Ethereum is great! The Ethereum Network enables thousands of developers build efficient decentralized applications (DApps) for end users which gradually promoting global decentralization. The Ethereum Network has seen a tremendous amount of growth in recent years, with startups, enterprises, and organizations developing and releasing decentralized applications on the network in an almost alarming rate.
Despite the upgrade to ETH2 and growing demand from the global blockchain community, Ethereum has some flaws that seriously need fixing. Challenges like slow speeds and high transaction costs if mitigated would improve the network a lot more. SKALE is important for Ethereum right now and capable of improving it and making it much more efficient.
What is SKALE?
The SKALE Network is a layer 2 solution and exists as a high performance sidechain to Ethereum. It is a decentralized flexible blockchain that is highly configurable to the requirements of its users and specifically aims to scale Ethereum DApps providing a smooth user experiences.
SKALE is unique and has the potential to be essentially the web3 cloud of the future. The SKALE Network is truly decentralized, open source and community owned like Ethereum. Holders of SKALE’s native token, SKL are automatically owners of the network.
Random Rotation
SKALE is Ethereum based and is able to scale the Ethereum network, allowing decentralized applications to be efficiently and securely utilized by hundreds of thousands of users. This possible due to the breakthrough approach SKALE’s takes to horizontal scaling. SKALE Network is built to run on thousands of nodes and the expansion of these nodes contributes to increased capacity, speed and security of the network. This all possible through SKALE’s unique network design were different DApps make use of independent node subsets. Thousands of such subsets can service thousands of DApps in parallel. The SKALE network deploys a pooled security model known as Random Rotation were each node subset gains security properties from the entire network because nodes in each subset are randomly selected and consistently rotated. The combination of randomization and rotation builds a strong defense system for the network.
Use Cases
The SKALE network provides layer 2 scalability solutions for the Ethereum ecosystem operating with elastic side chains that enable decentralized applications run with extraordinary efficiency, low to almost zero cost, high speed and an added layer of security.
Elastic side chains can also provide a lot of extra on-chain storage space for decentralized applications. Storing data on public chains might be very expensive with limited storage capacity in contrast SKALE network has a larger and more economical data storage capacity, this reduces the challenges that DApp developers face when dealing with the storage requirements of decentralized applications.
This makes SKALE network desirable for developers and users alike because the network is able to support almost any kind of decentralized application. From Decentralized Finance (DeFi), Trustless Sport Betting, Gaming, Collectable (NFT’s), Content Streaming, Data Custody, decentralized data storgae and much more, there really isn’t a limit to what types of DApp categories can be built and run on the SKALE network because the goal here is mass adoption.
SKALE Token ($SKL)
The SKALE Network is power by $SKL token which is a utility token with several uses cases on the network.
Staking
When token holders stake their $SKL they become delegators. Their tokens go to validators who run nodes on the SKALE network as a result keeps the network functioning adequately by validating blocks, executing smart contracts, and securing the network. Delegators are rewarded with $SKL tokens for staking to improve the network.
Governance and Voting
SKALE is owned by the community therefore holders aid in the development of the network by on — chain voting to adjust certain parameters of the network with $SKL which gives holders voting power. Additional information surrounding governance can be found here.
Network Payments and Subscriptions
Developers need SKL tokens to pay for subscription to gain access elastic chains for their decentralized applications.
$SKL token is currently listed in top exchanges such as Binance, Huobi, CRYPTO.COM, Uniswap, and others with more exchanges definitely on the way
CONCLUSION
SKALE is a truly decentralized network that brings an extra layers of security, speed, extremely low cost and scalability to DApps running on the Ethereum blockchain. SKALE offers layer 2 solutions to the Ethereum ecosystem that are desperately needed to achieve efficient decentralization,
For more information on SKALE and to stay updated check out the official links below.
