SKALE
SKALE Network is an "elastic," open-source, decentralized blockchain network made to scale Web3 apps. SKALE chains are application-specific blockchains that can be changed. These are often called "dynamic shards," and they sit on top of the Ethereum blockchain. Developers can rent SKALE chains, which act as private smart contract platforms that are compatible with Ethereum and have faster block times and the ability to handle more transactions per second. According to the SKALE Labs core developer, SKALE chains can run full-state smart contracts, provide decentralized storage, execute rollup contracts (a layer-2 scaling solution), and perform machine learning algorithms utilizing the EVM (Ethereum Virtual Machine). When combined with Ethereum, SKALE Network wants to make it possible for Web3 apps to compete with traditional apps in terms of cost and performance.
SKALE Network was officially released in 2018. It was started by Jack O'Holleran and Stan Kladko, who both had experience with blockchain and cryptography.
O'Holleran has a lot of experience with machine learning, blockchain technology, and artificial intelligence. Kladko, on the other hand, has almost 20 years of experience with enterprise infrastructure technologies and cryptography. Stan Kladko is also one of the most important contributors to the Ethereum Foundation and Ethereum research.
The company's co-founders, Jack O'Holleran and Stan Kladko, wanted to start a company in the crypto space. Both were trying to make decentralized applications and ran into problems with scaling and making a user experience that wouldn't slow down growth. Stan came up with the first SKALE architecture and mechanics as a way to scale the different apps he was working on. During his first collaborations with Jack, they realized that there might be a market opportunity to make a new high-throughput layer that could work with Ethereum and help new dApps get around scaling problems. Existing blockchains needed a scaling solution because the market for new decentralized applications like search, e-commerce, and decentralized exchanges (DEXs) was growing quickly.
Elastic Sidechains are the focus of the SKALE Network project. Elastic Sidechains work as separate blockchain systems that are connected to another blockchain environment, in this case, the Ethereum platform. Users can set up side chains to meet their requirements, which is why these formations are called "Elastic Sidechains."
Through two-way communication between smart contracts on the Ethereum platform and SKALE side chains, interoperability between the two is established. Users can continue to access the Ethereum main net while utilizing elastic side chains.
SKALE can also do transactions through side chains. This means that it can validate multiple transactions at once and send them back to Ethereum for bulk verification. In this way, SKALE helps speed up transactions when the network is congested. SKALE side chains are also appropriate for testing dApps, as the main net-facing dApp will not be impacted by a bug or crash.
The SKALE token is used to make payments on the network, including SKALE chain subscriptions. Token owners can stake SKL as validators or delegators and earn incentives. As validators, they can run nodes to verify transactions, carry out smart contracts, and keep the SKALE network safe. This earns them SKL incentives based on SKALE memberships. If SKL owners choose to stake as delegators, they will only get a part of the validator's rewards. SKL token holders also have the right to take part in how the SKALE network is run. Through on-chain voting, they can decide SKALE's economic parameters and the direction of its future development.
| DATE | NEWS/EVENTS | IMPACT |
| 26/03/2022 | The sudden boost in interest for SKL comes ahead of the release of SKALE v2 and an increase in project exposure at a recent NFT | LA networking event held by Blockdaemon | +113% Increase |
| 09/03/2021 | Skale gets listed on Coinbase | +151% Increase |
SKALE Network provides an efficient method for dApp developers to test, host, and build dApps in a highly scalable environment in which developers may modify and customize side chain parameters, hence making them elastic. Ethereum frequently faces congestion issues, which cause the price of GAS to soar, making dApp development on Ethereum expensive and unsustainable.
SKALE Network solves this problem and helps dApp developers create, develop, and test EVM-based decentralized applications while making transactions faster and cheaper.
