Daily Crypto Update: SKY Rises 33.83 percent in 24 hours!
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Daily Crypto Update: SKY Rises 33.83 percent in 24 hours!

Skycoin (SKY) has risen 33.83 percent in the last 24 hours. The cryptocurrency saw a low of 25.71 USD yesterday, May 22, and is now being traded at 34.41 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

From 21 May onwards Skycoin has been 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! The results of this are pretty evident as Skycoin has been performing reasonably well this week.

Other Major Gainers

Since it was a red day in the crypto market, apart from Skycoin, we only have 3 cryptocurrencies which have gained—and not lost—in the last 24 hours. So here are the other gainers:

Bitcoin Private (BTCP) has gained 14.29 percent, and Decred (DCR) has gained 1.82 percent.

The last cryptocurrency to be able to make its way into the list of gainers is Golem (GNT) with 1.39  percent.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.