SKALE Price (SKL)

What Is SKALE Network (SKL)?

SKALE, described as a modular blockchain network, is designed to bring scalability to Ethereum. SKALE is the only blockchain network capable of running an unlimited number of fast, on-demand, pooled-security Blockchains with zero gas fees to end users. These individual chains are known as SKALE chains and can be dapp-specific or shared.

The project’s website says it wants to enable people to build and run DApps in a “decentralized modular cloud built for real-world needs and configured for your requirements.” This emphasis on decentralization isn’t at the expense of security.

According to SKALE, those who build on this platform can run Solidity smart contracts “thousands of times faster at a fraction of the mainnet cost” — with games and content streaming services among the projects that already take advantage of its infrastructure.

Who Are the Founders of SKALE Network?

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

O’Holleran — the co-founder and CEO of SKALE — is a technology entrepreneur specializing in blockchain and decentralized systems. He continues to hold a strategic advisor role at Aktana, the life sciences company he co-founded in 2008.

According to his LinkedIn profile, O’Holleran began the early stages of his career as an account executive at Good Technology. He spent two years there before joining Motorola’s business development and product strategy division.

Kladko spent many years obtaining a Ph.D. in physics prior to co-founding SKALE and worked for 16 years as a technology executive in San Francisco’s Silicon Valley.

He has co-founded several other companies, including Galactic Exchange and Cloudessa.

What Makes SKALE Network Unique?

SKALE’s unique architecture not only addresses Ethereum’s scalability issues but also skyrockets gas fees when the Ethereum network is bustling, as SKALE offers zero gas fees to end users. Volatility in gas fee costs can affect entire Web3 ecosystems, including developers, users, NFT creators, and beyond. It’s an issue that also plagues other blockchains besides Ethereum.

SKALE is also unique in the sense that it has unlimited capacity. Capacity grows as new nodes join the network. Unlike monolithic L1s new nodes can be utilized to create new chains which increase throughput and computational power across the network. Using SKALE Network greatly improves the speed at which Ethereum-based smart contracts process transactions as SKALE can operate much faster and run up to a maximum of 2,000 transactions per second per SKALE chain, according to the team.

How Many SKALE (SKL) Coins Are There in Circulation?

The total supply of SKL tokens at the launch of the SKALE Network was 4.1 billion. When it comes to the maximum supply, this figure is fixed at 7 billion tokens.

According to a white paper released by the SKALE Network in July 2020, one-third (33%) was allocated to validator rewards, 28.1% was earmarked 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 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 SKALE Network uses proof-of-stake (PoS) to ensure the network is secured.

Where Can You Buy SKALE (SKL)?

There are several exchanges where one can buy SKL tokens. The first ones to list SKL include Huobi, Binance and Uniswap. Read more about how to convert fiat currencies to crypto here.