SKALE
SKL
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About SKALE
SKALE (SKL) is an Ethereum token that powers the SKALE Network, which describes itself as “an Ethereum Native network with a leaderless consensus designed to run on an uncapped number of independent nodes.” Nodes on the Skale Network provide resources to multiple decentralized modular blockchains. The SKL token grants a right to participate as a network validator, stake as a delegator, or access a share of the network’s resources as a developer.
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SKALE (SKL) is a modular blockchain network that seeks to enhance the scalability of Ethereum. It is designed to run an unlimited number of fast, on-demand, pooled-security blockchains with the intention of eliminating gas fees for end users. These individual chains, known as SKALE chains, can be specific to a decentralized application (dApp) or shared. SKALE's architecture aims to address Ethereum's scalability issues and strives to eliminate gas fees for end users, which could be an advantage when the Ethereum network is busy. The network's capacity aims to grow as new nodes join, potentially allowing it to handle a large number of transactions per second. SKALE is a decentralized, open-source, and community-owned project.
SKALE operates as a multichain network composed of many chains that pool security. While these chains do not share performance, they do share security across validator sets. Each validator node can run concurrently on eight chains, and nodes are randomly assigned and rotated to optimize collusion resistance. SKALE uses a proof-of-stake (PoS) consensus model to secure the network. Developers can deploy their own interoperable Ethereum Virtual Machine (EVM) blockchain on SKALE without sacrificing security or decentralization. The network's containerized subnode structure aims to provide high performance and flexibility, potentially offering developers options similar to centralized systems.
SKALE aims to support a wide range of Ethereum-based applications and decentralized solutions. It seeks to scale transaction throughput, transactions per second, latency, and connectivity to API-based wallets, among other things. SKALE aims to be effective for building and scaling Ethereum-based applications, which could range from games to decentralized finance to productivity and media applications. It also enables dApps to store files locally on-chain, opening up new Web3 use cases. Full websites, applications, and AI/ML technology can integrate directly on-chain, and NFT images can be stored on-chain rather than in centralized cloud hosting platforms.
SKALE Network was founded by Jack O’Holleran and Stan Kladko, both of whom have extensive experience in the software industry. O’Holleran, the co-founder and CEO of SKALE, is a technology entrepreneur specializing in blockchain and decentralized systems. Kladko, on the other hand, spent many years obtaining a Ph.D. in physics before co-founding SKALE and has co-founded several other companies. The total supply of SKL tokens at the launch of the SKALE Network was 4.1 billion, with a maximum supply fixed at 7 billion tokens.
SKALE chains are part of the SKALE Network, a decentralized, open-source, community-owned network that strives to improve the scalability and efficiency of the Ethereum blockchain. These chains are interoperable, Ethereum Virtual Machine (EVM)-compatible blockchains that provide high throughput and low latency transactions without the need for gas fees. SKALE chains are designed to be configurable to varying degrees, allowing developers to tailor their blockchain's characteristics to their specific needs. This includes choosing their own consensus protocol, virtual machine, and additional security measures. SKALE chains are operated by a group of virtualized subnodes selected from the larger set of nodes in the network. Each SKALE chain added to the network may create more capacity while pooling security resources with the other sidechains. This architecture strives to provide an environment intended for efficiency, security, and cost considerations for decentralized applications (DApps), games, and more.
SKALE Network strives to address the challenges of high gas fees on the Ethereum network by aiming to reduce gas fees for end users. This is achieved through a unique architecture that provides resources for independent, Dapp specific blockchains that are interoperable and fully customizable to specific use cases. SKALE's integrated on-chain method facilitates the transfer of non-monetary incentives to validators to validate blocks and maintain the network. Instead of making end users provide non-monetary incentives to validators via transaction/gas fees, SKALE facilitates the applications to transfer non-monetary incentives to validators in advance, which subsidizes the gas fees for users. SKALE incorporates a subscription model for each SKALE chain. A subscription fee model supports the resources needed to operate a chain on the SKALE Network. Developers can define their SKALE chain by choosing needed protocols or additional security measures - and provide a consistent monthly contribution to host and develop Dapps on that chain. This model aims to facilitate transactions for end-users without additional gas fees.
SKALE employs a Proof-of-Stake (PoS) mechanism, where SKALE's native token, SKL, is used for staking. Users can participate in the staking process by either operating as a validator or delegating their tokens to a validator. Validators are responsible for running nodes that validate blocks, maintain the network, and execute smart contracts. In return for their efforts, they receive SKL tokens as non-monetary incentives. Delegators, on the other hand, stake their SKL tokens with validators and receive a portion of the non-monetary incentives. The SKALE network also allows developers to access a share of its resources by deploying and renting an Elastic Sidechain or Blockchain, using their SKL tokens. The SKALE Network has been initiated on a major industry platform, which facilitates SKL holders to delegate, receive non-monetary incentives, and utilize those incentives. The platform adheres to the Proof-of-Use (PoU) standards, requiring users to stake 50% of their assets for at least 60 days.
The SKALE network is designed to support high-performance decentralized applications (dApps) that require enhanced speed, scalability, and throughput. These dApps strive to provide fast and responsive user experiences, with minimized transaction confirmation times and reduced latency. They are designed to scale efficiently as the user base and transaction load increase. High-performance dApps can process a substantial volume of transactions per second (TPS). SKALE's multi-chain setup allows applications to accommodate a large number of concurrent users and transactions without compromising performance. SKALE Chains utilize a gas token called SKALE Fuel ("sFUEL") that has no associated economic value. This enables all transactions on a chain to have no associated economic value, making it suitable for complex operations in Solidity that would not be feasible on value-gas chains. Therefore, dApps that require high throughput, scalability, and transactions with no associated economic value are compatible with deployment on the SKALE network.
SKALE strives to contribute to the broader adoption of blockchain technology by addressing the scalability challenges that have often hindered the mass adoption of this technology. SKALE's mission is to improve the performance, flexibility, and usability of blockchain technology, with the goal of empowering developers to create decentralized applications (dApps) with seamless user experiences. SKALE's innovative solutions aim to offer improvements within the blockchain and Web3 ecosystems. By aiming to increase transaction throughput, SKALE could enable blockchain networks to handle more transactions efficiently. This scalability breakthrough could open doors for the broader adoption of blockchain technology in various industries. SKALE's hybrid architecture combines the benefits of both Layer 1 and Layer 2 solutions, aiming to reduce the typical trade-off between security and scalability in traditional blockchain networks. And, SKALE's Levitation Protocol introduces flexible and configurable zero-knowledge scaling solutions, which are intended to support the network's capabilities.
SKALE has formed several collaborations, focusing on its blockchain infrastructure and ecosystem. One of these collaborations is with Ruby.Exchange and CryptoBlades, two entities within the SKALE ecosystem. This collaboration is centered around the functionality of SKALE's modular multi-chain blockchain infrastructure. Another collaboration is with Tank Wars Zone, a decentralized play-to-earn battle game built on blockchain technology. This collaboration focuses on the use of SKALE's blockchain network in the context of gaming. SKALE has also collaborated with Granted, a provider of strategic grant funding for the Web3 ecosystem, with the aim of increasing fundraising accessibility for applications across web3. Other collaborations include partnerships with Prospectors NFT, a blockchain sandbox-style survival game, and Anthropic, a provider of safer generative artificial intelligence. These collaborations focus on the use of SKALE's blockchain technology in various applications.
Onboarding developers onto the SKALE platform involves a series of steps that aim to familiarize them with the platform's features and functionalities. Developers may begin by exploring the documentation provided by SKALE, which includes a quick start guide, deployment scripts, developer recipes, and an infrastructure overview. These resources strive to provide a thorough understanding of how to build on SKALE and the available tooling for development. For developers already familiar with Ethereum, they can use their usual tools and deployment methods such as Truffle, Hardhat, Remix, and Web3, and get a SKALE Chain RPC Endpoint. Deploying to SKALE is similar to deploying to the Ethereum blockchain, and developers can use the provided deployment script examples to deploy their smart contracts onto their SKALE Chain. Developers may consider applying to the SKALE Innovator Program. This program provides grants, consulting, marketing and PR support, engineering support, QA support, and investor introductions. This program seeks to assist developers in running Solidity smart contracts more efficiently. The SKALE execution model is fully compatible with the Ethereum Virtual Machine (EVM). This compatibility means that smart contracts that run on the Ethereum mainnet may also run on the SKALE Network without the need for rewriting or porting.
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Market
Portugal Market Stats
€377.3M
€26.5M
5.4B SKL
121 days
#156
€1.28