Skynet World, A Peer To Peer Blockchain Lending Solution To Be Renamed After “Skynet” Name Confusion

What’s in a name? The two “Skynet” blockchains clash over the name in a fiasco ending in the latest “Skynet” looking for a new name. This is the story of Skynet Open Network and Skynet World, the latest blockchain to be launched under the name.

Last week reports from CCN a cryptocurrency news blog showed covered the release of the Skynet World blockchain firm. This came barely a year after the launch of a similarly named company, Skynet Open Network. The double naming of the two projects has caused confusion and tension between the two communities as calls for Skynet World to change their name get louder.

As the coin gained more fame across the crypto communities, the news reached the social pages of Skynet Open Network. For a company that had raised a total of $11 million USD during its public sale, Skynet Open Network community members are not happy with the similar names the two blockchains have as they view the new firm to be feeding off the success of its own.

Skynet Open Network Vs Skynet World

The Skynet Open Network is a blockchain aiming to offer its users with the fastest blockchain implementation, AI on Blockchain and Healthcare on Blockchain. Most of the Telegram community members felt a bit upset on Skynet World taking up their name while they offer direct competition to Skynet Open Network.

The chief marketing officer of Skynet World, Nauman Iqbal, however denied these claims saying the two companies were destined to grow in the vast universe of blockchain technologies. He said,

“Now it’s coincidental to have the same skynet “word” but there is a lot of room for growth for both of the projects in this crypto space. We wish them luck with their project. We are all here to make a difference in the world with crypto.”

Having refused to change the name on the basis of the latest claims, Mr. Iqbal reversed the claims agreeing to change the name with the help of their supporters who will suggest the name. The company will be releasing further information on the naming of the Skynet World in the near future.

About Skynet World

Skynet World is a decentralized application (“DAPP”) bridging the gap between lenders and borrowers of fiat and digital currencies. SkyNet will employ SkyNet Smart Contracts for transactions initiated on the SkyNet Platform. Just as similarities and differences exist between digital and fiat currency, a closer examination of SkyNet compared to the traditional banking system reveals both converging and diverging characteristics.

A notable similarity is that the SkyNet Platform, by putting potential borrowers in direct contact with potential lenders, empowers users to borrow, lend, and transfer currencies throughout a global network. But, unlike banks, the SkyNet Platform will provide more efficient, cost effective and secure service for all users. The first DAPP to run on the Tezos blockchain, a self-amending crypto-ledger, the SkyNet Platform has inherent advantages when compared to other competitors in the bazaar.

The platform charges a flat rate of 1% in service fees for the peer to peer lending service which will be spilt into 3; as maintenance and administrative costs of the blockchain, bounty tokens and airdrops, and the other third will be burnt.