Introduction
SKALE explains its name through its purpose and performance. SKALE defines itself as a limitlessly scalable and fast network with zero gas fees. It allows for quick deployment of interoperable EVM-compatible chains without any compromise in decentralisation or security. It is a fully decentralised, community-owned, and open-source network.
SKALE Network was founded by Jack O’Holleran and Stan Klado in 2018. O’Holleran has a strong background in machine learning, artificial intelligence, and blockchain technology, while Stan has experience in enterprise infrastructure technology and cryptography. Stan Kladko is one of the top contributors to the Ethereum Foundation and Ethereum research.
What is SKALE?
SKALE Network presents a solution for the congestion on the Ethereum network due to high volumes of devs using the network for decentralised app development. SKALE is an elastic sidechain, completely integrated into the Ethereum network. It allows users to bypass any traffic congestion on the network by using elastic sidechains for developing Dapps.
SKALE uses the Proof of Stake protocol for scaling Dapps and transactions on the Ethereum network. When compared to Proof-of-Work (PoW), Proof-of-Stake (PoS) is proven to be more efficient, which is why it is used by SKALE to scale effectively.
Here are Some Market Indicators for SKALE (SKL):
Market capitalization – $381,697,999
Volume – $13,960,360
Circulating supply- 5,156,686,004 SKL
Maximum supply – 7.000,000,000 SKL
Fully diluted market cap- $517,853,640
How Does SKALE Crypto Work?
The centrepiece of the SKALE Network project is the use of sidechains. Elastic Sidechains operate as an independent blockchain that acts as a bypass to the main blockchain, it is the Ethereum platform in this case. Devs can use sidechains to fit their purpose and specifications. They can select virtual machines, consensus protocols, parent blockchain (Ethereum in this case), and define the security protocol on the sidechain. The flexibility here is exactly why sidechains are also called “Elastic Sidechains”, used by the SKALE network.
SKALE promises zero gas fee transactions with infinite scalability. So how does it make value out of the process? Value is added through monthly subscriptions paid by devs to use sidechains for developing or hosting decentralised applications.
SKALE executes transactions through sidechains and validates multiple transactions simultaneously before sending them back to Ethereum for bulk verification. Smart contracts on SKALE sidechains communicate with the Ethereum mainnet with great interoperability.
How to Use the SKALE Network?
The purpose of SKALE is to increase the use cases and technology implementation. Developers use SKALE to test Dapps without affecting the front end on the mainnet and can easily switch to a sidechain for faster transactions.
The SKL token is used for crypto staking and rewarding the validator nodes. SKL is also traded in the market to generate profits.
SKALE uses Proof-of-Stake for more efficient transactions and gives us relief from the congestion on the mainnet, using sidechains.
Benefits of SKALE Network
Here are some benefits of the SKALE Network.
- SKALE sidechain uses the Proof-of-Stake protocol which makes it much faster and more efficient than Ethereum mainnet.
- SKL is an ERC-777 token, which is backward compatible with ERC-20 tokens and can thus be stored in any wallet that supports Ethereum.
- SKALE (SKL) is a utility token that allows users to pay for sidechain subscriptions and get access to Dapps hosted on the network.
- On-chain file storage for Dapps enables full websites, AI/ML integration, and trustless on-chain NFT image storage.
- SKALE uses PoS protocol and is very efficient and eco-friendly
- SKALE is limitlessly scalable and modular
- SKALE is a multichain network with shared security. Each node randomly rotates among 8 chains for collusion resistance.
- SKALE prevents MEV, re-orgs, and time bandit attacks, solving latency.
- Scalability and zero gas fee structure make it ideal for the gaming industry
Future of SKALE Network
SKALE solves a big issue of scalability of one of the most used mainnets, that is, the Ethereum mainnet. SKALE is marketing itself and broadcasting its use cases openly. They have conducted “Heroes Battle Arena” and “Land of Chasers to Launch Immersive World ARPG” events recently to boost them further in the coming times. They are growing in the gaming industry with their built-in game development tools.
Conclusion
From solving the issues of gas fees and scalability for Ethereum users to boosting their utilities on Dapps, SKALE is actively looking to grow based on its subscription model. It is focusing on expanding its utility spectrum toward the gaming industry as well. The sidechain solutions have proven their technology and efficiency in the market. With its approach and solutions, SKALE (SKL) is a token to keep our eye on.
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