The Skycoin Coin Hour Bank
What is the Coin Hour Bank?
Put simply, the Coin Hour Bank is a system that allows you to deposit and transfer Coin Hours, the parallel Skycoin currency. Coin Hours are generated passively for holding Skycoins in your wallet. For a refresher on how this works, read this article about Coin Hours.
How will the Coin Hour Bank work?
Version 1 of the Coin Hour Bank allows you to ‘deposit’ your Coin Hours by sending them from your desktop or mobile wallet to a new address in your Coin Hour Bank account. From there, you can send them to another user without cost. You can also view your balance, see your transaction history and initiate out-of-Bank withdrawals. This is an important milestone in the development of the Skycoin parallel currency.
How do I access my Coin Hour Bank account?
Users are able to login to the Coin Hour Bank using the login details created with the Skywire Authentication system for testnet whitelisting.
What purpose does the Coin Hour Bank serve?
The Coin Hour Bank is an essential component of the future Skycoin closed-loop economy built on consumption and spending of Coin Hours. The most immediate use for the Coin Hour Bank is bandwidth metering on Skywire, where traffic forwarding will be accounted in Coin Hours.
The Coin Hour Bank provides a link between the Skycoin blockchain and the Skywire decentralized networking protocol. It serves as an off-chain ledger for recording microtransactions denominated in Coin Hours that are too small to be individually recorded on the Skycoin blockchain.
What are the future features of the Coin Hour Bank?
Similar to the Skywire mainnet launch, Coin Hour Bank features will be rolled out progressively. In the future, the Coin Hour Bank will allow people to trade Coin Hours for Skycoins and vice versa.
Eventually, Coin Hours will be openly traded on exchanges and attain a market price that reflects their value within the Skycoin ecosystem. You will be able to buy and sell Coin Hours for bandwidth, storage or computation on Skywire, for items in CX games, or as fees on the Skycoin Decentralized Exchange.
Stay tuned for further updates on this core component of the Skycoin Platform.