Skycoin is a very ambitious cryptocurrency project that has a lot of different moving parts. Instead of a single coin it is actually a whole ecosystem of solutions to problems that the blockchain aim to solve. It is a complete platform that is powered by Skycoin to perform different functions and contribute to the network of interdependent systems. The foundation of the Skycoin ecosystem begins with Skywire. Skycoin is a Bitcoin-based cryptocurrency. Skycoin is not mined like Bitcoin as it doesn’t rely on Proof-of-work (PoW) consensus like Bitcoin where computers spend their energy and processing resources and are rewarded in coins. It is also not a Proof-of-Stake (PoS) currency where users are rewarded for simply holding Skycoin in their wallets, like for instance PIVX. Instead, Skycoin has its own, custom consensus method called Obelisk.