Now space will have its very own currency, that is cryptocurrency, SKTLS tokens. This is an effort to support the space economy as well as to boost humanity’s progress in developing and exploring space. The SKTL ERC20 token project is deemed as a cryptocurrency token for space enthusiasts.
Powered by the Ethereum blockchain, it will consist of a finite number of tokens. The token’s developers chose to use the ERC20 standard because Ethereum is the most widespread smart contract platform available. Developers expect it to continue to be supported and be in widespread use in the near future as well.
Morgan Stanley, in recent research, predicted that the global space industry could surpass $1 trillion by 2040. The designers of SKTL believe the space economy could become a multi-trillion dollar economy within the next 10 years. However, this could be impacted by debris flying around in space posing a major risk to rockets, the International Space Station, and satellites.
A whitepaper highlights the SKTL cryptocurrency token as a smart contract that is intended to reward holders for humanity’s progress in developing and exploring space, at the same time, ensuring that space remains open to humanity. SKTL token holders can benefit from the potential growth that the space economy offers. It also highlights and calls for the need for space cleanup.
One-third of these tokens, as per the whitepaper, will be subject to a one-time airdrop, delivered anonymously to users who register their wallets. Another one-third of all tokens will be placed into a special Space Cleanup Fund, which will be distributed on an annual basis to fund space cleanup projects based on voting by SKTL token holders. The last one-third will be distributed to all token holders on a monthly basis. However, distributions will be based on space events, like satellite launches, probes, and landing on planets, etc.
