Skale Network (often stylized as SKALE) is an open-source blockchain platform that aims to provide a scalable and high-performance infrastructure for decentralized applications (DApps). It is designed to address the scalability challenges faced by many blockchain networks, such as Ethereum.
Skale Network was founded by Jack O'Holleran and Stan Kladko. They founded the project in 2017 with the goal of addressing the scalability challenges faced by blockchain networks, especially Ethereum. The platform aims to provide a scalable infrastructure for decentralized applications (DApps) to operate more efficiently and handle a higher throughput of transactions. Since its inception, Skale Network has garnered attention and support from various investors and blockchain enthusiasts due to its potential to improve the scalability and usability of blockchain technology.
Skale Network utilizes a unique architecture that consists of multiple interconnected sidechains, which are called "elastic sidechains." These sidechains are designed to run DApps in a more scalable and efficient manner, enabling developers to build and deploy applications that can handle a higher throughput of transactions. Skale sidechains can dynamically adjust their capacity based on demand, allowing for efficient resource utilization and cost savings.
Skale sidechains are secured by a network of nodes and validators. Validators are responsible for validating transactions and blocks on the sidechain. These validators are economically incentivized to perform their duties correctly and maintain the security of the network.
The network uses smart contracts called "manager contracts" to coordinate interactions between the main chain and the sidechains. These contracts manage functions like creating new sidechains, managing the SKALE token, and handling interchain communication.
Skale Network uses a Delegated Proof of Stake consensus mechanism. Validators are selected to create and validate blocks based on the amount of SKALE tokens they have staked and the number of votes they receive from token holders. This mechanism aims to ensure efficient block production and network security.
Skale aims to achieve high transaction throughput, which is crucial for supporting large-scale applications. While providing scalability, the network aims to maintain a degree of decentralization by using a network of independent validators to secure the sidechains. Skale Network is designed to be compatible with Ethereum, allowing developers to easily port their Ethereum-based DApps to the Skale platform.
The project also provides tools and resources to help developers build and deploy DApps, including a variety of developer libraries and APIs.
The modular structure of Skale Network allows developers to deploy DApps on individual sidechains. This separation of DApps into different sidechains helps prevent congestion and scalability issues that can arise on a single blockchain.
SKALE empowers decentralized applications (dApps) to securely store files directly on the blockchain, unlocking fresh possibilities in the realm of Web3. This innovation allows complete websites, applications, and advanced AI/ML technologies to seamlessly integrate onto the blockchain. Moreover, the technology ensures that NFT images can be reliably stored on-chain, eliminating the need for centralized cloud hosting platforms and enhancing trustlessness.
The governance of the SKALE Network operates through the SKALE DAO, embodying a fully open and decentralized approach. Over 50 distinct companies, entities, organizations, and DAOs collaborate to sustain, operate, and oversee the SKALE Network. This collective effort is reinforced by a multitude of engaged community members, numbering in the thousands, who contribute to the project in diverse ways, including active participation in open-source code development. For any fundamental changes to core smart contracts, a decentralized multisig approval process is mandated, involving a range of distinctive entities and contributors.
Further bolstering the network are two integral entities: the N.O.D.E. Foundation and SKALE Labs. SKALE Labs, headquartered in San Francisco, California, spearheads the formulation of technical specifications, offers support through contributions to open-source code, and serves as an educational resource on the intricate technical facets of the SKALE Network. On the other hand, situated in Vaduz, Liechtenstein, the N.O.D.E. Foundation plays a supportive role in the network's ecosystem.
The SKALE token is the native utility token of the Skale Network. It is used for various purposes within the ecosystem, including staking to become a validator, paying transaction fees, and participating in network governance.
Upon the launch of the SKALE Network, the initial supply of SKL tokens stood at 4.1 billion. Notably, the maximum supply of these tokens has been established at 7 billion.
In a white paper published by SKALE Network in July 2020, a well-defined allocation plan was outlined. Among these allocations, validator rewards claimed a share of one-third (33%), while delegators were designated a portion of 28.1%. Additionally, 16% was dedicated to the broader founding team, 10% was channeled into the SKALE Foundation, 7.7% contributed to the protocol development fund, 4% was allocated to the core team pool, and 1.3% was set aside for the ecosystem fund.
Average Fees on the Skale Network
The Skale Network offers zero transaction fees for the end users. There is gas on SKALE Chains just like on Ethereum, but it's powered by sFUEL (SKALE FUEL), a gas token that has no monetary value.
SKL Token Wallets
The SKL tokens can be stored in a big variety of crypto wallets, including Ledger Nano S, Trezor, Trust Wallet, Atomic Wallet, MyEtherWallet, Binance, Kukoin, Meta Mask, Token Poket, iToken Wallet, Torus, Coinbase, Freewallet, Coinhub, etc.
