Solving the System: How ShellPay and SkyLedger Created a Crypto Economy You Can Work With
Development and investment efforts in blockchain and cryptocurrencies made SkyLedger founder and ShellPay CEO Jane Zhang a fixture of the crypto space in China. With ShellPay, Jane and an expanding international team are collaborating on several core projects, each following an ideal from the original blockchain movement – building on these core values, ShellPay also seeks to adapt such principles for a next phase of evolution for blockchain.
Below are the three core objectives guiding the process.
1. Allow a freer, more decentralized world to emerge.
Through enhancing access to the cryptoeconomy and the Internet, a variety of new opportunities can be delivered to people around the world. In essence, they may create their own economic and data-sharing connections online, bypassing governments and middlemen.
Also, changes in the freedoms of the physical world will happen, through use of the principles of the sharing economy and other innovations – in workload distribution, use of space, learning and social organization.
This mission is one that ShellPay coordinates and helps to emerge organically. In a decentralized system the role of each player is significant.
Diversity and interdependence are always at play.
Project teams from numerous industries are arriving to show interest in using the exchange, powered by the Skyledger blockchain – before the official ShellPay Exchange launch.
What is an example of tokenization that will have a positive social effect?
An interesting future application of blockchain and tokenomics comes from within biotech. Biotech companies that want to handle responsibly the DNA data of individuals need to work within legal and ethical limits. In Europe for instance, new laws define how entities can operate with respect to the “data rights” of citizens. Individuals will be able to use the SkyLedger blockchain to create “filecoins” of their own DNA data. Then biotech companies may pay currency directly on the ShellPay Exchange to these people to access their DNA data “coins”; the government will see a timestamped record of the exchange. I will be responsible for legally selling access to my own DNA data in a way that I see fit.
(Check out the Lifecoin project for a related example, outlining how a cryptographically protected system can help bring advances in DNA-based medical prediction and prophylaxis for users, along with other benefits)
ShellPay is about utilizing the full potential of powerful tools – blockchain, mesh networks, cryptoeconomics and cryptography – that have not hitherto been successfully integrated into one smooth-running system.
2. The SkyLedger mission, building a new peer-to-peer internet with hardware nodes.
The SkyBox hardware node integrates an exchange, hardware wallet and mesh-based Skywire network for Internet access. Once it is connected and set up, it receives and sends data packets on the network, and you are rewarded for this with cryptocurrency; in the ShellPay system, this is what “mining” means. The process is quite different from blockchain mining in Bitcoin or Ethereum, an energy-intensive activity which requires large-scale investment and is now dominated by a small number of actors and concentrated in certain countries.So what are the advantages of installing a new variety of “box” to connect to the Internet – something which we take almost for granted?As well as permitting a more useful way of engaging in the cryptoeconomy than energy-wasting mining of blocks, it is also a “freedom of speech machine” as well as a “freedom of payment machine”. This is because it bypasses traditional service providers to give a direct connection to an encrypted network which then connects to the Internet, all while accumulating currency and giving access to the ShellPay exchange.What’s inside? The SkyBox uses low-energy chips designed for the cellphone industry, meaning that the power cost for each owner is minimal next to the benefits they receive. Eight routers and four nodes are immediately active in the box once it is switched on. Two of these nodes mine Skycoin, the other two can be set to mine any coin in the SkyLedger/ ShellPay ecosystem.
3. Create an ecosystem that boosts and fixes the cryptoeconomy.
ShellPay is founded on the idea that a stable and functional cryptoeconomy is a step forward for society. For good reasons, many people remain skeptical about the entire blockchain and cryptocurrency space. Scams and irresponsible investments damaged the reputation of Bitcoin, Ethereum and countless others.How can this situation be mended and a measure of confidence restored?ShellPay holds that one way is to balance the virtuality of this progressive movement with physical designs and structures. When the complete ecosystem is running, there will be a synergy effect within ShellPay, between communities, tokens, project teams, trusted network nodes, physical spaces and products, all working together.The Community Voted Offering system will encourage intelligent speculation on new projects. Each investing community member will consider carefully what they are about to vote for and make a payment upon. The SkyBox nodes will sustain a powerful network with an integrated exchange; the earning of Skycoin and others after the initial investment will encourage stable, continuous engagement. As the cryptoeconomy rights itself and extends beneficial influence, the SkyPalaces and other dedicated spaces will provide a ramp for learning and community support for people and projects.