Skycoin is a cryptocurrency written from scratch in Golang. It does not use PoW nor PoS and relies instead on Obelisk, a network consensus algorithm, which replaces both PoW and PoS with a web of trust. Skycoin is focused on core features, security, usability and simplifying Bitcoin instead of adding features as a marketing gimmick. Understanding the Skycoin Supply and Distribution here.

Although 'SKY' was the ticker assigned at the deployment of the Skycoin Token's smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'SKYCOIN' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.