What is Skychain?

Uncovering the truth?

“Skychain global looks to save millions of people.”

Before jumping into what Skychain is and what they are hoping to accomplish, it is important to lay out the allegations that exist against them as well as the rebuttal that they have given in response to these allegations.

Skychain’s Defense

Firstly, the chief criticism of Skychain appears to come from the Blockmanity piece referenced below. Arguably, the most interesting point about this is Skychain’s answer to the claim that their customer support email is not checked.

“Each letter, if it is written by our supporter, will receive an answer.” Without making any judgments on what this exactly means, no company should be claiming to only answer messages from supporters if this is in fact, what is happening.

To be fair, Skychain does add that the principal reason why Blockmanity’s argument is off-base here is that they have no record of receiving an email from them. Given that the evidence that they provide for this is a set of blurry, unreadable screenshots from their email inbox, it is safe to say that no conclusion can be made on this at this point. Even so, this first claims pales in comparison to the second one that is mentioned.

Most of us who have been involved in the Cryptocurrency industry in any capacity over the past year, understand that return on investment is not meant to be predicted ahead of time, above a certain level. Related to this, Blockmanity claimed that Skychain was publishing predictions on its future token’s value openly, stating that it would be up to $23 by 2023. In response to this, we went to the website and checked the viability of this claim. In short, Skychain has provided the document inside of their rebuttal that proves they did make these predictions and consequently, they did not successfully do anything to dispute the truth of Blockmanity’s allegation here. The document in question can be seen below under the link, “Skychain Value Roadmap.” With regards to this, it should be clarified that we are here to provide facts and let readers conclude what they may.

Next, Blockmanity also made clear that they believe Skychain’s white paper has no substance at all. Skychain’s answer was to simply post the white paper, so we decided to take a look for ourselves. In general, with any Blockchain-backed firm, it is safe to say that if the white paper doesn’t act like a clear business plan mixed with an easy to understand explanation of the the product’s tech, then the firm’s offering is one to pass on.

Contrary to what Blockmanity says, upon a quick look at Skychain’s white paper, their analysis of the industry that they want to be involved in may be said to be on point. In a simple sense, they are very clear about the problems that they see in their niche and their proposed solutions to them. More specifically, this shows in their aim to transform what they call the “Medical Neural Networks” niche by reducing the costs related to time and capital for medical companies that want to interact with proprietary Artificial Neural Networks. Three more allegations exist, but all of them are highly subjective and up for debate, just like those which we have already mentioned. All in all, the true intent behind restating any of these allegations has been to give you the full facts on this company. Now that the stage has been set for a true discussion on Skychain’s efforts with AI, the best place to start is with a quick analysis the company’s white paper, beyond the allegations.

The Supercomputer to Democratize Diagnostics

The company’s white paper describe’s Skychain’s future offering as: “a distributed open network project designed to accurately diagnose patients and prescribe an effective treatment.” Right now, you might find yourself wondering: so, wait a moment, does this mean that Skychain wants to mostly replace doctors?

As of now, the answer is, not quite.

What Skychain does aim to achieve is being able to make doctors’ lives easier through providing them with a distributed database, powered by AI that speeds up the medical treatment process. In other words, they want to launch an AI powered Blockchain that specializes in speeding up and streamlining the process of diagnosing a patient. In order for this to come about, the importance of their planned data marketplace becomes paramount.

The Tech: A Deeper Dive

Before any part of their proposed platform can succeed, their data marketplace needs to be successfully up and running first. Furthermore, any chance of success that this future marketplace has, will depend on the Artificial Neural Networks that will run it. The chief risk here appears to be that reaching the number of ANNs that can adequately power a decentralized medical data marketplace, depends on the right partnerships. According to the Skychain team, this will require a considerable convincing a considerable amount of other AI teams to sign their own ANNs onto the platform.

With all of this in mind, it is reasonable to wonder what the primary expressed incentive will be for these teams. How will they be convinced to join the platform and push its growth forward? In their white paper, the Skychain team argues that the way that their blockchain is structured allows for any possible Artificial Neural Network to be connected to it without an issue. How this interoperability is possible is not really evident in their white paper. Even so, what is actually clear is that they plan to incentivize sources to provide continuous data to the Skychain main chain. It is reasonable to assume that since they plan to have a fully functional, proprietary token, that this is where said incentive will come from. In taking this as true, we can then say they want to bring about a reliable group of what can be called “community oracles,” through the assumption that Sky tokens will maintain a consistent store of value.

Here, the additional risk then becomes: how can the Skychain team guarantee that the AI teams involved will receive a token that is able to continuously keep some kind of value? As of now, this can’t be answered until the project goes completely live and professionals, particularly financial analysts, have some time to look at the numbers related to Skychain’s token offering over time. As with any Crypto project, in this way, it’s key to remain skeptical of this kind of remuneration.

Looking Forward

Globally, the consensus seems to be that any sort of medically related startup, especially one that wants to own and involve patient data could be the most risky sort of business venture out there. In the case of Skychain, any current allegations against them need to be taken with a grain of salt, until their platform has an adequate amount of time on the open market.

As of now, Skychain’s roadmap is clear related to its product development up until and after going live, but not necessarily clear related to the risks which we have mentioned above. Therefore, expect us to take a further look at this proposed network in future posts.