Discover TEZOS First Major DApp—SkyNet

On September 17, 2018, Tezos blockchain announced its mainnet release. Based on the announcement, Skynet will soon launch its betanet platform, which will operate on the Tezos blockchain.

SkyNet’s CTO Stephen Andrews started by defining SkyNet and explaining why they chose the Tezos blockchain:

“SkyNet is a peer-to-peer lending platform, utilizing the Tezos ledger. We chose to build SkyNet on the Tezos platform due to a number of reasons: on-chain governance, formally verifiable smart contracts, and a delegated proof of stake (POS) consensus mechanism. These elements make Tezos an environmentally friendly, fork-resistant, and secure platform with which to develop decentralized solutions. SkyNet will be one of the first major DAPPs to be developed on top of Tezos, and will incorporate formally verified smart contracts, modern web and mobile app interfaces, and infrastructure run on the Google Cloud Engine.”

On the same wavelength, SkyNet’s CEO opined through a PSM:

“We are already making active forays with real-world prospects. We have demonstrated the platform to real estate developers and bundled investment consultants. To say they are definitely interested would be an understatement.”

Practical beneficial uses for all users

On its quest for worldwide adoption, SkyNet seeks to present itself as a secure and safe platform, which users can trust with their deposits that lie in traditional financial institutions. One of its first challenges is to convince ordinary people that the platform is safe, secure, and offers higher interest rates on the deposits.

The SkyNet DApp promises all its users real, practical benefits and not just speculations. This is evidenced by the fact that even some developers on the Tezos blockchain have seen what SkyNet has to offer both retail and institutional customers.

The PSM further noted:

“We do not envision SkyNet as an all or none scenario. We see it rather as a co-operative, harmonious interplay amongst the current actors. Someone who needs a home can ask for assistance in its acquisition from a blend of both his fellow man and institutions. There really is no such thing as a bank, there are bankers, people with means, as evidenced by these bankers becoming more and more involved in the crypto space. These people are wealthy for some very good reasons. They have the ability to look around corners and basically see into the future. We see the same people as some of SkyNet’s early adopters, possibly cherry-picking funding opportunities from around the world that make the most sense to them.”

Interesting times for the Tezos blockchain

With this development in the offing, the Tezos blockchain stands a better chance of attracting more developers. This is an opportunity to increase the value of the XTZ currency, which trades at $1.34 USD on CoinMarketCap as of this writing.

The asset has a market capitalization of more than $208 billion USD. In the last 24 hours, more than $9 billion USD worth of XTZ exchanged hands.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.