Skycoin

Project Overview

Skycoin is a blockchain platform launched in 2013 that aims to provide a decentralized internet infrastructure through its Skywire mesh network. The project uses a novel consensus mechanism called Obelisk, designed to improve upon traditional Proof of Work and Proof of Stake systems.

Intended Utility

The primary stated purposes of Skycoin (SKY) are: 1) To serve as the native currency for the Skywire mesh network, 2) To incentivize network operators who provide bandwidth and infrastructure, 3) To facilitate payments within the Skycoin ecosystem.

Current Implementation and Usage

The project maintains active development on GitHub, with regular updates to its core infrastructure. The Skywire mesh network has seen limited but genuine deployment, with some hardware nodes operational. The token is primarily used for trading on cryptocurrency exchanges, though this doesn't affect its halal status.

Business Model Analysis

The core business model revolves around building decentralized internet infrastructure, which aligns with halal principles as it provides real utility and involves no prohibited activities. There is no lending protocol, interest mechanism, or gambling elements in the core protocol.

Token Distribution

While exact figures are difficult to verify, a significant portion of tokens was distributed to early developers and team members. This concentration of tokens, while notable, does not affect the halal status of the project as the underlying utility and business model remain permissible.