to-peer energy trading, there’s no need to rely on a utility company. It’s a unique business model that’s environmentally friendly, profitable, and empowering – and it’s all built on the Skycoin platform.” Read the blog post here.

We joined members of the Skycoin team and other businesses using the Skyledger ICO platform for the Skyledger Open Bounty Roadshow in China from December 12 to 22.

Other projects on the Skyledger platform have similarly far-reaching visions for change – replacing the large institutional intermediaries managing market interactions between individuals in order to return power and profits back to the community.

For instance, one of our co-presenters during the Skyledger Open Bounty roadshow in China, the Australian company Metalicoin, seeks to attract funding for early-stage mining projects by issuing tokens that can be exchanged for amounts of the actual metals extracted at a deep discount from the market price. The tokens, effectively representing “shares” in the extracted metals, thus represent a unique opportunity to participate in mining – a traditionally highly capital-intensive and thus centralized industry, controlled by small number of global corporations under the complete exclusion of average consumers and investors. In addition, the Metalicoin platform facilitates the frictionless trading of metals by listing the issued mining tokens on public crypto exchanges. This would constitute a significant step towards giving average consumers and investors access to the metals trade – another highly centralized industry. By diffusing the ability to participate in these aspects of mining and metals trading, Metalicoin very much fulfills the spirit of decentralization associated with the current drive towards blockchain-based tokenization of tangible assets.

The development community is moving quickly towards the complete integration of the current ecosystem of Skyledger tokens. The Chinese company Shellpay is currently developing a Superwallet that will allow clients to store and transfer Skyledger family tokens with a single wallet. In the future, tokens and data silos in the Skyledger ecosystem will be connected in a simple and low-cost transaction system, perhaps in the form of an independent public decentralized exchange.

This system of integration constitutes a major step towards enabling consumers to participate in and navigate the various economies emerging from the blockchain-based process of digitalization and tokenization.

A member of the Solar Bankers team with Skycoin’s “Skyminer”:

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