The popularity of blockchains like Ethereum is skyrocketing alongside the development of blockchain technology and the rise of decentralized finance (DeFi).
This expansion has led to numerous new dApps and validating nodes, but problems with network speed and efficiency problems persist. Even while a rise in the number of nodes has improved blockchain security, the process is still time-consuming and expensive because each node must validate the same data.
And here’s where SKALE comes in.
In this blog post, we’ll learn about SKALE, its features, and how to buy its tokens SKL.
What Is SKALE Network?
SKALE is a blockchain network designed to deliver speed, decentralization, and security to a universe of user experience (UX) friendly Web3 applications. SKALE is the only blockchain network capable of hosting unlimited rapid, on-demand, pooled-security Blockchains without charging end users any fees for using the network's gas.
SKALE allows developers to construct their compatible EVM blockchain in minutes without compromising its decentralization or security. SKALE is a community-run initiative that is entirely decentralized, open source, and free to use. The utilization of flexible sidechains is the primary focus of the project that the SKALE Network is undertaking. Elastic Sidechains are decentralized blockchain environments incorporated into another blockchain ecosystem, specifically the Ethereum platform. These environments are known as sidechains.
The fact that users can define sidechains to suit their requirements is one of the reasons why these formations are referred to as "Elastic Sidechains." Developers can modify the sidechain they want for decentralized applications (dApps) to conform to a particular set of requirements. This enables them to select consensus protocols, virtual machines, and parent blockchains and specify the security protocol of the sidechain.
What Is SKL?
The SKL token, which is native to the SKALE Network and powers it, can be utilized in multiple ways. To participate in developing the consensus, token holders can stake their SKL tokens. As a consequence of this, they are rewarded for enhancing the network's level of security.
To pay for subscription access to the elastic blockchain for their applications, developers must have SKL tokens. To ensure that the future growth of SKALE is community-driven, token holders will be granted voting power in proportion to the value of their holdings. This means that those who hold tokens can vote on changes to economic parameters, such as the pricing of membership fees.
Now, let’s talk about the SKL’s numbers:
Total Supply of SKL tokens: 7.00 billion
Total Market Cap: $224.39 million
Latest price: $0.03203
History of SKALE Network (SKL)
SKALE was created in 2018 by Jack O'Holleran and Stan Kladko to enhance the general user experience within the blockchain realm. Their mission is to make utilizing blockchain applications simple, quick, and accessible for all users.
SKALE enables the construction of NFTs, games, and other types of decentralized applications (dApps) by providing blockchains that are compatible with Ethereum Virtual Machine (EVM) and by facilitating the elimination of the need for gas fees.
Feature of SKALE Network (SKL)
SKALE can handle any amount of data. As more nodes are added, the network's capacity increases. Throughput and computing power can be increased across the network by using new nodes to construct new chains instead of using a single monolithic L1. Thanks to its modular design, SKALE can process 100 SKALE Chains at 39,770 TPS and 1000 Chains at 397,700 TPS.
SKALE is a network of interconnected blockchains that share their security capabilities. Regarding validator sets, SKALE Chains don't share performance, but they do share security. Each validator node can process up to 8 chains simultaneously. The optimal level of resistance to cooperation is achieved through the random assignment and rotation of nodes.
In terms of environmental friendliness and scalability, SKALE is unparalleled. By combining Proof-of-Stake consensus with state-of-the-art containerization, SKALE may have its resources optimally distributed, resulting in zero energy waste.
On-chain file storage
By letting dApps keep files locally on-chain, SKALE paves the way for novel Web3 applications. Web apps, software, and AI/ML systems can all be integrated on-chain. Instead of centralized cloud storage, NFT photos can be safely kept on-chain.
On SKALE Chains, blocks have an immediate and significant effect. This eliminates any problems that may have been caused by MEV, time bandit attacks, or chain re-org, all of which have been a problem for previous generations of blockchains that have had difficulty with latency and slow finality.
SKALE was designed in an integrated manner with Ethereum and is also interoperable with other blockchains. The SKALE Network will benefit from increased security and dependability as a direct result of this integration, which will also create a shared revenue stream with Ethereum, enhancing the value of both networks.
SKL Token Value
Transaction throughput, transactions per second, latency, access to API-based wallets, cost-effectiveness, smooth messaging between chains, and much more are crucial to the widespread use of Ethereum-based apps and decentralized solutions.
Building and scaling Ethereum-based apps, from gaming to decentralized banking to productivity, media, and everything in between, is greatly facilitated using an execution layer solution like the SKALE Network.
How to Buy SKL Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including SKL, users can now trade easily and seamlessly.
If you already have a CoinEx account, this is how to purchase and sell SKL on CoinEx:
- Enter your login information: To access your CoinEx account, visit the website or launch the app and enter your email and password.
- Put funds in your account to make SKL purchases. You can deposit the funds via bank transfer, credit card, etc.
- Once you have funds in your account, you may buy SKL by going to the SKL trading page and choosing the trading pair you wish to use.
- Tokens (USDT, BTC, ETH, and CET, etc.) can be exchanged for SKL. Put in your order and the quantity you want to buy.