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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 website.
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 decentralized modular cloud built for real-world needs.
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 Skale's white paper.
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.
The current price of SKL
As of early March 2022, SKL was trading at about $0.11, having shed 91% of its all-time high of $1.22 reached in March of 2021.
When SKL made its debut at the end of 2020, it was worth about $0.08. It closed the year slightly down but picked up steam in January of 2021 and then really went parabolic a few months later. Since then, the token has been steadily in decline. It has fallen 13% over the past 30 days, as of March 7, 2022.
How the price of SKL is determined
The supply of SKL tokens stands at 4.1 billion and will eventually grow to 7 billion but no more than that. Whether it appreciates long-term depends on take-up levels going forward, as Skale is one of several Layer-2 systems operating on Ethereum. So value would be inherent were it to grow into one of the most-used ones.
The Skale whitepaper details that one-third of the total supply is allocated to validator rewards. Additionally, some 28.1% is designated for delegators while 16% is allocated to the broader founding team; another 10% is with the SKALE foundation. The remainder is split among the protocol development fund, the team pool, the ecosystem fund.
What the bulls are saying about SKALE (SKL)
- “We have users in Africa waiting to connect right now, so delivering quickly a low-fee, user friendly platform is of upmost importance to us,” said Sandi Bitnec, speaking to CoinTelegraph in light of 3air’s switch from Cardano to Skale.
- Those who want to invest in SKL tokens with a long-term focus have a better chance of realizing their investment objectives than those with a short-term focus, forecasted InvestingCube.
- The protocol is among the first to do away with the Ethereum Gas Fee structure, said David Hamilton of Securities.io.
What the bears are saying about SKALE (SKL)
- Any hopes of SKALE attaining the $1 mark in the medium term do not look very feasible, said InvestingCube.
- Skale’s recent price stagnation may end up driving potential users away, Currency.com said.
- In simple terms, the price of SKL might plummet, CoinQuora said recently.
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