SKALE Network (SKL)
Last Updated: 26/02/2022
Official Website: https://skale.network/
What is SKALE Network (SKL)?
SKALE Network (SKL) is an Ethereum-compatible open-source, decentralised Elastic Sidechain or Elastic Blockchain, supported by all ERC-20 functions. Developed to enhance the Web 3 transition, SKALE chains are layered above the Ethereum (ETH) blockchain to reduce network fees and to streamline its computational maintenance. The SKALE ecosystem is designed to assist businesses, people and organisations that operate on the open internet, for creating high-performance Dapps.
Ethereum (ETH) is undergoing tremendous attention and growth, which has created high network congestion and gas fees. These conditions, at times have resulted in developer’s experiencing programming limitations and high costs, with some EVM (Ethereum Virtual Machine) protocols becoming uneconomical to use. The SKALE Network (SKL) aims to tackle this by providing decentralised applications (Dapp) specific SKALE sidechains to enable users to communicate with the ETH ecosystem faster and cheaper. Applications can ‘rent’ SKALE Elastic Blockchains, acting as their own private ETH smart contract.
The SKALE Network coin (SKL), is a multi-utility governance token, allowing holders to become a blockchain validator and delegator. As well as facilitating activities on the SKALE protocol, network participants and SKL investors can contribute toward the on-chain governance system, and help shape the project’s future roadmap. Becoming a member of the network allows you to earn SKL rewards by delegating your tokens to validators and receiving SKL tokens in return.
With the project’s mission to provide a fast and secure layer-2 product, SKALE represents a security and execution protocol on top of the Ethereum network. As part of their innovation, SKALE utilises significant throughput combined with low latency to achieve faster transaction times. SKALE also offers developers a highly interoperable ecosystem, meaning users can specifically implement the chain size, consensus mechanism and security measures of their choice.
The SKALE (SKL) native currency has been developed as ERC-777 token standard, a new way to communicate with a smart contract while retaining ERC-20 backward configurability. Its features to interact with Dapps namely facilities operators to send tokens on behalf of another address, meaning a delegator is not required to send to the delegation pool, an instead, shares the delegation key for the stake pool via a compatible wallet.
Roadmap
Q3 2020
Phase 1 Mainnet Launch
Q4 October 2020
Phase 2 Mainnet Launch
Phase 3 Mainnet Launch
Q1 2021
First 10 Dapps deployed on SKALE chains
Support via all Ethereum (ERC) Messaging Agent (ERC-20, ETH, ERC-721, ERC-777)
Q2 2021
Denali Software Launch
ChainLink oracles and SKALE Chain integration
Q3 2021
Delegation Request batching implemented
Q4 2021
Advanced delegation staking system, to re-stake earned token rewards
Team
Co-founders Konstantin Kladko and Jack O’Holleran were connected at Signia Venture Partners and Floodgate in 2017, who as of December 2021 were serving as Skale Labs’ Chief Technology Officer and CEO, respectively.
Both built the initial SKALE protocol and consensus mechanisms as a way to scale different applications and in January 2018, Kladko and O’Holleran formally launched the SKALE Project. This led ultimately to establishing a project to compete with traditional Dapps on a cost and functionality basis, giving Ethereum the scaling capability for the volume required for significant mass adoption.
The project is governed by the N.O.D.E. Foundation, an ongoing partner at Skale Labs. The Network of Decentralised Economics (N.O.D.E.) Foundation is based in Germany, and whose organisation maintains and supports the SKALE Network.
SKALE received support and seed backing from Signia Ventures and Floodgate. The project went on to gain further support from several other investors in the crypto space, including Winkelvoss Ventures, Multicoin Capital, Arrington XRP Capital, Hashed, and Hashkey, among others, raising a total of around $17.1 million as part of the Mainnet launch in 2019. Stake Labs were amongst those who too contributed a $10 million donation.
Where to Store SKALE Network (SKL)
Register an official SKALE (SKL) Network FreeWallet to store, send and receive your SKL tokens. The platform enables users to fund balances with over 100+ different assets. Login to your SKL account on your desktop using their website or interact via their mobile application for iOS and Android users.
SKALE Network (SKL) tokens are built on the Ethereum network and can be stored in any wallet compatible with Ethereum-based ERC-20 tokens. Options to keep your SKALE (SKL) secure and offline can therefore include the leading hardware wallet providers Ledger and Trezor. All ERC-20 tokens including SKALE Network (SKL) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.
SKALE token holders can also use the platform Trust Wallet – a multi-currency mobile wallet that simultaneously stores a variety of digital assets in one place. Popular among traders and gamers, the beginner friendly mobile wallet app may be appropriate for users looking for a convenient and accessible app, with trusted security and backup features.
Where to Buy and Sell SKALE Network (SKL)
You can Buy & Sell SKALE Network (SKL) by heading over to the Buy Coins page of our website. SKALE Network (SKL) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying SKALE Network (SKL) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, SKALE Network (SKL) will be sent directly to your wallet.
If you choose to Sell SKALE Network (SKL) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the Sell Coins page.
SKLAE Network Resources
Website: https://skale.network/
Block Explorer: https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
Tokenomics Paper: https://skale.network/tokenomics
Documentation: https://docs.skale.network/docs/
Twitter: https://twitter.com/SkaleNetwork
GitHub: https://github.com/skalenetwork
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.