What is Skeincoin (SKC) Crypto Beginner’s Guide
Skeincoin is a cryptocurrency, which is a digital currency. It is being prepped for the future. One of the notable services in the pipeline is SkeinPay. This is a payment management application that integrates with online stores. It will be available in Q3 2018. Atomic Swaps are expected during the same quarter. This provides free swapping of currencies that are compatible with Atomic Swaps. The team behind Skeincoin is working on the LIghtning Network as well. It is expected to be ready around the same time. Users can expect extremely fast transaction times. One more thing to look forward to is in-game transactions featuring SKC tokens. This will be available by Q4 2018.
Trading SKC Tokens
SKC tokens are traded on one exchange – Cryptopia. SKC tokens are paired with BTC tokens. SKC has a market capitalization of $372,432. Daily trading volume is low; currently it is $256. There are 13,429,947 SKC tokens in circulation. A total of 16,518,056 SKC tokens are available.
Recent trading data reveals a lively coin. It started rising in value by mid-January. It peaked at $2.9 million by the end of the month. Then, it started decreasing in value. It dropped down to $1.4 million in market capitalization by the first week of February. It recovered by the third week of February, surpassing the $2 million mark.
The SKC token plummeted in value again. It bottomed-out near $663,000 on March 12, 2018. This token wasn’t finished, however. It started to recover and reached a high on April 22, 2018 with a market capitalization of $1.4 million. This was the last sign of a strong token. It declined for the next four months. Currently, the SKC token is ranked 1,149th among cryptocurrencies by market capitalization.
Get a Digital Wallet
A digital wallet is required to use SKC tokens. There are several versions, including a Windows 32-bit wallet, a Windows 64-bit wallet, and a Mac OS wallet. There is a web wallet as well. It is accessible from any location, and it works without any additional data.
Skeincoin is Loaded with Hashing Algorithms
Skeincoin runs on a blockchain coded with the SHA-256 algorithm. It is 20 times faster than Bitcoin’s blockchain. It is compatible with Bitcoin’s tech. Transaction fees are extremely low; they are about $0.0001. Transactions are completed with smart contracts. It is private. This platform was developed by Skeincoin Ltd, which is based in Belarus High Technologies Park.
The first hashing round utilized an algorithm called Skein. The second hashing round utilized the SHA-256 algorithm. Skein-512 has a hashing rate of 6.1 clock cycles per byte on a 64-bit CPU. This is about 500 MB/second/core (tested on a 3.1 GHz, x64 Core 2 Duo CPU). This is three times as fast as the SHA-256 algorithm and twice as fast as the SHA-512 algorithm.
Skeincoin has a block generation time of 120 seconds. The block rewards changes according to the following list: 0-100 blocks – 0.0001 SKC tokens; 101-16.8 million – 32 SKC tokens. Skeincoin has 32 halving events. This occurs every 262,800 blocks.
Secure Hash Algorithm 2 (SHA-2) is a set of cryptographic hash functions based on the Merkle Damgard structure. It was designed by the National Security Agency. The SHA-2 set contains six hash functions, including SHA-256 and SHA-512.