Skale is a new blockchain project that launched on July 1, 2020 — https://skale.network/ The Skale platform positions itself as a flexible blockchain for creating productive and scalable decentralized applications (dApps) based on Ethereum. Skale allows you to develop, configure and run your own dApps in a decentralized modular cloud.
Skale also provides a solution through which developers can create sidechains for specific applications, secured by blockchain validators, and accelerate smart contract development.
How it all works
The dApps network operates on the Ethereum-as-a-Service principle . With the help of sidechain, applications can access third-party blockchains and their dApps in order to improve performance or security, for example. Skale interacts with the Ethereum blockchain through the SKALE Manager smart contract.
For the application (dApp) to work, it needs to get the computational resources provided by the validators. Validators play a key role in the security of the Skale blockchain network. The protocol allocates the resources of the validators and optimizes them to achieve the best efficiency of the blockchain network.
About the SKL token
Application developers pay a monthly fee in SKL tokens to gain access to the resources of the blockchain platform. It works like this:
- The owner of dApps reserves a certain amount of SKALE tokens in a smart contract. The validator himself chooses the capacity and lease term of the network computing resources.
- The smart contract then issues a number of tokens on the blockchain of a specific application.
- By paying a subscription fee, the blockchain delegates to the application randomly selected validators that ensure its security.
Validators add new blocks and confirm transactions, receiving rewards in SKL tokens. In order to receive rewards, it is not necessary to run your own validator: it requires a lot of costs and technical experience. Holders can delegate their tokens to validators and receive rewards without having to run their own validator node.
Price and other technical information about SKL
The Skale project is still in its early stages of launch, and tokens are not yet traded on any exchange. But now the total supply of tokens is known: 4,140,000,000 SKL. The maximum offer is 7,000,000,000 SKL. The price at the public ICO stage was $ 0.03.
Although tokens are not yet traded on exchanges, validators and delegates can join the project early on. Tokens are issued on the Ethereum platform in accordance with the ERC-777 standard, which, unlike ERC-20, allows not to delegate tokens directly to the validator, but to transfer only a secure delegation key. At the same time, the SKL tokens themselves remain in the crypto wallet of the holder.
Everstake plans to become a validator in Skale after testing is over and token holders can join us. The Everstake team consists of IT and blockchain professionals and strives to provide users with reliable and convenient staking solutions for various tokens: Tesoz (XTZ), ChainLink (LINK), Cosmos (ATOM) and others.
SKALE is a key element within the Ethereum ecosphere given the advantages offered by its forward-looking protocol design decisions. Key features include EVM compatibility, full Solidity language support, BLS cryptography, an RRI-based pooled security model, and having much of its operational management running in the Ethereum network. This combination of compatibility and connectedness with the Ethereum mainnet enhances SKALE’s effectiveness as a high-throughput execution layer for Dapp developers, protocol designers, and other crypto-based builders.
As of today, just one month after the launch of the SKALE Mainnet — and after two plus years since its inception — SKALE unveils a rich set of pre-packaged integrations with major wallets and auth providers, data storage solutions, data explorers, oracles, validators, and blockchain API connectors, along with support for the most commonly used token standards and developer tools used by the Ethereum community. This support makes it possible to use SKALE to build and run Dapps with near-zero learning curve while taking advantage of native commonality with and connectivity to the Ethereum mainnet.
Ethereum has clearly taken a vast lead in terms of developer traction and ecosystem integrations. A strong and comprehensive ecosystem is critical in a decentralized world and something that is not as easy to build and sustain as it might be in a centralized world. Open standards are paramount and only technically-deserving, performant, and secure technologies last. Having a rich set of partners is testimony to the years of hard work from the Ethereum developer community. The SKALE Network is excited to support this broader community and also benefits from interoperability within the Ethereum stack.
SKALE provides developers with Ethereum-as-a-service functionality, with the ability to run small, medium, and large sized SKALE chains, each connected to and compatible with the Ethereum mainnet. Each SKALE chain can support up to 2,000 transactions per second with full EVM-compatibility all the while providing faster commit times and drastically reducing operating costs.
An advanced security model that is rooted in the Ethereum mainnet is at the core of the SKALE design. A set of over 25 smart contracts running on the Ethereum mainnet controls SKALE network functions such as chain creation, validator registration, node selection, node rotation, staking, bounty payment, slashing, and more. In addition, the network uses a large pool of validator nodes that are randomly selected and assigned to SKALE chains and then frequently rotated to prevent collusion and other malicious activities. Significant validator staking, decentralized network monitoring, and an incentivized reward system further enhance the protections of the security model.
The rich set of SKALE ecosystem partners is critical not only to the growing maturity and breadth of technology in the Ethereum community but also to a shared mission to accelerate end user adoption of decentralized solutions.
SKALE Ecosystem Partners
Validators:
- Figment Networks
- Blockdaemon
- Certus.One
- NGC (Neo Global Capital)
- Stakin
- Bison Trails (in developement)
- Blockware
- Cypher Core
- StakeWithUs
- Ankr
- Dokia Capital
- Staked
- Hashed
- Chorus.One
- Chainflow
- ConsenSys Labs
- Hashquark
- Audit.One
- 01 Node
- Anonstake
- WolfEdge Capital
Data/Explorers:
- The Graph
- Covalent
- Bitquery
Decentralized Storage
(to extend SKALE’s native storage capabilities)
- Arweave
- Guer
Oracles
- Chainlink
- Razor
Developer Tools
- Remix
- Web3Js
- DappHero
- Truffle
Blockchain API Connectors
- Alethio
- Infura
Wallets and Auth
- Portis
- Torus
- Bitski
- Fortmatic
- Burner Wallet
Protocols
- Synthetix
- Maker
- Connext
- Threefold
To get involved in the SKALE Innovator program, please sign up here. To join the SKALE validator network, please sign up here. If you’re a technology provider and want to inquire about how to work with SKALE, please contact here. You can also always check out SKALE Telegram and Discord channels to learn more, or see the code on Github.
