SkycoinPrice

(SKY)

There are two distinct entities sharing similar branding. The original Skycoin ($SKYCOIN) is a decentralized mesh internet project launched around 2013, focusing on Skywire and custom hardware. On exchanges such as LBank, its ticker is often updated to avoid confusion. Conversely, 'Sky' is the 2024 rebrand of the MakerDAO ecosystem, featuring the $SKY governance token and the USDS stablecoin. While they share a ticker symbol history, they serve entirely different purposes: one focuses on infrastructure and hardware, while the other focuses on decentralized finance and stablecoins.

Obelisk is a 'Web-of-Trust' consensus algorithm designed to address the centralization risks found in Proof of Work and Proof of Stake. Instead of relying on computational power or token wealth, network nodes follow a list of other trusted nodes. This distributed trust architecture aims to achieve high levels of decentralization and security without the massive energy consumption of mining. By utilizing this consensus, the network can maintain integrity through community-driven trust relationships, facilitating a more democratic and resilient ecosystem for the Skywire mesh internet.

No, owning a Skyminer is not strictly required to participate, but it is the official hardware designed to provide high-quality bandwidth and routing for the Skywire mesh network. These devices are optimized to act as nodes that power the decentralized internet infrastructure. For those who prefer a more hands-on approach, the project also supports 'DIY Skyminers' built using Raspberry Pi boards. This flexibility allows users to contribute to the network’s growth and security by providing infrastructure according to their technical expertise and hardware availability.

Coin Hours are a secondary utility currency within the Skycoin ecosystem. They are generated automatically by simply holding Skycoin in a supported wallet; specifically, 1 SKY generates 1 Coin Hour every hour. These are used to pay for network resources, such as transaction fees or bandwidth on the Skywire network. Because Coin Hours are generated through holding the primary token, they effectively allow for 'free' transactions, preventing the need to spend the underlying asset to use the network's services.

For the rebranded Sky protocol (formerly MakerDAO), users have the option to upgrade their MKR tokens to the new SKY governance token. The official conversion rate is set at 1 MKR to 24,000 SKY. This redenomination was implemented to make the token price more accessible for a wider range of participants. While the upgrade is currently optional, governance has introduced mechanisms like the 'Delayed Upgrade Penalty' starting in late 2025 to encourage users to migrate and consolidate the ecosystem under the new unified brand.

There is no mandatory requirement to upgrade DAI to the new USDS stablecoin. DAI remains a legacy asset within the Sky ecosystem and will continue to function as a decentralized stablecoin. However, the new Sky.money platform and its associated features, such as specific savings rewards and native ecosystem incentives, are primarily built for and available to USDS holders. Users must decide whether to stick with the established DAI or migrate to USDS to access the enhanced utility and rewards offered by the rebranded protocol.