SKALE Network (SKL) - an elastic network, designed to provide Ethereum scalability. In addition to increasing transactional capacities, the decentralized project aims to reduce delays and ensure that payments are made as cheaply as possible.
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About the SKALE Network (SKL) project
SKALE - an open source elastic blockchain network. It gives developers the ability to easily create fully decentralized chains with high customization options. The platform serves as a security and execution layer that connects to Ethereum and is deeply integrated into the Ethereum network.
The network scales linearly to support thousands of independent blockchain file storage chains (elastic sidechains) and other types of sub-chains - all connected to the public Ethereum network and fully interoperable with the entire Ethereum ecosystem.
SKALE uses the SKL token, a hybrid use token that represents the right to operate on the network as a validator, to stake as a delegate or to access a share of one's resources. These chains can execute sub-second time frames, perform over 2,000 transactions per second on each chain and run full-state smart contracts in addition to decentralized storage and machine learning in the EVM.
SKALE founders
This Network has been co-founded by Jack O'Holleran and Stan Clackdo. Jack is a seasoned entrepreneur with extensive experience in machine learning, artificial intelligence, security and blockchain. Prior to co-founding SKALE, Jack was the founder of several enterprise technology companies in Silicon Valley, including IncentAlign, a digital currency platform, and Aktana, the leading machine, learning analytics platform for the life sciences industry. He also held an executive position at Good Technology, which was acquired by Motorola for $500 million, and subsequently held executive positions at Motorola.
Stan has 19 years of experience in cryptography and enterprise infrastructure technologies. He founded several startups in Silicon Valley, including Galactic Exchange, a big data infrastructure company, and Cloudessa, a cloud security company that was acquired by the UK-based Global Reach. Stan was an early member of the Java Virtual Machine team, and in 2000, along with Dan Boneh (BLS signature co-creator), was part of the founding group of Ingrian Networks. He founded and ran a US government-certified crypto lab for 7 years.
What makes SKALE Network (SKL) unique?
The main benefits of SKALE's elastic side chains include increased transaction throughput, faster transaction completion and reduced transaction costs. All of these capabilities improve the user experience and create a more sustainable business model.
Additional benefits of the project:
| Increase |
Increased storage capacity and greater control over transaction processing. |
| Functions |
Using sidechains can also help the development process by accelerating application development and introducing new features. |
| Efficiency |
Using a runtime solution like the SKALE Network is very efficient for building and scaling Ethereum-based applications. |
The SKALE network was the first project to launch a token on the Activate ConsenSys Codefi platform, which is "designed to run decentralized networks and allow customers to purchase, manage and use their tokens - all in one application." Activate was designed to create new standards for the distribution of utility tokens and ensure the full use of networks immediately after the sale of tokens. It is hoped that this approach will help to clean up the appearance of the original coin placement sector, which has been prone to fraud in recent years.
Project token and its purchase
By launching a token that complies with regulatory standards, SKALE intends to widely use its token and avoid any fraudulent activity. The SKALE Network Token (SKL) is a hybrid use token that represents the right to operate on the network as a validator, participate as a delegate or access a share of one's resources by deploying and leasing an elastic sidechain or an elastic blockchain for a period of time as developer. It serves as a built-in transfer tool to perform four main functions:
- SKL token holders (delegators) pass their SKL tokens to validators, which run nodes that make the SKALE Network function by validating blocks, executing smart contracts and securing the network. For their efforts, they are rewarded with SKL tokens.
- Developers acquire subscription access to elastic blockchains (S-chains), using SKL tokens.
- Rewards are accumulated monthly, based on the fees, paid by the developers for the chains and the monthly inflation of the tokens on the network.
SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE network. SKALE runs on the innovative ERC-777 token standard, which supports delegation at the token level. ERC-777 is fully backward compatible with ERC-20, which means that it is supported by all members of the ERC-20-enabled Ethereum ecosystem. The best cryptocurrency exchanges to trade SKALE Network shares currently are Binance, OKX, Mandala Exchange, CoinTiger and FTX.
