Skycoin

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Bytecent

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UMA Token

by Risk Labs

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Skycoin

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Bytecent

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UMA Token

by Risk Labs

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What problem does this service solve?

Skycoin aims to decentralize the internet and provide a platform to build DApps.Bytecent allows merchants to create blockchain-based customer rewards programs that are more flexible and transparent.UMA defines an open-source protocol to create and verify trustless financial contracts, making it easier to create financial DApps.

Token Stats

Company Description

Skycoin began as an ambitious infrastructure project aimed at replacing the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms that dominate current blockchain platforms. It has since evolved into a project focused on creating a decentralized mesh-Internet and a platform for other blockchain-based projects. Skycoin is developing an ecosystem with a variety of goals, including: the elimination of mining rewards, development of energy-efficient custom hardware, advancing security and privacy, and achieving transaction speeds that rival current digital payment systems. The ecosystem consists of the native SKY coin, Skywire (decentralized mesh-Internet), Skyminer (hardware and access point for Skywire), Skyledger (decentralized open blockchain network), and a suite of DApps. The consensus algorithm is called Obelisk. The network's nodes agree based on a Web-of-Trust consensus. The ability to influence transaction verification is distributed over the network creating a web of trust. To eliminate mining completely each node on the network connects to a list of nodes that it sees as trustworthy.

Bytecent is developing a decentralized rewards network powered by blockchain. Bytecent allows merchants to create customer loyalty programs that are cross-site and cross-platform compatible. Consumers are not restricted to using their rewards with just one merchant, and can redeem them anywhere Bytecent is accepted. In addition to secure transactions and portability, Bytecent never expire and there are no limitations on how many Bytecent you can accumulate or spend. BYC can be converted to Bitcoin, cash, and gift cards. Bytecent uses a variation of Proof-of-Work (PoW) for consensus that requires miners to manually attend to their computers and is called Proof-of-Miner (PoM). It's designed to prevent the use of advanced and autonomous mining hardware. Avanquest Software, a leading developer of consumer software, has implemented Bytecent for their rewards program.

The UMA token is used to enable holders to participate in community governance issues and to help resolve contract disputes on the UMA platform. UMA is designed to be a decentralized financial contracts platform, and is an abbreviation of Universal Market Access. Their goal is to build the financial infrastructure that will make creating decentralized financial services easier. UMA provides a variety of smart contract templates as well as a decentralized oracle that can be used to validate payouts related to financial contracts.

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