Cameron McCloskey
by on January 4, 2019
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Whilst 2018 will not be remembered as a golden year for cryptocurrencies or blockchain technology, it was an extremely fundamental year for Skeincoin (SKC) and the Skeincoin LLC company. The Skeincoin project was revived in November 2017 by Andrej Ashuev, now the CEO of the Skeincoin LLC company, who assembled a new team comprised of both new and old Skeincoin team members. An ambitious aim was set to become one of the world’s largest and most useful cryptocurrencies. Armed with superior technology compared with many of the top 10 cryptocurrencies at the time and a clear vision of what needed to be achieved Ashuev had the project well underway.

Almost immediately after the revival of the project was announced the now famous bull market of December 2017 was in full swing. At the time, the activity in the cryptocurrency space was exciting for both investors and the team at Skeincoin. Never before had the spotlight shone so brightly on bitcoin and altcoins alike. Although along with such excitement in the market came a panic from investors that the train had fully left the station and such opportunities were at risk of being missed, potentially forever. However there is no need for a plot spoiler, we all know what happened next, and throughout the rest of 2018. With hindsight it was a blessing that Skeincoin was not affected by the enormous price hikes as other projects were. In comparison to many coins, Skeincoin’s bull run was comparatively smaller and involved far less people. Daily volumes of Skeincoin peaked at over $40,000 and an all-time high price of $0.24 was achieved in January. Despite such volatility in the market, the Skeincoin project remained focussed on the tasks at hand and steered clear from hyping the project. An attitude of furthering the project first and focussing on price second was adopted.

In March, the Skeincoin LLC company was registered in Minsk, Belarus. The aim of the company was to oversee the Skeincoin project and its development as well as having other potential tasks or directions in the future. The company was subsequently registered with High Technology Park (HTP) in Belarus, an ever-growing incubator for IT and technology business known often as the “Silicon Valley” of Europe. Due to Belarusian law, tax benefits and freedoms of operation apply to Skeincoin LLC as a registered member of HTP. President Lukashenko of Belarus legalised the use of cryptocurrencies and ICOs within the country initially until January 2023, yet this has now been extended to 2049. From this point onwards, strong foundations were being established for the new Skeincoin LLC company and the advantages available conferred clear advantages and competitive edge for the business.

Within the first quarter, social media channels were newly created or restarted, and the community began to rebuild. A particular focus was given to growing the Twitter account and Telegram group. Both platforms, it was decided, had the largest influence and were most suitable for community interaction. After the project reboot, Skeincoin (SKC) was listed on just one exchange, Cryptopia, however two more exchanges quickly listed the coin. Since then, despite changes in the exchanges where the coin is listed, a minimum of 3 exchange listings has always been maintained. 

In April the Skeincoin bluepaper was released. Since Skeincoin is all blue it only seemed right that the document outlining its future was too. The bluepaper was received well by the community and a competition was held for the community to review the bluepaper with the best reviews. The community voted on the best reviews with these entries being subject to prizes.

As the bear market ensued throughout the year and value was wiped off of almost every cryptocurrency or blockchain project in existence at the time, Skeincoin LLC, even with the decline in the price of SKC, accelerated its progress within the second half of the year. In total 6 partnerships were made.

Skeincoin was one of the first coins to partner with AirCoins, an app often referred to as the “Pokemon Go” of cryptocurrency. The app is free and currently available for both iOS and Android. It allows users to find a range of cryptocurrencies using their mobile phones in different real-world locations. Listing on the app gave Skeincoin’s online profile a boost and allowed more people to become familiar with the coin and its logo. For a link to the app and its website, see the end of the article!

Throughout the year, Skeincoin LLC began to communicate and work with the Cryptocurrency Association of Belarus. This cooperation only further strengthened the cryptocurrency-centred hub Belarus was and is becoming.

In late 2018, other important partnerships were formed, BelAssist and VINT consult. The partnership with BelAssist was fundamental to the future development of Skeincoin debit cards and integration of the upcoming Skeinpay payment system into a useable platform. BelAssist is a subdivision of Assist which is the largest online payments provider in Russia. The partnership will allow for a method of payment utilising SKC which can be used anywhere a Visa or Mastercard can be. The partnership with VINT consult aims to bring prominence to both projects and will deliver an increased marketing drive to the Skeincoin LLC company and Skeincoin project.

In November, it was announced that Skeincoin LLC was undergoing negotiations with VimpelCom PJSC, the parent company of Beeline Russia which is the second largest mobile operator in Russia. George Held, the vice president of the company, expressed a keen interest in Skeincoin and is known in the industry for his forward thinking and innovative ideas. It is hoped that 2019 will bring further negotiations with VimpelCom, yet there are no guarantees as yet that the company will be ready to adopt blockchain technology in any form.

December brought a website facelift for skeincoin.co. The website is now much clearer, well designed and easier to navigate. A real drive to improve the website has been undertaken in 2018 to distance the Skeincoin LLC company from the generic cookie cutter websites which are often associated with less than impressive ICOs which clutter the cryptocurrency space. A good website grabs attention and the Skeincoin team remain dedicated to maintaining the website to a high standard into 2019.

In perhaps what was the biggest announcement of the year the Skeincoin LLC company announced that it has been commissioned to aid in the development of a national cryptocurrency exchange in Belarus. The development of Skein Crypto World will be backed by one of Belarus’ largest banks which will finance the project. Such a move will raise the profile of cryptocurrency and further the continuous arms race of cryptocurrency evolution and regulation worldwide. The announcement arguably cements Belarus as the world leader in cryptocurrency and blockchain adoption. This December news brought more attention to Skeincoin and it is expected this will continue as the project moves forward. More heads will be turned towards Skeincoin LLC and its ongoing activity when the news of such an exchange is released to the Belarusian media.   

In conclusion, the Skeincoin project and Skeincoin LLC have achieved a tremendous amount in the short space of a year, despite no external investment and virtually non-existent budget. Calls for Lamborghinis or “going to the moon” have been ignored and strong foundations have been built instead. Unlike many projects, Skeincoin LLC is not a house of cards, but instead an increasingly connected company with a future that certainly has potential and an ethos of remaining transparent to the community and dedicated to the project. 2019 will bring many challenges, but the team and company are now ready to hit the ground running in January! Although, for now, all of us at Skeincoin LLC would like to wish all of our community members a very Happy New Year which we hope will be both exciting and prosperous for us all!