About Skelpy,
Skelpy is a block chain project, like many thousands before it, that promises new and innovative functionality. As of yet, the team working behind Skelpy has yet to release a price for how much each individual Skelpy is worth.
At a glance of the Skelpy whitepaper, it differentiates itself from the competition by promising transparency by way of certification of wallets and using a DPoS (Delegated Proof of Stake) system for consensus. These two systems are by far and wide a good system, and the crypto currency community in large agree that DPoS is currently the least centralized consensus algorithm.
Upon further inspection of the implementation, everything is not as it seems. Despite the ‘anonymous’ nature of crypto currency in general, there is already a system in place with most crypto currencies that allows you to verify that you own the aforementioned wallet. This process is called signing. If a wallet is signed, it is a means to show that the wallet belongs to a certain person, and not anyone else. This process is much like writing down your signature on a contract, except it uses cryptography instead of a pen and paper.
Another red flag is by means of how Skelpy is planning to issue its initial tokens. A total supply limit of 70 million coins will be available and new tokens are ‘forged’ by delegates. Initially, 33 million tokens will be released. 20 million are used for associated ‘partners’ to vote on initial delegates. 10 million will be saved for rainy day funds, 1 million will be distributed to the team and finally 2 million will be given out to the market. Where is the red flag you may ask?
The way that DPoS works is, wallet holders vote to elect delegates. The role of these delegates are to ensure that the whole system runs accordingly by running nodes to verify transactions and ensure the whole system is secure. In exchange for their efforts, these delegates are rewarded with newly forged coins. Voting power is determined by how many coins you currently hold in your wallet. Remember those 20 million coins that were initially offered to vote on delegates? Therein lies the centralized nature of Skelpy in a façade of decentralization. Although the initial 20 million will be frozen and won’t be available to be put on the market, the Skelpy whitepaper clearly states that those coins can be used for voting. Since only delegates can forge new coins, there is nothing to stop a monopoly of power from the associated partners by voting on their own wallets to become delegates, resulting in even more voting power. This initial implementation is the major flaw in the way Skelpy offers its initial coins.
So like all the other coins, Skelpy seems to be nothing special, and there really is nothing that differentiates Skelpy. The only innovation that they have stumbled upon is the fact that they have figured out a system in which the power will inevitably stay in power unless somehow the market acquires enough coins to have more voting power than 1/3 of the whole system. Yes… You read that right, a third. The total supply of coins is 70 million, and the initial voting power of associated partners sum up to 20 million. Using the data of the whitepaper Skelpy has released, with 51 delegates, it would take a year to forge 3,763,800 SKP. Which means, forging about 17 million tokens would take a little over 4 years. Assuming that all the newly forged token are put to circulation instantly, it would mean that after 4 years, the WHOLE Skelpy market would have the same voting power as a select few. This scenario is not factoring the other 10 million that was saved up.
WALLET
Skelpy Desktop Wallet
Skelpy Web Wallet
Skelpy Client 1.0
Roadmap
Hopefully with this brief explanation, you have a further understanding of how the Skelpy System differs from other conventional crypto currencies.
More info at https://www.skelpy.co/
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BY : RIMA
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