Introducing the Skyrus-X Blockchain
14 December 2018 | Fri
One of the recent stories of hacking of a centralized cryptocurrency exchange was reported in Japan. Hackers have reportedly stolen US$59 million worth of cryptocurrencies from a Japanese cryptocurrency exchange Zaif. As a result of a security breach on 14 September 2018, hackers stole 4.5 billion yen from the users’ hot wallets, as well as 2.2 billion yen from the assets of the company, with total losses amounting to 6.7 billion yen or around US$59.7 million.
Unlike most existing cryptocurrency exchanges, Skyrus Network uses blockchain, which is considered to be almost impossible to hack, to build our exchange trading platform. The blockchain that was used to build our exchange is known as the Skyrus-X blockchain.
What is Skyrus-X Blockchain
Skyrus-X Blockchains are a series of “proxy” blockchains that mimics its real blockchain counterparts. Each proxy blockchain fully represents and mirrors an existing coin, following the naming format of Skyrus-X Blockchain. Here the ‘X’ represents the chain we are mimicking. Suppose if we mimic original BTC blockchain, then its corresponding blockchain is represented as Skyrus-Bitcoin blockchain (Here, X = Bitcoin). Similarly, if we mimic Ethereum blockchain then its corresponding proxy blockchain is represented as Skyrus-Ethereum blockchain( Here, X = Ethereum)
There are three objectives we would like to achieve when we build Skyrus-X blockchain using a proxy blockchain.
- To increase the speed of cryptocurrency transactions.
- To implement transactions between two different cryptocurrencies faster and more secure.
- To keep user’s money secure with the help of decentralization.
Let us break down and explain these benefits in detail.
To Increase the speed of cryptocurrency transactions
Average transaction speeds of original blockchains are slow. Skyrus Exchange utilizes a proxy blockchain trading model to bypass the speed limit of each original blockchains. For example, Bitcoin has an average block time of 10 minutes, while Litecoin has an average block time of 2.5 minutes. They use proof of work(POW) to add a new block. It needs miners to spend much time to solve a problem to get the power to add a block. This longer transaction time in Bitcoin is one of the barriers for cryptocurrencies to become a medium of exchange. No users would wait long enough to complete a transaction when conventional banks are transacting faster.
Transaction speed is limited by the block time and this slow block time is a strong deterrence to regular traders. By adopting proof of stake(POS) model, it will significantly make your transactions faster.
Though several cryptocurrencies exchanges are providing high transaction speeds, they are mostly unsafe and prone to hacking. With our proprietary Skyrus proxy blockchain trading interface, we are able to overcome the large transaction time in the original blockchain and with added money security.
Implementing transactions between two different cryptocurrencies in a faster and more secure manner.
Original blockchain algorithms do not support interaction between different token types (Eg, BTC-ERC 20 trade). With the help of our Skyrus-X Blockchains, we provide cross-chain trading between all coin types. This will effectively bypass the obstacle for cross-chain trading using their respective original algorithms.
Want to learn more about Skyrus Network?
Read our whitepaper here: https://skyrus.io/blockchain/wp-content/uploads/2018/12/Skyrus_Exchange_Whitepaper.pdf
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