{"id":27351,"date":"2024-02-12T11:21:00","date_gmt":"2024-02-12T11:21:00","guid":{"rendered":"https:\/\/zebpay.com\/in\/?p=27351"},"modified":"2024-02-13T04:54:32","modified_gmt":"2024-02-13T04:54:32","slug":"what-is-skale-token","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token","title":{"rendered":"What is SKALE Network (SKL)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#What_is_SKALE\" title=\"What is SKALE?\">What is SKALE?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#Here_are_Some_Market_Indicators_for_SKALE_SKL\" title=\"Here are Some Market Indicators for SKALE (SKL):\">Here are Some Market Indicators for SKALE (SKL):<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#How_Does_SKALE_Crypto_Work\" title=\"How Does SKALE Crypto Work?\">How Does SKALE Crypto Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#How_to_Use_the_SKALE_Network\" title=\"How to Use the SKALE Network?\">How to Use the SKALE Network?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#Benefits_of_SKALE_Network\" title=\"Benefits of SKALE Network\">Benefits of SKALE Network<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#Future_of_SKALE_Network\" title=\"Future of SKALE Network\">Future of SKALE Network<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-skale-token\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>SKALE Network was founded by Jack O\u2019Holleran and Stan Klado in 2018. O\u2019Holleran 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_SKALE\"><\/span>What is SKALE?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<br><br>SKALE uses the Proof of Stake protocol for scaling Dapps and transactions on the Ethereum network. When compared to <a href=\"https:\/\/zebpay.com\/in\/blog\/proof-of-work-vs-proof-of-stake\" target=\"_blank\" rel=\"noreferrer noopener\">Proof-of-Work (PoW), Proof-of-Stake (PoS)<\/a> is proven to be more efficient, which is why it is used by SKALE to scale effectively.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Here_are_Some_Market_Indicators_for_SKALE_SKL\"><\/span>Here are Some Market Indicators for SKALE (SKL):<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Market capitalization &#8211; $381,697,999<\/p>\n\n\n\n<p>Volume &#8211; $13,960,360<\/p>\n\n\n\n<p>Circulating supply- 5,156,686,004 SKL<\/p>\n\n\n\n<p>Maximum supply &#8211; 7.000,000,000 SKL<\/p>\n\n\n\n<p>Fully diluted market cap- $517,853,640<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_SKALE_Crypto_Work\"><\/span>How Does SKALE Crypto Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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 \u201cElastic Sidechains\u201d, used by the SKALE network.<br><br>SKALE promises zero <a href=\"https:\/\/zebpay.com\/in\/blog\/what-is-ethereum-gas-fee\" target=\"_blank\" rel=\"noreferrer noopener\">gas fee<\/a> 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.<br><br>SKALE executes transactions through sidechains and validates multiple transactions simultaneously before sending them back to Ethereum for bulk verification. <a href=\"https:\/\/zebpay.com\/in\/blog\/smart-contracts-an-overview-of-the-future-of-transactions\" target=\"_blank\" rel=\"noreferrer noopener\">Smart contracts<\/a> on SKALE sidechains communicate with the Ethereum mainnet with great interoperability.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Use_the_SKALE_Network\"><\/span>How to Use the SKALE Network?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The SKL token is used for <a href=\"https:\/\/zebpay.com\/in\/blog\/what-is-staking-crypto\" target=\"_blank\" rel=\"noreferrer noopener\">crypto staking<\/a> and rewarding the validator nodes. SKL is also traded in the market to generate profits.<\/p>\n\n\n\n<p>SKALE uses Proof-of-Stake for more efficient transactions and gives us relief from the congestion on the mainnet, using sidechains.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_SKALE_Network\"><\/span>Benefits of SKALE Network<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are some benefits of the SKALE Network.<\/p>\n\n\n\n<ul>\n<li>SKALE sidechain uses the Proof-of-Stake protocol which makes it much faster and more efficient than Ethereum mainnet.<\/li>\n\n\n\n<li>SKL is an ERC-777 token, which is backward compatible with <a href=\"https:\/\/zebpay.com\/in\/blog\/what-is-erc-20\" target=\"_blank\" rel=\"noreferrer noopener\">ERC-20 tokens<\/a> and can thus be stored in any wallet that supports Ethereum.<\/li>\n\n\n\n<li>SKALE (SKL) is a utility token that allows users to pay for sidechain subscriptions and get access to Dapps hosted on the network.<\/li>\n\n\n\n<li>On-chain file storage for Dapps enables full websites, AI\/ML integration, and trustless on-chain NFT image storage.<\/li>\n\n\n\n<li>SKALE uses PoS protocol and is very efficient and eco-friendly<\/li>\n\n\n\n<li>SKALE is limitlessly scalable and modular<\/li>\n\n\n\n<li>SKALE is a multichain network with shared security. Each node randomly rotates among 8 chains for collusion resistance.<\/li>\n\n\n\n<li>SKALE prevents MEV, re-orgs, and time bandit attacks, solving latency.<\/li>\n\n\n\n<li>Scalability and zero gas fee structure make it ideal for the gaming industry<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Future_of_SKALE_Network\"><\/span>Future of SKALE Network<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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 \u201cHeroes Battle Arena\u201d and \u201cLand of Chasers to Launch Immersive World ARPG\u201d events recently to boost them further in the coming times. They are growing in the gaming industry with their built-in game development tools.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>If you found this blog to be useful, do share it with other like-minded crypto enthusiasts. Click on the button below to begin your crypto trading journey using ZebPay.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-link-color wp-element-button\" href=\"https:\/\/connect.zebpay.com\/account\/login?returnUrl=%2Fconnect%2Fauthorize%2Fcallback%3Fclient_id%3Deee7baaa-9d6c-43f1-9eb6-8174f62cd244%26redirect_uri%3Dhttps%253A%252F%252Fzebpay.com%252Fexchange%26response_type%3Did_token%2520token%26scope%3Dopenid%2520profile%2520wallet%253Atransactions%253Aread%2520trade%253Aread%2520trade%253Acreate%2520wallet%253Aaddress%253Acreate%2520wallet%253Aaddress%253Aread%2520wallet%253Atransactions%253Asend%26state%3D3296f56e5f9947ef821386c762a961bd%26nonce%3Dd13ae4fd76c4434b8424beede0f9fd07\" target=\"_blank\" rel=\"noreferrer noopener\">trade now<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":27354,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[16],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/27351"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=27351"}],"version-history":[{"count":1,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/27351\/revisions"}],"predecessor-version":[{"id":27353,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/27351\/revisions\/27353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/27354"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=27351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=27351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=27351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}