Skeincoin was developed in late 2013 so it's a mature network with an experienced team. Both, team and coin have seen many states of crisis and solved different obstacles. The network proved itself stable but despite of this, the development was paused due to the Mt.Gox crisis. After years of pausing the team started working on the coin again and developed the core on track with Bitcoins new features. While Bitcoin has problems with miner wars and high transaction prices as well as low transaction speeds, the availability of Skeincoin is high, with over 16mio of 17mio coins already mined, the community is loyal and the transactions are cost efficient and fast. Skeincoin is now looking into different ways of integration into the gaming world, as a fast, easy and secure payment system.
POW Hash: Skein-SHA2
Block target: 2 minutes
Block reward: 32 SKC, halving every year (262,800 blocks), The first 100 blocks will return a reward of 0.0001 allow miners to setup and difficulty to adjust.
Estimate supply: 17 000 000
Transaction Fee: 0.0001 SKC
Relationship to Bitcoin
While Bitcoin maintains a 10 minute blocktarget (Proof of Work targetspacing), Skeincoin maintains a lower target of 120 seconds. This will provide a higher throughput, while keeping the blocksize equal to Bitcoins.
Changes in emitionrate:
The first 100 blocks of the Skeincoin network rewarded 0.0001 SKC, while the blocks after those rewarded 32 SKC. Like the Bitcoin network, Skeincoin will only have 32 halving events. But in Skeincoin the subsidy halving interval is set to 262800 blocks creating a total coin supply of:
By maintaining only relatively specific codechanges compared to the Bitcoin Core software we are able to take advantage of current Bitcoin developments, such as Lightning and hopefully Schnor aswell, and could provide a good baselayer for micropayment-integrations both in- and outside the gamingindustry.
Choice of Skein hashing algorithm
SKEIN is an crypto hash algorithm developed by Niels Ferguson, Stefan Lucks, Bruce Schneier, Doug Whiting, Mihir Bellare, Tadayoshi Kohno, Jon Callas and Jesse Walker. It was one of the finalists in the NIST hashing competition to determine the SHA-3 secure hashing standard, which is the update to the SHA-2 (like Bitcoins SHA-256). So SHA-3 is the updated Version of SHA-2. The winner of the contest for the update was a hash called Keccak. The other final candidates from the new generation of hash functions were: BLAKE, Grøstl, JH, and Skein. So SHA-3 is a standardized version of the Keccak hashing function. Bitcoin is still using the old SHA-2 in the 256bit version (SHA-256). So basically Skein is one of the new hash functions, from the next generation - or 10 years newer. While Bitcoin has to use the old SHA-256, Skeincoin is using the more flexible and faster Skein hash. "Skein is fast. Skein-512—our primary proposal—hashes data at 6.1 clock cycles per byte on a 64-bit CPU. This means that on a 3.1 GHz x64 Core 2 Duo CPU, Skein hashes data at 500 MBytes/second per core—almost twice as fast as SHA-512 and three times faster than SHA-256.” (Bruce Schneider). Skein can further be implemented very efficiently on most hardware (in the order of 6 clock cycles per byte on older Intel CPUs).
Comparison with ASIC hostile algorithm
Litecoin was introduced as an answer to Bitcoin, claiming to be more open to the community, as not only miners with special equipment can contribute to the decision processes within the community. So Litecoin approached the hashing with an ASIC hostile algorithm, resulting in the mining by millions of users using their GPU in mining pools instead of expensive ASCICs available only for a few. Skeincoin opens up the process even more by allowing all methods of mining due to the high flexibility of the algorithm which results in the support of almost every hardware architecture available.
Market, function, value
The market and the function within this marked for Skeincoin is basically the same as the market and the function for Bitcoin once was - secure, fast and safe transfers of values via a stable and developing network. While the market for Bitcoin has changed a lot and resulted in multiple forks with different functions and specializations, the market for Skeincoin hasn't changed. In order to compete with the vast range of coins and tokens that flood the marked Skeincoin is aiming to support selected parts of the online world, starting with the gaming world. The new Bitcoin functions being introduced into Skeincoin will speed up the transactions even more and will allow almost instant transactions without almost no transaction costs. With our experienced team and our loyal community we can directly cooperate with partners, they get support and can speak to us directly. While being an open organization we have enough structure to make quick decisions and take necessary steps when needed.
MILESTONES HISTORY SINCE REBOOT 'NOV 2017
over 350 Discord members
first skeindrop (3000 SKC)
third explorer @ http://skein.blockxplorer.info/ (2018-02-12)
JOINT FORCES MEETING 03 (2018-02-12)
over 250 Discord members >150 @ telegram (2018-02-12)
Wallet update v.12.1 (2018-02-12)
1st good youtube review (2018-02-11)
JOINT FORCES MEETING 02 (2018-02-07)
150 Discord members (2018-01-31)
JOINT FORCES MEETING 01 - old and new team startet to meet weekly together and form workgroups (2018-01-30)
second blockexplorer @ https://chainz.cryptoid.info/skc/ (2018-01-27)
instagram activity started (2018-01-23)
gambling available @ https://cryptobetfair.com/ (2018-01-23)
over 100 telegram members in supergroup (2018-01-22)
wallet update to v10 by kendra (2018-01-21)
web page update v2 (2018-01-21)
main dev red kendra back (2018-01-20)
new explorer (2018-01-15)
SKC Telegramm Community >50 Members (2018-01-15)
DevFund funded by gielbier with open bounties (80.000k SKC atm) (2018-01-14)
reach the heavy undervalued 1 Million market cap (2017-12)
homepage update v.01 (thanks to nordtyt and graphicguru) (2017-12)
Web page http://www.skeincoin.co/
Original announcement thread https://bitcointalk.org/index.php?topic=322828