Cryptocurrencies are still in their infancy and the full power of what they can offer a world full of users has yet to be fully appreciated. Although a vast number of people look at the cryptocurrencies as investment opportunities, much of this is a mere fraction of the power that the technology behind these cryptocurrencies can bring.
When anyone looks at the many cryptocurrencies on the market, most of the investors are looking at what is the next bitcoin.
A broader vision needs to be used as there are two sides to every digital coin. There is the financial world and the technological world. Each has its own benefits that it can offer to end users.
There is no doubt the world will end up with a digital form of currency. Although banks are in dispute of cryptocurrencies, they are in a way going toward systems that are cashless, and it could be a case that cryptocurrencies have beaten them to their own goal.
On top of this from a user point of view payments, money transfers or business payments will be able to be made from one location and conducted right there and then.
Now there will be no requirement for senders or receivers to find remittance operators to send or receive money.
There is also the fact large portions of this demographic is for users who don’t have a bank account or might live in remote areas. With a cryptocurrency, they have no journey to make and a member of the family can make this transaction at any time of day.
A part of this world follows on from the financial world as they are very closely linked in such areas. If you take these remote areas and the individuals who have no access to banking it needs more infrastructure to increase internet coverage.
The way this currently works is through many cables and ISP servers which require putting into place. If this were to happen, which could take years, there is the entire conversation of net neutrality to consider.
Now there is one third-generation cryptocurrency which can fix this problem in a matter of time which is far higher than what any ISP could do. Skycoin is the cryptocurrency of concern and brings with it some marvelous technological advances.
There is a new algorithm which sorts out the mining problems as with other coins, in other words, there is no coin mining.
From this, transactions are much faster and highly secure. And now this is where the exciting part comes into play that ties everything together.
Skywire is a mesh-network which operates hand in hand with SKY. This mesh network is created by interconnected nodes that users run (similar to BTC mining rigs) and forward data, bandwidth. The way this P2P network operates is it is directly between two parties, but the data can take many routes.
With these nodes, the network can be extended as there is no reliance on cables or ISP’s, and for these people in remote areas, this technology is life-changing, to say the least.
Apart from SKY and the many problems it resolves and fixes and the new internet, it can create, there are many other cryptocurrencies which are offerings services or applications which are decentralized.
The only drawback is they are not on a decentralized network. SKY and Skywire have a distinct advantage over these other cryptocurrencies in the beginning when you take a glance at net neutrality. SKY and Skywire will be immune to the effect of it as it has its own internet.
If other cryptocurrencies found a way to work on Skywire, this would change the whole face of the internet. Satoshi’s vision was for decentralization, and SKY is one cryptocurrency which has fully embraced this and is attempting to follow his vision.
For any user who sends money, or doesn’t want their personal information to be monitored, recorded and dissected the chance to jump onto the Skywire network is well advised. The system becomes more stable and faster as it grows.
If you have anything to present to the world, this can reach anyone without any restrictions, no matter which country you or they are.
Cryptocurrencies will transform everyone’s future. If it is in the next two years, five years or ten years is hard to say.
There are many other factors which need to be considered apart from the cryptocurrency themselves. The rest of the world and the banking systems need to catch up.