FAQ

What is Skeincoin?

Skeincoin is an altcoin from 2013, using the flexible and efficient SKEIN crypto hash. There will be a maximum of 17,000,000 SKC coins. It is using a POW Hash: Round 1 Skein – Round 2 SHA2 .Block target: 2 minutes. Block reward: 32 SKC, halving every year (262,800 blocks) No premine.

What is skein?

SKEIN is an crypto hash algorithm developed by Niels Ferguson, Stefan Lucks, Bruce Schneier, Doug Whiting, Mihir Bellare, Tadayoshi Kohno, Jon Callas and Jesse Walker. It was one of the finalists for the new SHA-3 standard, which is the update to the SHA-2 (like SHA-256).

What is the difference between Skeincoin and
Bitcoin?

Bitcoin is using the old SHA-2 in the 256bit version (SHA-256). So basically Skein is one of the new hash functions, one generation or 10 years newer. While Bitcoin has to use the old SHA-256, Skeincoin is using the more flexible and faster Skein hash.

What makes Skein better than Bitcoin?

Skein is fast. Skein-512—our primary proposal—hashes data at 6.1 clock cycles per byte on a 64-bit CPU. This means that on a 3.1 GHz x64 Core 2 Duo CPU, Skein hashes data at 500 MBytes/second per core—almost twice as fast as SHA-512 and three times faster than SHA-256.” Bruce Schneider

What are the advantages for non-IT people?

Skein can be mined using a CPU, a GPU or other methods. Unlike Bitcoin, Skeincoin is flexible and faster. Transactions are cheaper and faster.

What is SHA-3?

SHA-3 is the updated Version of SHA-2. The winner of the contest for the update was a hash called Keccak. The other final candidates from the new generation of hash functions were: BLAKE, Grøstl, JH, and Skein. So SHA-3 is a standardized version of the Keccak hashing function.

What is the market value of Skeincoin?

There are other coins using new hash functions like GroestlCoin (GRS) with a market cap of almost $70M. The value is defined by the interest of traders, buyers and investors. Currently, our market cap is around $3.5M.

Will the value rise?

There is a maximum of 17 M coins. When the team restarted the coin, the coin was half-dead. It’s the old team coming together with new members, the coin is rising and still undervalued. There are coins that got hacked, are pure clones of BTC or invented with the sole purpose of pre-mining to make money out of it with 10x better market cap. SKC was developed without premining or the purpose of cheating. So will it rise? Yes. It is heavily undervalued.