Crypto currencies are all the hype nowadays, and sifting through the hundreds of thousands of white papers can seem like a tedious task. Especially those of you who want to invest, yet are quite unsure of the technical jargon being flung around. This article is written in the hopes of helping you to try to understand a block chain platform called Skelpy.
Almost all crypto currencies employ wallets and addresses. They are no different than bank accounts and account numbers. So envision a as just a bank account in it with a certain allocation of funds.
What makes Skelpy different from other crypto currencies is the fact that where other crypto currencies prefer anonymity, the Skelpy system actually incentives full transparency. This is done by using the standard KYC, AML and CTF tools. What are those you may ask?
Know Your Customers — These are a set of guidelines that enable the system to verify and identify the holders of wallets. The verification process is generally very simple, requiring you to show a valid government issued ID, as well as giving your name, and the address of where you live.
Anti-Money Laundering — These are a set of rules and regulations enforced to ensure that the participant does not use illegal methods to generate funds.
Counter Terrorism Finance — These are some guidelines to ensure that funds belonging to a are not used to fund terrorist organization.
On to the Skelpy System itself. You might have security and privacy concerns regarding your personal information being attached to the . This in turn is solved by the tiered system that is implemented into the system. You can set your to be public, private or solo.
Public wallets are pretty self-explanatory, your information concerning who owns the will be visible to anyone using the Skelpy System. This is most likely the preferred method of visibility for business that want to allow themselves to be seen.
Private wallets require confirmation or verification from the owner before the private information is shown. These type of wallets are most fitting for personal use, where you only allow your information to be seen by the people you personally know.
Solo wallets are different in the sense that, your address will not be able to receive confirmation requests. Only the owner can send confirmation requests. This type of visibility is most likely going to be for those people that want an extra layer of privacy added on to their wallets.
There are also in built tools in the Skelpy System itself that would help the holder of wallets out with their day to day activites.
One of the biggest concerns with owning a crypto currency is the fact that if you lose your private key (analogous to a passbook or bankbook), there is no way of recovering you funds from that . This is further increased by the fact that private keys are generally just a random string of illegible numbers and letters. The contents of the are lost forever. This is in due part to not having an entity, or person linked to that . With the implantation of the certification process, there is now a way to confirm that you are the sole and rightful owner of the , and are able to recover the passphrase in case you do lose your funds.
Skelpy also supports a ‘Crono Pay’ functionality, this in essence is a timed payment system. You can view it as a crediting system. Set a time frame for when the payments will be made, then choose the frequency of the payment. You can pay in full, or a percentage of a certain value. The recipient can also be multiple wallets if you wish to do so.
The final feature that Skelpy has is an integrated marketplace, where you can exchange Skelpy for a number of listed fiat currencies if you wish to do so. This marketplace also supports buying and selling other crypto currency pairs in relation to Skelpy. Where other crypto currency require you to use a third party market to trade and buy, Skelpy is an ecosystem in itself, which will streamline the whole process. In essence, you don’t have to move your currency between wallets, and since Skelpy System in itself is a and very secure, the threats of the marketplace and your funds disappearing is almost non existent.
Hopefully with this brief explanation, you have a further understanding of how the Skelpy System differs from other conventional crypto currencies.
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Published at Wed, 20 Feb 2019 03:08:33 +0000
