The SKALE Network offers a solution to the Ethereum network problems caused by the large number of developers that use the platform for decentralized app development. Ethereum is presently transitioning from a Proof of Work consensus method to a Proof of Stake consensus mechanism, which should allow for efficient network scalability. However, before Ethereum can give developers and ETH consumers a super-scalable environment, SKALE Network offers a Layer-2 scaling option.
SKALE is a network of adjustable, self-contained mini-chains (often referred to as "dynamic shards") that exists one layer above the Ethereum blockchain. These dynamic shards can handle token transfers and decentralized apps (dApps). A randomly selected subset of the network validators is used by each SKALE chain for checking transactions and status updates.
About SKALE Network
The SKALE Network is an Ethereum-compatible high-throughput, low-latency, customizable byzantine fault-tolerant, elastic blockchain network. The first and foremost use-case for this network will be elastic sidechains for the Ethereum Blockchain. It's known as an 'Elastic Sidechain Network' in this context.
The project’s goal is to enable users to create and operate DApps in a "decentralized modular cloud created for real-world demands and configurable for your specifications."
What is SKALE Network [SKALE]?
SKALE is a scaling network for Ethereum that is characterized as an elastic network. It enables developers to host and create decentralized apps on the network while avoiding the Ethereum mainnet by leveraging SKALE elastic sidechains. The decentralized initiative seeks to minimize latency and guarantee that payments may be done as inexpensively as possible, in addition to increasing transaction capacity.
The Ethereum development team is currently working on Ethereum 2.0, which will allow for quicker transactions and scalability for all Dapps, transactions, and smart contract activities. While Ethereum is moving from Proof of Work to the more efficient Proof of Stake protocol, SKALE provides a viable scaling option, thereby validating the project's name.
Who Are the Founders of SKALE Network [SKL]?
Jack O'Holleran and Stan Kladko, both have extensive expertise in the software business, created SKALE Network. 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 firm he co-founded in 2008, he currently works as a strategic advisor.
O'Holleran started his professional life 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. Before co-founding SKALE, Kladko devoted his 16 years to Silicon Valley (San Francisco) and worked as a technology executive. He got a Ph.D. degree in physics. He's also a co-founder of Galactic Exchange and Cloudessa, among other businesses.
What Makes SKL Unique?
What sets SKALE Network apart is its potential to offer lower costs for running Dapps under Ethereum network congestion, when GAS prices spike and Dapps become difficult to manage and access. Ethereum is notoriously inefficient when it comes to verifying and authorizing transactions. The project's distinctive feature is that it has a high transaction speed which makes the verification process faster when there is heavy platform traffic. It can process up to 2000 transactions per second.
SKALE also provides a large storage capacity and offers a scalable environment in which users may test innovative features without disrupting the mainnet in the event of faults or malfunctions. SKALE is a unique and significant initiative since it allows for increased throughput, effective scalability, high throughput, and low latency.
Where Can You Buy SKALE Network [SKL]?
You can buy SKALE Network from numerous exchange platforms. Binance is the most prominent name in trading the SKALE Network token. Some other important exchanges include Huobi, Uniswap, OKEx, CoinTiger, and FTX.
Frequently Asked Questions
Is it possible to purchase SKL with cash?
No. It is not possible to purchase SKL with cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
How does the SKALE [SKL] Network keep its data safe?
The SKALE Network is secured by auditors who propose blocks. The blocks are committed to the chain after the validators reach an agreement on a completed block. Proof-of-stake (PoS) is used to secure the SKALE Network.
On what factors the price of the SKALE Network Network [SKL] Depends?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact SKALE Network’s price and market cap.
SKALE Network Official website – https://skale.network/
SKALE Network Medium – https://medium.com/skale
SKALE Network Twitter – https://twitter.com/SkaleNetwork
