Skycoin automatically generates a parallel currency called Coin Hours (SCH) at the rate of one Coin Hour generated per hour, per Skycoin.
While Skycoin has been tradable on major exchanges for many years, XBTS represents the first time Coin Hours have been made available to trade on an exchange as a separate and distinct crypto asset.
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Skycoin is a deflationary currency, with a total supply ultimately capped at 100 million coins. Coin Hours, on the other hand, were designed to be an inflationary currency with inbuilt deflationary control mechanisms, encouraging users to spend and trade Coin Hours instead of Skycoin. As the Skycoin project continues to refine Skywire - Skycoin's groundbreaking decentralized and encrypted global mesh network - Coin Hours are set to become the currency with which to purchase bandwidth, storage, and other services on the Skywire network.
Introduction to Coin Hours:
In short, Coin Hours are:
A commodity currency backed by the digital asset of bandwidth on the Skywire meshnet.
The basis of the first bandwidth market in history.
A form of interest on your investment in Skycoin.
A way to keep your transactions free so you don't have to spend $SKY to use it.
An anti-spam mechanism which prevents people from attacking the network with many tiny transactions.
A way to effectively prevent institutions from issuing paper $SKY derivatives as they do for gold, silver, etc., and are now doing for certain cryptocurrencies.
Decentralized cryptocurrency exchange XBTS is set to offer its users the ability to buy and sell Coin Hours on its DEX beginning July 29, 12:00 UTC.
XBTS DEX is a BitShares-based decentralized exchange, which means that Coin Hours will have 45 trading pairs the moment it is listed.
Deposit Coin Hours on XBTS:
Register for a free trading account at https://xbts.io
In the deposit section, you will receive a single address to deposit SKY and SCH.
Send Skycoin (from 0.001) and the desired number of Coin Hours. (Minimum deposit: 1000 SCH.)
Note that there is a deposit/withdrawal fee of 5% SCH.
The two assets (SKY and SCH) are immediately credited to your XBTS exchange balance.
You may start trading SCH or SKY to any of 45 available trading pairs!
Withdraw Coin Hours on XBTS:
Select SCH or SKY.
Indicate the address to which you wish to withdraw.
Note that 10% of the SCH are burned as per the current Skycoin transaction burn rate. SKY has no fee for withdrawal.
If you are withdrawing only SCH, then 0.001 SKY + the specified number of SCH is sent minus the commission.
SKY / SCH are sent in Skycoin's native Fiber blockchain to the user's wallet
Minimum withdrawal: 1000 SCH.
About Skycoin:
Skycoin is bringing people what they want: a truly decentralized network without any central authority. Founded in 2011 by early developers of Bitcoin and Ethereum, Skycoin quickly grew into an ecosystem of exciting and ambitious projects, including Skywire, the new decentralized Internet; CX, a revolutionary full-featured blockchain application programming language; and the cryptocurrency itself, Skycoin - simple to use, with virtually-free transactions that execute almost instantly.
In November 2019, Skycoin became the only cryptocurrency project to launch their own hardware cryptocurrency wallet, called Skywallet.
Skycoin plans to release a superior "web-of-trust" blockchain consensus algorithm called Obelisk, which solves the problems inherent to "proof-of-work" and "proof-of-stake" protocols, both of which are slowing down and compromising the integrity of other major cryptocurrencies.
For more background on this groundbreaking project, please visit https://www.skycoin.com
