SkyNet: First Major DAPP on Tezos

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The highly anticipated mainnet release of the Tezos blockchain was announced on September 17th, 2018. With this in mind, it is no surprise that https://www.skynetworld.org/ has announced its fully functional betanet platform, which operates on top of what is arguably the most robust financial smart contract technology in the world today.

SkyNet’s CTO, Stephen Andrews explains why the Tezos blockchain was selected:

“SkyNet is a peer-to-peer lending platform, utilizing the Tezos ledger. We chose to build SkyNet on the Tezos platform due to a number of reasons: on-chain governance, formally verifiable smart contracts, and a delegated proof of stake (POS) consensus mechanism. These elements make Tezos an environmentally friendly, fork-resistant, and secure platform with which to develop decentralized solutions. SkyNet will be one of the first major DAPPs to be developed on top of Tezos, and will incorporate formally verified smart contracts, modern web and mobile app interfaces, and infrastructure run on the Google Cloud Engine.”

According to SkyNet’s CEO, PSM:

“We are already making active forays with real-world prospects. We have demonstrated the platform to real estate developers and bundled investment consultants. To say they are definitely interested would be an understatement.”

Practical, beneficial uses for all users; not just speculative in nature

One of SkyNet’s initial challenges will be to convince ordinary people with deposits held in traditional financial institutions that SkyNet is actually a secure and safe way to put their dollars to work at a higher interest rate. SkyNet will allow them to save at a more accelerated rate than previously possible.

It is not surprising that a few of the most talented developers at SkyNet have bled over from tertiary developments on the Tezos blockchain. They have seen the real benefit SkyNet’s adaptation can have for its users, both retail and institutional consumers.

Furthermore from PSM:

“We do not envision SkyNet as an all or none scenario. We see it rather as a co-operative, harmonious interplay amongst the current actors. Someone who needs a home can ask for assistance in its acquisition from a blend of both his fellow man and institutions. There really is no such thing as a bank, there are bankers, people with means, as evidenced by these bankers becoming more and more involved in the crypto space. These people are wealthy for some very good reasons. They have the ability to look around corners and basically see into the future. We see the same people as some of SkyNet’s early adopters, possibly cherry-picking funding opportunities from around the world that make the most sense to them.”

In the future, blockchain technology will continue to become more than the sum of its parts. The value of any emerging technology is measured in this way. In a relatively short time, two thousand DAPPs reside on top of Ethereum, albeit many whose integrity remains suspect. Nevertheless, Ethereum token price has increased in value from seventy cents to a recent high of over 1400 USD. As of this writing, Ethereum trades at 210 USD, still 300 times its ICO value.

Having said this, one would be hard pressed to explain the rationale behind this increase in value. Vitalik Buterin has said as much in not so many words. Basically, if a token doesn’t add anything to anyone’s life, it is likely doomed to failure.

Cryptocurrencies’ real potential has only begun to be explored. Common sense dictates if it cannot be used, then it is not useful. It simply remains hype.

DAPPs which are built on top of the various blockchain foundations must demonstrate and inherently provide real-world users with the means to measuredly improve their lives.

SkyNet’s rate of user adoption will largely depend on two things: (1) Its scalability and, (2) more importantly, in the long run, SkyNet’s innovative technology paired with a user-friendly interface in a real-world setting.

The scalability issues are already being solved with the advent of POS, off-chain solutions, sharding, atomic swaps, and like programs. It is not a matter of IF, but one of how soon viable solutions regarding scalability will be implemented.

Steve Jobs knew the absolute importance of building a system that could be used by consumers who were not tech savvy. His first Apple computers had to be user programmed, in a world in which at the time there were not a lot of programmers. He realized if Apple was to succeed, the machines he built would have to be able to be used by the common man. Art would have to merge with science. He was, of course, correct. It was one of the reasons he studied calligraphy.

If cryptocurrency cannot be easily used by everyone, then what’s the point? To capsulate, the technology must move quickly toward something that not only can be utilized in a user-friendly manner but also must be able to DO something inherently valuable for all its users. Otherwise, it will not be adopted. It would seem SkyNet is just such a DAPP.

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