SKALE (SKL)
The Skale Network is a multichain platform tailored for Ethereum decentralized applications (dApps). It prioritizes scalability, rapid finality, and gas-free transactions using its native gas token, sFuel, and its utility token, SKL. The network was co-founded by Jack O'Holleran and Stan Kladko.
Overview
Established in 2017, the Skale Network serves as a Layer-2 scaling solution to ease congestion on the Ethereum network by offering a sidechain environment. This setup allows developers to create and deploy dApps on Skale's elastic sidechains instead of solely depending on the Ethereum mainnet. As Ethereum advanced towards Ethereum 2.0, shifting from Proof of Work to Proof of Stake, Skale provided an alternate method for scaling. Users can customize sidechains based on their preferences, choosing protocols, sidechain size, virtual machine, parent blockchain, and security measures to design Elastic Chains for their dApps. Skale Network delivers a scalable infrastructure compatible with Ethereum, offering Elastic Sidechains accessible via monthly subscriptions for dApp developers. By leveraging these sidechains, Skale boosts dApp performance on Ethereum with reduced latency and increased throughput, enabling quicker transactions.
| Ticker | SKL |
| Category | Smart Contract Platform |
| Website | https://skale.space/ |
| @SkaleNetwork | |
| Telegram | skaleofficial |
| https://www.reddit.com/r/SKALEnetwork/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x00...a7 Copied! |
| skale | 0xe0...50Copied! |
Skale DAO
The Skale DAO manages the Skale Network in a decentralized fashion. It is supported and managed by over 50 entities, including companies, organizations, and DAOs. Thousands of community members also actively participate in the project by contributing to open-source code. Changes to core smart contracts require decentralized multi-signature approval from various entities and contributors.
Technology
Elastic sidechains
The Skale Network centers around Elastic Sidechains, independent blockchain systems integrated with Ethereum. Users can customize these sidechains to meet specific needs, selecting consensus protocols, virtual machines, parent blockchains, and security protocols. Developers pay monthly subscriptions to use these sidechains for dApp development and hosting. Smart contracts on sidechains interact with mainnet contracts, ensuring interoperability with Ethereum while maintaining access to the Ethereum mainnet. Skale facilitates transaction execution through sidechains, allowing for multiple transaction validations simultaneously before sending them back to Ethereum for verification, thus speeding up transactions during congestion. Additionally, Skale sidechains are suitable for testing dApps, as issues within the sidechain do not affect the mainnet-facing dApp.
Skale chains
Skale Chains are Ethereum-compatible blockchains that support Web3 cloud computing for dApp developers, offering scalability and cost-effectiveness. These chains are powered by dockerized containers distributed across a network of over 150 nodes operated by various validator organizations. Each Skale Chain consists of 16 randomly chosen nodes, each running containerized network clients with essential functions like the Ethereum Virtual Machine (EVM). These nodes work together to process transactions and blocks efficiently using the Asynchronous Binary Byzantine Agreement consensus mechanism. Skale Chains provide decentralized and permissionless network operation, seamless cross-chain integration with Ethereum, a user-friendly Web3 RPC API for easy dApp migration, and customization options tailored to application needs. They can also be administered in a decentralized manner, offering flexibility in funding and governance models.
SKL Token
The Skale token (SKL) is a versatile utility token within the network, enabling users to engage in activities such as validation, delegation, and accessing network resources. Developers use SKL to deploy and rent Skale Chains, accessing computational, storage, and bandwidth resources through a subscription model. Validators stake SKL to participate in the network, running nodes and earning rewards through fees and tokens. Delegators can delegate their tokens to validators, earning rewards in return. SKL operates on the Ethereum blockchain as an ERC-777 token, ensuring backward compatibility with the ERC-20 standard, allowing seamless integration with existing Ethereum ecosystem participants.
Tokenomics
The maximum supply of SKL tokens is 7,000,000,000, distributed as follows:
- 33% - Validators Rewards
- 28.1% - Delegator Allocation
- 16% - Broader Founding Team
- 10% - Skale Foundation
- 7.7% - Protocol Development Fund
- 4% - Core Team Pool
- 1.3% - Ecosystem Fund
Partnerships
NFTrade
In November 2022, NFTrade, a decentralized NFT Marketplace, was integrated into the Skale Calypso NFT Hub. This partnership allowed users to mint, swap, and sell NFTs on Skale's platform without gas fees. NFTrade's decentralized platform offered cross-chain compatibility, enabling users to trade and leverage NFTs across different blockchain networks.
GPTVerse
On February 20, 2024, Skale and GPTVerse partnered to integrate AI with blockchain technology. Skale's zero gas fee structure is ideal for AI-based applications. GPTVerse operates as an ecosystem merging blockchain and AI, enhancing user interaction with AI technologies. It consolidates various AI applications into a single platform, offering users a unified account and payment method, improving user experience across web, mobile, browser extensions, and the Metaverse.
Transak
On February 29, 2024, Skale integrated Transak to address blockchain adoption challenges like unpredictable gas fees and seamless digital asset entry. Transak, a Web3 payment solution, enhances Skale's capabilities, offering streamlined entry points into digital assets on the Appchain scaling network. This collaboration aims to provide a comprehensive solution, merging Skale's affordability and usability with Transak's simplified user journey, removing obstacles to blockchain mass adoption.
ChainGPT
On March 15, 2024, Skale and ChainGPT partnered to integrate AI technologies into the blockchain space. ChainGPT offers advanced AI infrastructure for the Web3 ecosystem, making blockchain technology more accessible and efficient for AI-driven applications. Skale's zero gas fee structure facilitates cost-effective innovation, enabling faster transaction times and scalability.