What Is SKALE Network (SKL)?
SKALE Network (SKL) is described as an elastic network designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made as cheaply as possible.
The project’s website says it wants to enable people to build and run DApps in a “decentralized, modular cloud built for real-world needs and configured for your requirements.” This emphasis on decentralization isn’t at the expense of security.
According to SKALE, those who build on this platform can run Solidity smart contracts “thousands of times faster at a fraction of the mainnet cost” — with games and content streaming services among the projects that already take advantage of its infrastructure.
Who Are the Founders of SKALE Network?
SKALE Network was founded by Jack O’Holleran and Stan Kladko, who have vast experience across the software industry.
O’Holleran — the co-founder and chief executive of SKALE — is a technology entrepreneur specializing in blockchain and decentralized systems. He holds a strategic advisor role at Aktana, the life sciences company he co-founded in 2008.
According to his LinkedIn profile, O’Holleran began the early stages of his career as an account executive at Good Technology. Before joining Motorola’s business development and product strategy division, he spent two years there.
Kladko spent many years obtaining a PhD in physics before co-founding SKALE and worked for 16 years as a technology executive in San Francisco’s Silicon Valley.
He has co-founded several other companies, including Galactic Exchange and Cloudera.
What Makes SKALE Network Unique?
SKALE Network is geared toward improving the security and decentralization of Ethereum-based apps.
Token holders on the SKALE Network are incentivized and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
The SKALE Network was the first project to launch a token on ConsenSys Codefi’s Activate platform — which is “designed to launch decentralized networks and allow customers to purchase, manage and use their tokens — all in one application.” Activate was designed to create new standards for distributing utility tokens and ensure that networks are fully usable as soon as tokens are sold. It’s hoped that this approach will help clean up the appearance of the initial coin offering sector, which has been susceptible to scams in recent years.
By launching a token that meets regulatory standards, SKALE intends its token to be widely adopted and avoid fraudulent activity.
Ethereum is typically slow to verify and authorize transactions. ACCORDING TO THE TEAM, using SKALE Network greatly improves the speed at which Ethereum verifies transactions as SKALE can operate much faster and run up to a maximum of 2,000 transactions per second per chain.
How Many SKALE (SKL) Coins Are There in Circulation?
The total supply of SKL tokens at the launch of the SKALE Network was 4.1 billion. This figure is fixed at 7 billion tokens when it comes to the maximum supply.
According to a white paper released by the SKALE Network in July 2020, one third (33%) was allocated to validator rewards, 28.1% was earmarked for delegators, 16% was allocated to the broader founding team, 10% to the SKALE Foundation, 7.7% to the protocol development fund, 4% to the core team pool and 1.3% to the ecosystem fund.
How Is the SKALE Network Secured?
Validators in the SKALE Network secure the network by proposing blocks. Once the validators agree on a finalized block, the blocks are committed to the chain.
The SKALE Network uses proof-of-stake (PoS) to secure the network.
Where Can You Buy SKALE Network (SKL)?
There are several exchanges where one can buy SKL tokens. The first ones to list SKL include Huobi, Binance and Uniswap.