SKALE Network

Advantages of SKALE

Although this project is quite new and relatively unknown, technologies used by this network are considered quite promising and are supported by the industry leaders and experts. Having such a solid technological foundation means that it’s at least reasonable to expect growth in the long term, as more people join the network. This is also evidenced by the names attached to it: SKALE is supported by experienced players such as Boostvc, Winklevoss Capital, Spartan, etc. 

SKALE is based on Ethereum because its protocol is dApp-friendly, while also aiming to improve on the basic Ethereum functionality and expand its infrastructure. For example, resources provided to developers by SKALE are highly configurable: their parameters, such as the chain size, time period, and others, are chosen individually depending on the project. Having additional decentralized storage capacity is also a key feature of SKALE. Another big improvement compared to the basic Ethereum level is the high throughput within the network – about 2000 transactions per second.

Transaction safety is provided by combining random validator node assignments with frequent node rotations, which is unique among sidechain solutions, which usually run the risk of collusion due to the small number of nodes. Fixed cost subscription model for developers is also a very attractive feature: since the user pays once for access to the network’s resources during a specific time period and makes no other payments within this period, in the long run, it can bring transaction costs nearly to zero.

SKALE is supported by the Ethereum-friendly studio ConsenSys, which has been a partner in the initial token launch and (at the time of writing) provides a platform for the token delegation. This partnership helps legitimize SKALE as a serious player as well as provide access to the US market. This token is supported and represented on some of the largest exchanges such as Coinbase, Binance, and Huobi.

Finally, on a more philosophical note, the SKALE developers’ stated goals of accelerating mass adoption of blockchain technology and decentralization, in general, would also be a “pro” for someone who is a true believer in the same kind of future.

Disadvantages of SKALE

Investing in a new and unknown project is exciting, but it’s also quite risky. Compared to some other solutions, SKALE’s technology can be considered unproven, and not everybody can tolerate these risk levels (although overall SKL hasn’t shown itself to be any more volatile than a lot of other crypto tokens/projects). 

Another issue with this network is its lack of marketing and promo activities, which may keep the network and community around it from growing. At the time of writing all signs point to SKL being more suited to be a slow-burn project – but, again, there is not much of a focus on attracting the right kind of audience: there’s a risk that the people who’d been expecting fast and large returns get disappointed and sell their tokens before this project can generate any long-term interest.

Also, all Layer 2 projects dedicated to optimizing Ethereum-compatible dApp development and improving their scalability run the same risk: becoming obsolete after full Ethereum 2.0 launch and move to the Proof-of-Stake protocol. This is going to depend on whether or not Ethereum developers are planning to change network infrastructure, and if they do, which features are they going to include in this process. 

The most popular or largest wallets that can store SKL include: 

• MetaMask
• Trust Wallet
• Ledger

SKL is listed on:

• Binance
• Coinbase
• Coinbase Pro
• CoinList
• CRYPTO.COM
• FTX
• Gemini
• Huobi
• Uniswap