Skycoin
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in Skycoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Skycoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.