Hi!
In my previous article, I wrote a general review of Skynet.
But now, let's dive in to the project and see what it will bring to our lives.
There are hundreds of chains in cryptopshere and the number is increasing rapidly, they all do what they aim for. However, what if there could be a network to tie them up? They could talk to each other, whenever they need to. Skynet will do this!
Skynet Open Network (SON) has a cross-blockchain communication protocol (CBC) and CBC allows blockchains on SON to exchange information (and tokens) with one another. These informations are sent through something called Fabric. So what is Fabric?
SON Fabric is a "competitively validated delegated proof-of-stake platform." Simply put, the SON Fabric hub works as a bridge between all public and private blockchains on SON. It also maintenances a distributed exchange.
Until now, I always said "blockchains on SON", yes but what about other chains?
For example, will SON be able to connect to Ethereum chain? Answer is a huge YES!
Entangled chain will provide a bridge and interoperability with existing blockchains and their native cryptocurrencies such as Bitcoin or Ethereum. (whitepaper, p.45)
SON Fabric will have one token for staking and one for fees, making total of two tokens.
Skynet Token: It is the native staking token of the Skynet Open Network and SON Fabric. However it is just for staking, not for rewards. Block rewards will be given in another token called Light.
Light: Block rewards and fees are paid in this second currecy of SON, called Light. In my opinion we can compare Light with NEO's Gas. You stake NEO and get GAS as a reward, this is kinda similar.
Skynet token is only used to vote, validate, and delegate validators, Light is for fees, and this is for a reason.
Multi-token economic model was chosen and created to solve the problems of current proof of stake models. What are those problems? Security, spamming and so on.
For instance, as Skynet team described in their whitepaper, even when Ethereum upgrades to Casper, Ether is doing more than just staking, such as paying for goods, ICOs etc. so probably not many tokens will be staked and this weakens the security of the protocol.
But SON is an interoperable multi-token network, so Skynet token and Light can work together. Furthermore, because Light is used for transaction fees, It will also help reducing spam (hence helps the network to work as it should be)
When someone, a company or an app developer create a chain on SON Fabric, It is called "IoT Chains". They can be created by developers for their own purposes or to interoperate with Singularity’s existing chains. The best thing is, fabric has a toolkit for that, so It will be really easy to create a chain. I believe this is a huge benefit for adoption of Skynet.
Fabric has a toolkit to create IoT chains so developers will not have hard time to code a chain on SON. To create IoT Chains, Fabric comes with a toolkit, which provides boilerplates for on-chain storage data type customization, multi-data type on-chain storage abstractions, private blockchains, and public blockchain creation. With Fabric’s software development kit, any existing blockchain like Bitcoin and Ethereum can be created as an IoT chain but with infinite scalability and an energy efficient Proof of Stake fault tolerant consensus. (whitepaper, p.37)
It is not a "when moon" kind of wish, You have seen/read the project. Don't you think when It is built, It will achieve all these?
I believe Skynet is really well-thought, well-planned project in the hands of a really experienced team, with good economics for ico. As can be seen, It will change how our machines and AI work, and will make the 4th industrial revolution possible.
For more information:
https://skynet.co/
Whitepaper
Telegram group
Bitcointalk Announcement Page
Skynet Twitter
Skynet Medium page
Eth wallet: 0xC6c55aD4ca903A3aC2c59C5CF2a6D6D37CfC2e26
