What is SKALE Network (SKL) | What is SKALE Network token | What is SKL token
What is the SKALE Network
SKALE is an open source elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains. It serves as a security and execution layer that connects with Ethereum and is deeply integrated into the Ethereum Network. The network grows linearly to support thousands of independent blockchains (elastic sidechains) file storage chains, and other types of sub chains – all tied to the Ethereum public mainnet and fully compatible with the entire Ethereum ecosystem. SKALE uses the $SKL token, a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources. SKALE chains can execute sub-second block times, run over 2,000 tps on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM.
Who Are the Founders of SKALE?
SKALE Network’s co-founders are Jack O’Holleran and Stan Klakdo. Jack is a veteran entrepreneur with a deep background in machine learning, AI, security and blockchain. Prior to co-founding SKALE, Jack was a founder at multiple Silicon Valley based enterprise technology companies including IncentAlign, a digital currency platform, and Aktana, the leading Machine Learning Analytics platform for the Life Science Industry. He also held an executive role at Good Technology which was acquired by Motorola for ~$500M, and subsequently held executive positions in Motorola. Jack has been actively involved in cryptocurrencies and decentralization as an investor since early 2013 and began working full-time in the space in early 2017. Jack holds a BS from the University of Nebraska and calls the Bay Area his home Linkedin profile: https://www.linkedin.com/in/oholleran/
Stan brings 19 years of experience in cryptography and enterprise infrastructure technologies. He has founded several Silicon Valley venture-backed startups including Galactic Exchange, a big data infrastructure company, and Cloudessa, a cloud security company which was acquired by the UK based Global Reach. Stan was a key early member of the Java Virtual Machine team, and was on the founding team of Ingrian Networks with Dan Boneh (co-creator of BLS signatures) in 2000. He founded and ran a US government certified crypto lab for 7 years, working with the NSA and other agencies. He has experience as a researcher at Stanford University and Los Alamos National Lab, where he was named Director’s Fellow. With a Ph.D. in Physics, he graduated Summa Cum Laude from the Max Planck Institute for Physics of Complex Systems, Germany and is a top contributor for Ethereum Foundation & Ethereum Research. Linkedin profile: https://www.linkedin.com/in/konstantin-kladko-017249/
What Makes SKALE Unique
The primary benefits of SKALE’s elastic sidechains include increased transaction throughput, faster transaction finalization, and reduced transaction costs. These capabilities all translate into improved user experiences and a more sustainable economic model. Additional benefits of SKALE chains include increased storage capacity and greater transaction processing control. The use of sidechains can also aid the development process by accelerating app development and the introduction of new features.
Using an Execution Layer solution like the SKALE Network is highly effective for building and scaling Ethereum-based applications, opening up the potential for an ever-expanding spectrum of use cases – from games and decentralized finance to productivity and media applications and everything in between.
How Many SKALE (SKL) Coins Are There in Circulation?
The circulating supply at token unlock December 1, 2020 is 564,166,667 SKL. Tokens for the core team and early supporters are locked in a long term vesting schedule in order to incentivize a focus on creating a sustainable network. For more information on token supply, economics and lockups please view: $SKL Token page https://skale.network/token SKALE Tokenomics One Sheet https://skale.network/tokenomics $SKL Token Unlock Schedule https://supply.skale.network/supply/index.html $SKL Token Contract on Etherscan https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
When was SKALE Network Launched?
SKALE Network launched its phase 1 mainnet on June 30 after a successful incentivized testnet that ran with no downtime for 2 months. SKALE’s token was successfully launched in early September using ConsenSys’ Activate Platform as the first proof of use sale utilizing the Activate framework for launching highly compliant offerings. Nearly 4,000 participants from 90 countries participated in a 10X oversubscribed sale of $5 Million of SKL tokens. Phase 2 mainnet was launched with the SKALE Network genesis epoch October 1. Approximately 4,000 delegators staked tokens across 46 Validator Organizations creating $80 Million in Total Value Locked. November 30, Binance, Huobi Global and UniSwap announced listing of the $SKL token on their respective exchanges. Phase 3 mainnet launched Dec 1 and restrictions were removed from the network, allowing tokens that completed the “proof of use” requirement to unlock into a transferable, liquid state. Validators and delegators also collected the first round of rewards for their staking activities.
**### Where can I stake my $SKL tokens? Token holders currently can stake $SKL tokens on the Activate platform https://activate.codefi.network/skale, more platforms will become available. For a full list of the current validators supporting the network visit https://skale.network/blog/validator-list-for-skale/
**
How Is the SKALE Network Secured?
Traditional sidechains gain performance and low latency by using a smaller number of validator nodes but at a potential risk to the transaction integrity (under the theory that smaller sets of nodes are more susceptible to collusion and bribery). The SKALE Network counteracts this security risk by using a pooled validation model. This model leverages the security advantages offered by a large number of validator nodes by combining random node assignments with frequent node rotation among the validator sets. Therefore each independent sidechain is protected with the resources of the entire network.
To further secure the network, each validator must stake a significant amount of value into the network via a SKALE token. Sidechains are also resourced and provisioned by users via a subscription model that also makes use of the SKALE token. These tokens are staked into the Ethereum mainnet and controlled by smart contracts there (see SKALE Network Whitepaper - SKALE Manager section for details). Smart contracts on the mainnet also manage the token inflation and the monthly payouts to validators (including proceeds from the inflation). These smart contracts also handle the monitoring of node performance as well as the provision of penalties in the event of any malfeasance by a node.
The SKALE Network is a custodial execution layer (Layer 2). Whereas non-custodial approaches use a system of fraud proofs to allow funds to move between chains, SKALE makes use of BLS signatures, deposit boxes within the Ethereum mainnet, and other mechanisms to allow for custodial ownership and use within the network (which allows it to leverage the security guarantees of the mainnet but gain the performance inherent in Layer 2). Whereas other Layer 2 models attempt to use mainnet interactions to run verification and/or fraud proofs, SKALE uses the Ethereum mainnet for staking and for other critical operations in a way that is better attuned for the creation of a robust and fully decentralized security and execution layer. The SKALE Network can also support non-custodial Layer 2 efforts via BLS Rollups and eventually will support other proven L2 solutions as they progress from research phase to production ready.
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How and Where to Buy SKALE Network (SKL)?
SKL has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SKL
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase SKL from the exchange.
Exchange: Binance, Huobi Global, Coinbasse, CoinTiger, ZT, and BiONE
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SKL gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information SKL
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