Skycoin aims to build a "new internet that is decentralized and not controlled by any countries".
Instead of using the more common Proof-of-Work or Proof-of-Stake consensus algorithms, Skycoin utilizes Obelisk, where the network consists of nodes (e.g. computers, Skyminers, etc.) and each node subscribes to a list of trusted nodes. Nodes with more subscribers hold more influence in the network.
Skycoin transactions cost Coin Hours. To earn Coin Hours, users simply hold Skycoin in order to participate in the ecosystem of Web 3.0. For each Skycoin held by an address per hour, its owner nets 1 Coin Hour. Therefore, holding 1000 Skycoin for 1 hour generates 1000 Coin Hours.
Skyminers are custom-built hardware VPN units that provide the computing power, networking capability, and storage capacity necessary for the Skywire network’s infrastructure backbone.