SKALE Network

The SKALE Network (SKL) is a hybrid-use token that serves multiple functions within the SKALE Network, an Ethereum-native multichain network. SKL represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources as a developer by deploying and renting a SKALE chain for a set period. The network is designed to enhance Ethereum’s scalability by providing high-throughput, low-latency sidechains with zero gas fees for end-users. Validators stake SKL to run nodes and earn rewards, while developers use SKL to pay for subscription access to SKALE chains for their dApps.

SKL has a maximum supply of 7 billion tokens, with a circulating supply of over 5 billion. The token is used for staking by validators and delegators, who secure the network and earn rewards. Developers pay for access to SKALE chains using SKL tokens, and rewards are distributed monthly based on fees paid by developers and the monthly inflation of tokens into the network. SKL tokens will also be used for on-chain voting to control the economic parameters of the SKALE Network.

As of today #{today’s date}, the price of SKALE Network is ₹4.55 INR or 0.04877 USD, with a 24-hour trading volume of 42981173.71 USD. The market capitalization for SKALE Network is 269524025.22USD. The circulating supply is 5538894337 SKALE Network, with the total supply also being 5976541667 SKALE Network.

• Zero gas fees for users can significantly reduce the cost of operating dApps on the network.

• High-throughput and low-latency sidechains improve the scalability and performance of Ethereum-based applications.

• Validators and delegators can earn rewards by staking SKL, incentivizing network security, and participation.

• The token has a straightforward utility within the network and is used for staking, governance, and accessing network resources.

• SKALE’s interoperability with Ethereum allows seamless integration with the broader Ethereum ecosystem.

• The network’s success is heavily dependent on the adoption and continued growth of the Ethereum ecosystem.

• Validators face the risk of bounty reduction or future slashing for non-compliance or malicious behavior.

• The complexity of blockchain technology and the SKALE Network may present a barrier to entry for new users and developers.

• Market volatility can significantly affect the value of SKL, impacting staking rewards and network participation.

• SKALE may face competition from other scaling solutions and Layer 2 networks as a relatively new project.

• SKALE Network offers a practical solution to Ethereum’s scalability issues, a significant pain point for developers and users.

• The network’s zero gas fee model can lead to increased adoption by dApp developers seeking to minimize costs.

• SKALE’s modular architecture allows customizable blockchains to cater to specific application needs.

• The network’s design promotes a high degree of decentralization and security, which are critical for the success of blockchain platforms.

• SKALE strongly focuses on user and developer experience, which could drive long-term growth and demand for the SKL token.

• SKALE’s zero gas fee model is a unique selling point that sets it apart from other blockchain networks, potentially saving users billions in fees.

• The network’s ability to run an unlimited number of interoperable SKALE chains provides unmatched scalability options for developers.

• SKALE’s hybrid use token model integrates staking, governance, and network resource access, creating a comprehensive ecosystem for participants.

SKALE Network addresses the scalability, user experience, and cost issues associated with decentralized networks like Ethereum. By providing high-throughput, low-latency sidechains with zero gas fees, SKALE enables developers to create performant and cost-effective dApps, thereby facilitating broader adoption of blockchain technology.

Jack O’Holleran and Stan Kladko co-founded the SKALE Network. O’Holleran has a background in entrepreneurship and decentralized systems, while Kladko brings expertise in cryptography and blockchain technology. Together, they aimed to solve the blockchain scalability trilemma and have built a team with experience in fintech, security, and decentralized applications.

• SKALE Network successfully raised a total of $17.1 million across its funding rounds, with notable investors such as Arrington Capital, Hashed Emergent, Hashkey Capital, Multicoin Capital, Recruit Holdings, and Winklevoss Capital backing the project.

• The network's ICO took place from September 3 to September 5, 2020, with the ICO token price set at $0.03 USD per SKL. The fundraising goal was $4,375,000, and a total of 4,140,000,000 SKL tokens were available during the ICO.

• The SKALE Network’s success is closely tied to the Ethereum ecosystem, and any adverse developments in Ethereum could impact SKL.

• Regulatory changes or scrutiny in the cryptocurrency space could affect the operation and value of SKL.

• The network faces stiff competition from other scaling solutions, which could limit its growth and adoption.

• The technical complexity of the SKALE Network may deter some users and developers, potentially limiting network effects.

• Cryptocurrency markets are highly volatile, and the value of SKL could fluctuate widely, leading to potential losses for investors.

The SKALE Network whitepaper outlines the design and architecture of a scalable, high-performance blockchain network that is interoperable with Ethereum. It introduces the SKALE token as a work and usage token that enables validators to participate in the network and earn rewards and developers to access network resources. The whitepaper details the network’s consensus mechanism, node setup, and the creation of elastic sidechains that can be customized to meet the needs of different applications. It emphasizes the network’s focus on resolving scalability and user experience issues while maintaining decentralization and security. The whitepaper also discusses the token distribution, economics, and governance model, highlighting the role of SKL in the ecosystem. The document provides a comprehensive overview of the technical solutions implemented by SKALE to achieve a scalable and user-friendly blockchain network.