In Recent times blockchain companies have been on the verge of solving real life issues leveraging blockchain technology, although today blockchain tech has not reached its full potential due to some problems of Scalability and decentralization, SKALE network will play an important role in bringing blockchain technology to the masses and neatly integrates into the portfolio of next-generation Proof-of-Stake blockchains.
What is SKALE NETWORK
SKALE is an open-source, Proof-of-Stake security and execution layer 2 network that is compatible with the Ethereum network. Skale allows decentralized applications otherwise known as (dApps) to scale through highly configurable, elastic sidechains that are instantly interoperable with Ethereum and its ecosystem. The network is connected and linked directly to the Ethereum mainnet through a set of smart contracts, called ‘the Skale Manager’, which live on Ethereum.
SKALE Network eliminates unnecessary complexity so that developers can speed up their dApps and smart contracts in no time with essentially no additional coding. The SKALE Network also offers a decentralized cloud for the provisioning and deployment of high-throughput low-latency elastic sidechains. These elastic sidechains are compatible with the Ethereum Virtual Machine (EVM) and offer configurable resource settings that include network size, transaction throughput, storage capacity, and enhanced security features.
PROBLEMS SKALE IS SOLVING
SKALE has leveraged blockchain in provides solutions today, which empowers dApp developers to serve millions of users. The team behind Skale does by no means plan to replace Ethereum or make Eth2 redundant, they much rather envision it to provide the base layer of security for Skale.
Skale is not just another “Ethereum Killer”, but rather dubs itself as an “Ethereum-as-a-Service” platform with full on-demand configurability that runs alongside Ethereum and empowers it to serve millions of users. It is natively connected to Ethereum and its ecosystem.
Increase adoption of Ethereum-based applications and decentralized solutions in general — the SKALE network has scaled not just transaction throughput but also the user experience. Scaling the user experience means solving for transactions per second as well as solving for latency, connectivity to API-based wallets, cost-effectiveness, seamless messaging between chains, and much more.
The SKALE Network addresses the problems of speed, security, ecosystem interoperability, and transactions per second. SKALE has configurable network of elastic sidechains that supports high-throughput and low-latency transactions without the high transaction costs found in public mainnets. The network offers large storage capabilities along with embedded connectivity and interchain messaging with the Ethereum mainnet using a pooled transaction validation and security model that is efficient, scalable, and collusion-resistant.
Benefits includes near-zero gas costs, faster commit times, and increased transaction throughput. Faster commit times translate into lower latency, which allows for a better user experience. Reduced gas costs benefits both developers and users and removes friction to mass adoption.
Elastic sidechains can also provide a significant amount of additional on-chain storage capacity for decentralized applications. Storing data on public chains is costly and limited whereas data storage within the SKALE Network is more extensive and economical thereby reducing the challenges app developers run into when addressing the storage needs of decentralized apps.
The SKALE Token (SKL)
SKL tokens are built with the ERC-777 token standard. This means that delegators only need to share the secure delegation key when staking and do not need to transfer their tokens to a validator. Delegators remain in full control of their tokens. ERC-777 are fully backward compatible with ERC-20, hence they are supported by all participants of the Ethereum ecosystem with ERC-20 support.
SKL public token sale, saw 3,736 people from 90 different countries purchased 167,139,884 SKL at $0.03 USD/SKL. Once the initial Proof-of-Use period of 60 days was concluded on December 1st, SKL tokens has hit the exchange/market and is trading in numerous exchanges
$SKL is listed in Binance, Huobi, CRYPTO.COM, Uniswap, and a number of other exchanges.
Uniswap SKL-ETH trading pool: https://info.uniswap.org/pair/0xf232d640a5700724748464ba8bd8bed21db609a6
SKL token contract: https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
Coinmarketcap, Coingecko, and Blockfolio.
FUNCTIONS OF SKL TOKEN IN SKALE NETWORK
Rewards for validators and delegators staking their tokens. monthly Rewards are accumulated, based on fees paid by developers for chains and a monthly inflation of tokens into the network.
Governance and voting. SKL tokens will be used by the community for on-chain voting, which will control all economic parameters of the SKALE Network.
Security of and staking in the network. token holders of SKL(delegators) stake their SKL tokens to validators who run nodes that make the SKALE network function by validating blocks, executing smart contracts, and securing the network. They are rewarded with SKL tokens for their efforts.
Payment method for SKALE Chain subscription fees. SKALE network Developers purchase their subscription access to elastic blockchains (S-chains) using SKL tokens.
SKALE EARLY SUPPORTERS
The list of early SKALE partners, The rich set of SKALE ecosystem partners is critical not only to the growing maturity and breadth of technology in the Ethereum community but also to a shared mission to accelerate end user adoption of decentralized solutions.
ACCRIGTON XRP CAPITAL, ACREW, BLOCK CHANGE, BOOST VC, BUIDLVC, BLOCKWARE SOLUTION, CAMBRIAN ASSET MANAGENT, CANAAN, CONCENSYS LABS, FLOODGATE, GALAXY DIGITAL, HACKVC, HASHED, HASHKEY, MULTICOIN CAPITAL, MWCAPITAL, NGC, OYSTER.VENTURES, RECRUIT, SIGNIA, VISARY, WAVE, WINKLEVOSS
SKALE NETWORK VALIDATORS
Here are the list of early Skale validators.
WHY SKALE NETWORK
Ethereum controls the largest, most active ecosystem and has seen the widest adoption so far, SKALE provides developers with Ethereum-as-a-service functionality, with the ability to run small, medium, and large sized SKALE chains, each connected to and compatible with the Ethereum mainnet. Each SKALE chain can run up to 2,000 transactions per second with full EVM-compatibility all the while providing faster commit times and drastically reducing operating costs.
Since launch SKALE has recorded over 50 Dapps being built on SKALE network and also has unveiled a rich set of pre-packaged integrations with major wallets and auth providers, data storage solutions, data explorers, oracles, validators, and blockchain API connectors, along with support for the most commonly used token standards and developer tools used by the Ethereum community. This support makes it possible to use SKALE to build and run Dapps with near-zero learning curve while taking advantage of native commonality with and connectivity to the Ethereum mainnet.
Conclusion
In the blockchain space, any project that brings the solutions as close as giving developers the enviroment to build Dapps with low cost is considered a top notch, and the SKALE Network is excited to bring this solutions to their community and also benefits from interoperability within the Ethereum stack.
