Daily Crypto Update: SKY Rises 12.60 percent in 24 hours!

Daily Crypto Update: SKY Rises 12.60 percent in 24 hours!

Skycoin (SKY) has risen 12.60 percent in the last 24 hours. The cryptocurrency saw a low of 22.71 USD yesterday, May 20, and is now being traded at 25.69 USD.

What is SKY?

The Skycoin platform is the most advanced blockchain application ecosystem in the world. Developed by early contributors to both Bitcoin and Ethereum, Skycoin’s platform is completely secure, infinitely scalable, and ISP independent. Backed by bandwidth, storage, and computational power Skycoin is built on Satoshi’s original vision.

At Skycoin, we want to bring users what they asked for—a true, decentralized network without a central authority. To accomplish this task, we went beyond PoW and PoS to create a wholly new decentralized algorithm that reconfigures the inner workings of the blockchain. Our distributed consensus algorithm, Obelisk, succeeds in delivering just such a network.

Its web-of-trust style consensus prevents the development of centralized power. Skycoin requires no mining, is immune to 51% attack, and transactions occur in seconds. Decisions are made through community consensus, not based on the wishes of a few majority stakeholders.

Reasons for the Rise

One of the biggest reasons for the rise of the cryptocurrency could be that Skycoin is now trading live on BitRabbit, an up and coming exchange based in Australia! BitRabbit offers a quick and simple user experience and will continue to increase Skycoin’s exposure!

Other Major Gainers

The top ten cryptocurrencies that have gained considerably in the crypto market in the last 24 hours apart from Skycoin are:

Holo (HOT) has gained 10.19 percent, and Dragonchain (DRGN) has gained 9.71 percent.

Tron (TRX) has gained 8.89 percent, and CyberMiles (CMT) has gained 7.92 percent.

Waltonchain (WTC) has gained 6.92 percent while Bytom (BTM) has gained 5.72 percent

Decred (DCR) has gained 5.46 percent, and Matrix Al Network (MAN) has gained 4.25 percent.

Nxt (NXT) has gained 3.83 percent and the last cryptocurrency which made its way into the list of gainers is Ontology (ONT) with 3.53 percent.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.