Skynet Project - IoT Blockchain Economy

orcunland (6)in #cryptocurrency • 6 years ago

In my previous article about Skynet, I've tried to touch some important points but the aim was looking at the general key points of the Skynet. This one will be a bit more diving course of the Skynet's core features.

Let's look at what we have here.

Skynet Open Network

Skynet is being built by a non-profit organisation called Open Singularity Foundation which is based in Singapore. Skynet Open Network is a scalable network in the Open Singularity, which allows people to develop their own public or private blockchains. These blockchains can be independent and they can also connect to each other over the network.

Skynet's aim is to provide an end-to-end system that includes a hyper-scalable IoT blockchain network and the first blockchain chip in the world.

Skynet Core

It is simply the key part of the Skynet Project, and it is licence free Blockchain Chip. This Risc-V blockchain chip has the ability to replace an existing CPU and features a core optimized for blockchain technology as well as the Internet of Things (IoT). Also, this is a chip that implements a system-on-a-chip (SoC) optimized for AI and blockchain application.

Cross Blockchain Communication

Cryptosphere is hosting so many chains in it, and the number is increasing enormously. All chains are trying to solve some important problems, but they do not know what other chains are doing, unfortunately.

Skynet's cross chain communication feature is allowing other chains to talk to each other by tying them up together.

In other words, Skynet Open Network's cross-chain communication protocol is allowing blockchains on SON to exchange information and tokens with one another over Fabric.

What is Fabric

Simply, SON Fabric hub works as a bridge between all public and private blockchains on Skynet Open Network. It is a competitively validated delegated proof-of-stake (PoS) platform.

You might be wondering if the Skynet can connect already distributed chains by any chance?

Oh yes.

According to whitepaper of Skynet, the entangled chain will provide a bridge and interoperability with existing blockchains and their native cryptocurrencies such as Bitcoin or Ethereum.

Token Types

Skynet will start off as Skynet Token (SKT) and it will be based on Ethereum's ERC20 standard.

After the Main Net, tokens will be eligible to swap procedure, and there will be three different tokens.

Skynet, which will be the native Staking Token. Validators can stake Skynet, Delegators can lend voting power Validators with Skynet, and Skynet can be used as the native token to help validate other networks
Light, will be placed as fee token. You can think of this as gas. Light can be used as the fees for creating smart contracts, swapping between networks, etc.
Lastly there will be Singularity. The team currently has an identity/marketplace network running below their dPoS implementation of Ethereum. They expect that this would be used for the dApps. At the moment, it's not well defined as there are many edge cases they need to work out to make this system autonomous. A lot of research is currently being done in this area.

Multi-token economic model was chosen and created to solve the problems of current proof of stake models. What are those problems? Security, spamming and so on.

Oh yeah, How about Security?

As Skynet team described in their whitepaper, even when Ethereum upgrades to Casper, Ether is doing more than just staking, such as paying for goods, ICOs etc. so probably not many tokens will be staked and this weakens the security of the protocol.

But SON is an interoperable multi-token network, so Skynet token and Light can work together. Furthermore, because Light is used for transaction fees, It will also help reducing spam (hence helps the network to work as it should be)

Skynet Neural Net Processing Unit

This is another very important feature which is going to be provided by Skynet Project Team. Their Neural Processing Unit will work for the training of AI and speed of performance of the model. The core delivers advanced core designs that can accelerate deep learning applications on blockchain networks.

Simply put, this feature will work for anything that you can imagine. For example, Kaggle problems can be done faster, so that you can eliminate the runaway little fish hunters easily by separating small fishes from the cam footages.

Or you might guess the house prices in an area without travel there.

Okay I have to give this example also.

You can also train your own JARVIS just to talk with it.