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About SKALE (SKL)
The limitations of Layer-1 blockchains are quite well known and serve as a catalyst for numerous scalability-seeking projects. Skale Network, an open-source “elastic” blockchain, is one of them. An Ethereum-run native token, SKL, powers the network.
Skale describes itself as “an Ethereum-compatible network with a leaderless consensus designed to run on an uncapped number of independent nodes,” according to its.
This means the network can grow linearly to support thousands of independent sub chains tied to the Ethereum. Put simply, it affords developers the ability to build fully decentralized, highly configurable chains.
Skale claims it is the only network capable of running an unlimited number of secure, decentralized, high-performance blockchains that are native to Ethereum. It promises to resolve the scalability issue plaguing the Ethereum network. How? Skale seeks to harness the capabilities of their “elastic” network as a means of boosting transaction capacity, reducing latency, and minimizing gas fees. Acting as an unaffiliated, decentralized extension of Ethereum, Skale unlocks the ability for its users to create decentralized applications (dApps) in a self-described
Users can tap into a pool of efficient dApps that are scalable. Gaming, content, and streaming services already are accessing the power of the Skale infrastructure.
"This system aims to provide Ethereum-as-a-Service to developers by providing a gasless subscription-based decentralized network for the provisioning and deployment of high-throughput, EVM-compatible, storage-enabled, provably secure byzantine fault tolerant blockchains," said.
The Skale network is powered by the use of the SKL native token. SKL acts as a hybrid use token representing the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an elastic sidechain or elastic blockchain for a designated period of time. The token provides governance and security while serving as a means of incentivizing validators and delegators staking their tokens. The SKL token gives developers authorization to tap into the network’s resources. Nodes support multiple decentralized elastic blockchains.
Skale came to market in December 2020 following an initial coin offering (ICO) that raised $5.25 million.
It was the fruit of collaborative efforts between Jack O’Holleran and Konstanrin “Stan” Kladko and their combined experience in blockchain technology. Skale has 32 employees in offices in San Francisco and Kharkiv, Ukraine.
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