November 26, 2022

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SKL Skale Crypto – Scalability Re-Defined To A New Level

SKL Skale Crypto is a decentralized elastic blockchain network that integrates seamlessly into the Ethereum ecosystem.
SKL Skale Crypto

The SKL Skale Crypto Network is a decentralized elastic blockchain designed to expand Ethereum decentralized applications (dApps) for real-world use while reducing the development constraints that many standard blockchains have.

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What Is SKL Skale Crypto Network?

SKL Skale Crypto Network is an “expandable multichain blockchain network” and an Ethereum-as-a-Service provider for developers that specialize in Ethereum-based projects. The Ethereum blockchain is effectively used by every decentralized application (dApp) on SKALE to run its own decentralized application (dApp). Core network activities are performed on the Ethereum main net by the SKALE Network scaling solution. As a result, the SKL Skale Crypto Network benefits from the security afforded by the world’s largest smart contract-enabled blockchain network.

The SKL Skale Crypto Network proposes a solution to the congestion that happens on the Ethereum network as a result of the large number of developers who use the platform for decentralized app development on a daily basis. Proof of Work consensus mechanisms is being phased out of the Ethereum network in favor of Proof of Stake consensus mechanisms, which should allow for more efficient scaling of the network. In the meantime, until Ethereum is capable of providing developers and ETH holders with a super-scalable environment, the SKALE Network provides a Layer-2 scaling alternative.

While the SKALE crypto ecosystem offers the security of the main Ethereum chain, it also supports a huge network of “dapp-specific chains,” which are chains dedicated to individual applications. This enables exclusive, fast, and scalable chains to operate without the need for additional gas. Furthermore, developers receive access to decentralized data storage, servers, and message transfers, all of which are accessible through a single bespoke chain created for them.

Furthermore, each chain is interoperable with the Ethereum Virtual Machine (EVM) as well as standard open-source Ethereum developer tooling such as Solidity and the Truffle Suite, among others. Additionally, the SKL Skale Crypto Network is orchestrated by a set of Ethereum smart contracts collectively referred to as the SKALE Manager. Apart from that, SKALE makes use of an Ethereum bridge known as the Interchain Messaging Agent (IMA) to facilitate cross-chain transfers of any token standard or message.

What is SKALE’s Elastic Blockchain Network?

With the SKL Skale Crypto Network, you may create a wide range of elastic sidechains that are completely customizable. A variety of virtual machines, parent blockchains, consensus procedures, and security measures are available to developers for the creation of custom application-specific sidechains. The quantity of SKL tokens required for setup is determined by the size and duration of the network.

Besides that, developers may use the same tools that they would use on Ethereum to create applications. Thus, smart contracts can be created using the Solidity programming language and commonly used tooling such as Truffle Suite and Remix, with web3.js and web3.py being used to connect to the network. Additionally, the platform enables interchain messaging, which operates in a manner similar to a push notification or a remote call function in Web2 application development.

What Is SKL Token?

SKL is the native token of the SKALE Network ecosystem. SKL is a dual-purpose token that reflects the right to function in the network as a validator and to contribute as a delegator. Alternatively, you may have access to a portion of the resource by installing and renting an Elastic Sidechain or Blockchain Elastic for a length of time as a developer. As an ERC-777 token, it is efficient with several main functions including:

  • Network maintenance and development: SKALE intends to expand and grow by providing a substantial amount of its tokens to inventors and builders. Investors must accept to extended vesting periods and locks on their tokens to achieve bigger payouts. A tiny fraction of the tokens is committed to supporting protocol advancements in the form of operations and contracts.
  • Reward validator nodes: It would be difficult to manage a decentralised blockchain without incentives. As a result, the validator community receives a major portion of the SKL tokens in exchange for their efforts in verifying transactions and keeping the network safe.
  • Clean-up of the ecosystem: The SKALE ecosystem has a number of sidechains. When a node dies, it must be removed from the network to clean it and redistribute the nodes more effectively. The reporting of sidechain expiry to the SKALE Manager is rewarded with SKL to keep this process going swiftly and smoothly.

TOKENOMICS

SKALE Network is powered by the SKL token, which may be used for Staking, Payments, and Governance.

There are 3,245,100,835 SKL in circulation right now. The entire supply of SKALE Network is restricted, which functions as an anti-inflationary mechanism. Once the total quantity of SKL has been depleted, no new SKL will be minted until it is voted otherwise in the future through the decentralized governance process employed on the SKALE Network. The maximum supply of SKALE is 7,000,000,000 SKL.

SKL’s distribution

Reward percentage for validators: 33%
Delegator allocation: 8.1%
Broader fouding team: 16%
SKALE foundation: 10%
Protocol development fund: 7.7%
Core team fund: 4%
Ecosystem fund: 1.3%

PERFORMANCE HISTORY

SKL appears to have followed the crypto bull run of March and April 2021, like Bitcoin (BTC) and the majority of other cryptocurrencies. That time period was marked by several highs and lows for the company. Between its high of roughly $1.13 USD in March and its low of around $0.17 USD in July, there was only a $0.96 USD difference. Denali’s April 2021 upgrade might have been a factor in the rise in value. High gas costs and sluggish performance were addressed as part of this improvement. The price of SKL has steadily risen during the summer, as seen by its historical price data.

SKL’s price was also damaged by the cryptocurrency meltdown that lasted from the first quarter of 2022, where it fluctuated between $0.20 and $0.10 per SLK

DEVELOPERS

There are two creators of SKALE Network: Jack O’Holleran and Stan Kladko, who are both blockchain and cryptography experts.
Both O’Holleran and Kladko have extensive experience in the fields of machine learning and blockchain technology, as well as artificial intelligence and encryption.

O’Holleran is a technology entrepreneur who specializes in blockchain and decentralized systems. He is the co-founder and CEO of SKALE. At Aktana, the biosciences business he co-founded in 2008, he continues to serve as a strategic advisor. O’Holleran started his career as an account executive at Good Technology, according to his LinkedIn page. Before joining Motorola’s business development and product strategy group, he spent two years there.

Prior to co-founding SKALE, Kladko worked as a technology executive in San Francisco’s Silicon Valley for 16 years and earned a Ph.D. in physics. He’s also a co-founder of Galactic Exchange and Cloudessa, among other businesses.

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