What Is SKALE Network (SKL)?
SKALE is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made as cheaply as possible.
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 chief executive of SKALE — is a technology entrepreneur who specializes 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 PhD 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 Network is geared towards improving both security and decentralization of Ethereum-based apps.
Token holders on the SKALE Network are incentivized and earn rewards by helping to improve the scalability and security of the platform by serving as validators.
The SKALE Network was the first project to launch a token on ConsenSys Codefi’s Activate platform — which is “designed to launch decentralized networks and allow customers to purchase, manage and use their tokens — all in one application.” Activate was designed to create new standards for the distribution of utility tokens, and ensure that networks are fully usable as soon as tokens are sold. It’s hoped that this approach will help clean up the appearance of the initial coin offering sector, which has been susceptible to scams in recent years.
By launching a token that meets regulatory standards, SKALE is intending its token to be widely adopted and avoid any fraudulent activity.
Ethereum is typically slow to verify and authorize transactions. Using SKALE Network greatly improves the speed at which Ethereum verifies transactions as SKALE can operate much faster and run up to a maximum of 2,000 transactions per second per chain, according to the team.
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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?
Validators in the SKALE Network secure the network by proposing blocks. Once the validators come to a consensus on a finalized block, the blocks are committed to the chain.
The SKALE Network uses proof-of-stake (PoS) to ensure the network is secured.
Where Can You Buy SKALE Network (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.