SKYCOIN SKYCOIN SKYCOIN
What do you think about
Nolan Russell
Jace Hill
SKYCOIN THREADS SHOULD BE BANNED
Sebastian Davis
I think the ledger is maintained by one node running on synth's laptop and he can change every account balance on the network to whatever he wants whenever he wants, because that is what happens without distributed consensus.
Austin Ramirez
No.
That's incorrect, it's not 1 node.
Parker Thompson
Consensus is secured by a masternode system, which is a very reliable solution used by numerous crypto projects. As with all masternode-based crypto platforms, the masternode writes blocks into an immutable ledger which is synchronized with all nodes in the network.
Every Skycoin wallet contains a complete copy of the blockchain. Anyone with a wallet can send a transaction which creates a block that is written to the immutable ledger by the masternode and then synchronized with the thousands of other nodes in the network, creating a distributed consensus as to the state of the blockchain.
Below is the code for Skycoin's blockchain and visor, demonstrating UTXO block verification across the distributed ledger. It shows that the blockchain is distributed throughout nodes that connect to each other in a peer-to-peer fashion.
github.com
github.com
A blockchain is an immutable data structure, and when the blockchains on each node are synchronized, a consensus exists regarding the state of the blockchain. Being an immutable data structure, it is not possible for even a centralized validator node to alter the transaction history without it being very obvious what has occurred.
Even if Obelisk was never released, Skycoin could continue to run quite successfully on this masternode system forever, without negatively impacting Skywire or CX or Skycoin Fiber or any other part of the Skycoin ecosystem. Other major crypto platforms use similar central controllers (for example IOTA).
There is less concern about centralization in the case of Skycoin because there is no mining, no transaction fees, and no block rewards in the protocol. This means that a whole class of 'coin creation' attacks is eliminated. There is no way to create new coins. The worst thing a malicious block signer could do is attempt to slow the system with multiple transactions.
Isaac Fisher
remember he got kidnapped by the chinese mafia lmfao
how do you still hold after that story
Ryan Robinson
Juan Roberts
non-byzantine fault tolerant consensus = trash
Adrian Gomez
What the fuck are you smoking. It already failed with the kidnapping. Fucking idiot.
When one person holds the keys then you just threaten that person. Fuck off scammers.
Logan Price
You seem very triggered by Skycoin. Which project are you involved in, to feel so threatened?
The current consensus mechanism works perfectly well, and will continue to operate until Obelisk is released.
Hudson Morales
HODL!
Asher Hall
So there is no consensus. Cool blog post
Did Synth ever figure out whether he was married or not?
Brody Watson
Did you just overwrite an image I saved some time ago with your own text? That's some professional grade effort you did there. It's like you are getting paid to do this.
>The current consensus mechanism works perfectly well
If the point of it is to not work at all. S*Y is not crypto. It's a database in skydevs basement.
Jace Watson
no idea, but i can nonlarpingly say i profited 5k off this shit last year
the concept is brilliant
but its a scam
the leader is not real
Lucas Johnson
Every Skycoin wallet contains a complete copy of the blockchain. Anyone with a wallet can send a transaction which creates a block that is written to the immutable ledger by the masternode and then synchronized with the thousands of other nodes in the network, creating a distributed consensus as to the state of the blockchain.
Even if Obelisk was never released, Skycoin could continue to run quite successfully on this masternode system forever, without negatively impacting Skywire or CX or Skycoin Fiber or any other part of the Skycoin ecosystem.
Asher Bell
>the leader is not real
Skycoin has over 100 employees, and the lead developer, Brandon, has been involved in the cryptocurrency sector since its inception, having assisted with the early development and bug-fixing of Bitcoin. Brandon, who prefers to be known by his online handle, Synth, has appeared in countless interviews, and presented at dozens of blockchain conferences around the world (many of these videos are available on YouTube).
Other highly visible members of the team, who appear frequently in interviews and at conferences, include Daken Freeborn, Ed Vilderman, Danish Chaudry, and Drew MacGibbon. Synth and the wider Skycoin team are highly active on Twitter and Telegram, where they regularly engage with the rapidly growing Skycoin community, answer questions, offer development updates, help new users to configure their Skyminers and wallets, or provide guidance on how to develop new games and apps using Skycoin CX.
Ryan Morales
Exactly. The one masternode does all the validation.
Colton Torres
ok synth, please explain the chinese mafia story again in detail if you want me to buy back in, like i said, the concept is genius, will it be adopted, no
because you are fucking insane and incapable
this is already a thing except it doesnt take a skyrim to access
>chinese mafia
Jacob Cook
It works just any other masternode-based crypto platform, and will continue to run successfully like this until Obelisk is released. Your FUD is completely impotent. The current masternode system is perfectly secure and poses no risk to anyone. The blockchain is distributed across thousands of nodes. Skycoin could continue to use a masternode forever, and all the Skycoin applications, Skywire, hardware wallets, CX etc. would continue to work just fine.
Do you have any other FUD, or was that it?
Eli Rivera
I'm not Synth, but what do you want to know about the incident? There was a home invasion, the perps went to jail (no posts from any of them on social media for 8 months), there is a police report, and an ongoing trial in China. They dumped a lot of Skycoin for BTC on Binance. Binance has frozen that BTC pending the outcome of the trial.
That's about it. Skycoin team keeps on developing new products, hardware, solutions, partnerships etc regardless of that incident. It's irrelevant.
Brandon Adams
>masternode-based system
That's not a name of a consensus algorithm. Stop blowing vapor all over our faces.
Mason Morales
>Did Synth ever figure out whether he was married or not?
I think he said he got married in some sort of ceremony in China but wasn't sure if the ceremony gave full legal marriage status.
Who knows how things work over there. He has female partner anyway, which is more than can be said for most incels here.
Luke Gonzalez
Nobody said it was "a name of a consensus algorithm'.
Skycoin's consensus algorithm is called Obelisk. It will be released later this year. In the meantime, a masternode writes blocks into an immutable ledger, which is synchronized with the thousands of other nodes in the network, creating a distributed consensus as to the state of the blockchain.
Bentley Walker
So currently there is no consensus. The single masternode signs transactions and publishes blocks. What part of this is FUD?
Andrew White
You seem slow, so I'll rephrase the question.
What is the name of the current consensus algorithm?
Christian Williams
It's not incorrect. The other "nodes" don't contribute to network security.
>a blah blah blah
I'm not reading any of that irrelevant bollocks. The fact is the dev controls the network centrally. Any other points you think you're making are smoke and mirrors. The dev can change account balances at will. It's trash.
Parker Lee
You're confused between two types of consensus.
Skycoin has a blockchain which is synchronized across thousands of nodes. This means there is a distributed consensus as to the state of the blockchain.
This is not the same as a 'consensus algorithm'. Skycoin's consensus algorithm, Obelisk, is not released yet. In the meantime, a masternode writes blocks into an immutable ledger. There is no need for a consensus *algorithm* right now, because currently only the masternode is writing blocks.
Many other crypto projects use a masternode (permanently, with no plan to change) and it works fine.
With Skycoin because there is no mining, transaction fees or block rewards in the protocol, a whole class of coin creation attacks is eliminated. There's no way to create new coins. The worst thing a malicious block signer could do is attempt to slow the system with multiple transactions.
So the FUD basically boils down to "hurr durr the devs could use the masternode to change account balances". And if they did this then it would be obvious to everybody on the network, the project would be disgraced, and the price would drop to zero. Why would they want to destroy their project like this, after spending seven years building it?
You could say the same about the vast majority of crypto platforms, and the vast majority of stocks/shares.. "hurrr durr the devs might decide to destroy their own project" ... "hurr durr Jeff Bezos might decide to destroy Amazon". Well that's a risk we all take when we invest in something.
The truth is, the current masternode system will continue to work just fine until Obelisk is released. And even if Obelisk was never released, it could still continue to operate on a masternode indefinitely, as it as been doing for many years without incident.
Skywire, Skycoin Fiber, CX and all other components of the ecosystem could continue to function over a masternode-based blockchain forever if necessary.
This FUD is so weak and easily debunked.
Nolan Turner
SKYCOIN!