What is Skale Network (SKL)?

Skale Network is a highly expandable multichain blockchain network that serves as a secure Ethereum scalability solution. Unlike most Layer 1 and Layer 2 networks. The SKALE architecture is built to support an ever-expanding set of dapp-specific chains by using the Ethereum mainnet to manage and orchestrate many critical network operations thereby enhancing overall network security and transparency.

This means the Skale Network allows for the smooth running of dApps on a scalable and fast chain that is exclusively designed for dApps and the ecosystem. Also, the entire operation and orchestration of the SKALE network are conducted via a series of smart contracts on Ethereum called SKALE Manager, and its Multichains are run on an EVM client based on Ethereum’s Aleth client.

Developers no longer have to worry about gas constraints or all the connections to Ethereum Mainnet that will serve the developer, its sees, and the DApp community needs. On the Skale Network, developers have access to decentralized storage, web servers, and message transfer all on the same chain.

The network is embedded with features that run continually and in harmony with one another to ensure optimal services for users, and DApp developers. 

The Skale Network chains, which is one of these network features are scalable Web3 instances sharing resources across a randomized set of 16 nodes, enabling dApps to run fast and cost-effectively in a 16-node decentralized manner. The Skale Network File storage is a scalable Web3 storage layer on each SKALE Chain, enabling dApp Developers to leverage decentralized storage right on their SKALE Chain and the Interchain Messaging Agent (IMA) is an Ethereum-SKALE bridge allowing the transfer of tokens and messages between SKALE Chains and Ethereum.

The Skale Network Validators run SKALE nodes that support SKALE Chains and IMA. Each node must meet specific network, software, and staking requirements to register with the network and they all work together to create and sign blocks on multiple SKALE Chains.

 

Who are the founders of the Skale Network (SKL)?

Skale Network was founded by Jack O’Holleran and Stan Kladko, both of whom have vast experience across the software industry.

Based on the information provided, he began his career in the tech world by serving as an account executive at Good Technology for two years before joining Motorola’s business development and product strategy division. Jack O’Holleran serves as the co-founder and Chief Executive Officer (CEO) of SKALE. He is a technology entrepreneur who specializes in blockchain and decentralized systems and ice served the role of a strategic advisor at Aktana, the life sciences company he co-founded in 2008.

Kladko spent most of his year obtaining a Ph.D. in physics before co-founding SKALE with Jack. He worked as a technology executive in San Francisco’s Silicon Valley for almost 2 decades and also co-founded several other companies, including Galactic Exchange and Cloudessa.

 

What is the Skale Network (SKL) used for?

Delegation

SKALE token holders can delegate/stake tokens to validators by interacting with SKALE Manager contracts on Ethereum. Delegators receive monthly bounty rewards for performing this service.

Build DApps

The Skale Network allows developers to build DApps seamlessly as it is developed with products that provide all the features required.

Staking

Users can stake the SKL tokens for more ETH or SKL tokens.

 

What is the Unique Point of Skale Network (SKL)?

The Skale Network’s unique feature is its entire foundation is built on Ethereum, making it an inception-level stuff network ( this is a network within a network.) The network is interoperable with Ethereum, forming an Ethereum-SKALE bridge called Interchain Messaging Agent (IMA) that allows transferring of any token standard or message between Ethereum and SKALE using its BLS Threshold cryptography to secure transfers.

In addition, the Skale Network supports Solidity and the Ethereum VM. It extends its commonality with Ethereum protocols and developer tools, allowing developers to use the same tools, wallets, and token standards as they do with the Ethereum mainnet.

Skale Network is secured by Ethereum and drives mining fees back to Ethereum miners and can support an unlimited number of chains that are purpose-built for Web3 dapps.

 

How many Skale Network (SKL) coins are in circulation?

Skale Network has a circulating supply of 3,530,852,671 SKL coins and a max. supply of 7,000,000,000 SKL coins.

According to a white paper released, one third (33%) was allocated to validator rewards, 28.1% was marked 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?

Skale Network code and development are all open sources, also the Skale community takes security bugs seriously to ensure the security of the SKALE Network. They also appreciate any effort to discover and disclose security vulnerabilities responsibly.

The Skale Network allows developers to report any case of vulnerability found in any of their products. The Skale community takes disclosures very seriously and will rapidly respond and verify the vulnerability before taking the necessary steps to fix it. After the initial reply to a disclosure, which should be directly after receiving it, the security team will periodically update you with the status of the fix.

 

How do I buy Skale Network (SKL)?

SKALE is a multichain network made of many chains that pool security. SKALE Chains don’t share performance but share security across validator sets. Each validator node can run concurrently on 8 chains. Nodes are randomly assigned and rotated to create optimal collusion resistance. The SKL token can be used for a wide range of uses like staking and delegation.

SKL tokens can be easily purchased by the following steps. 

* Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and buy SKL through your trading account.

 

Which Cryptocurrency Wallet Supports Skale Network (SKL)?

The PTPWallet platform supports many cryptocurrencies simultaneously, such as Skale Network (SKL). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their SKL wallet because it offers a simple interactive interface, making it easy for people to navigate its system.

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