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Summary of SKALE Network (SKL)
Key Points
- SKALE is a modular blockchain network designed to bring scalability to Ethereum.
- It allows for unlimited, fast, on-demand, pooled-security blockchains with zero gas fees to end users.
- SKALE chains can be dapp-specific or shared, and can run Solidity smart contracts “thousands of times faster at a fraction of the mainnet cost”.
Founders
- Jack O’Holleran: co-founder and CEO, technology entrepreneur specializing in blockchain and decentralized systems.
- Stan Kladko: co-founder, Ph.D. in physics, 16 years of experience as a technology
About SKALE Network
Introducing the SKALE Network (SKL): A Revolutionary Blockchain Ecosystem
SKALE, a pioneering modular blockchain network, is specifically designed to unlock scalability for Ethereum. Notably, SKALE is the sole blockchain network capable of seamlessly supporting an unlimited number of high-performance, on-demand, and pooled-security blockchains, all while eliminating gas fees for end users. These individual chains, referred to as SKALE chains, can be tailored to specific decentralized applications (dApps) or shared among multiple use cases.
The project’s website envisions a platform that empowers individuals to develop and deploy decentralized applications (DApps) within a “decentralized, modular cloud infrastructure tailored to real-world necessities and configurable to meet specific requirements.” Notably, this commitment to decentralization does not compromise on security.
According to SKALE, developers leveraging this platform can execute Solidity smart contracts at unprecedented speeds, boasting thousands of times faster performance at a mere fraction of the mainnet cost. Notably, a diverse range of projects, including games and content streaming services, have already tapped into its robust infrastructure.
The Visionary Founders Behind the SKALE Network
SKALE Network was co-founded by Jack O’Holleran and Stan Kladko, two visionary entrepreneurs who bring a wealth of experience from the software industry to the table.
O’Holleran, co-founder and CEO of SKALE, is a visionary technology entrepreneur with a distinct specialization in blockchain and decentralized systems. Notably, he also maintains a strategic advisory role at Aktana, the life sciences company he co-founded in 2008.
According to his LinkedIn profile, O’Holleran’s professional journey commenced as an account executive at Good Technology, where he spent two years honing his skills before transitioning to Motorola’s business development and product strategy division.
Prior to co-founding SKALE, Kladko accumulated a wealth of experience, earning a Ph.D. in physics and subsequently spending 16 years as a technology executive in San Francisco’s esteemed Silicon Valley.
Notably, he has co-founded several other ventures, including Galactic Exchange and Cloudessa, further solidifying his entrepreneurial prowess.
Unveiling the Unparalleled Attributes of SKALE Network
SKALE’s innovative architecture not only alleviates Ethereum’s scalability constraints but also mitigates the exorbitant gas fees that arise when the Ethereum network is congested, providing end users with a zero-fee experience. The volatility of gas fee costs can have far-reaching implications, impacting entire Web3 ecosystems, including developers, users, NFT creators, and beyond. This issue is not unique to Ethereum, as it also affects other blockchain networks.
SKALE stands out for its unparalleled scalability, boasting unlimited capacity that expands as new nodes join the network. Unlike monolithic L1s, new nodes can be leveraged to create novel chains, thereby augmenting throughput and computational power across the network. By harnessing the SKALE Network, the speed at which Ethereum-based smart contracts process transactions is significantly enhanced, with SKALE capable of operating at an impressive rate of up to 2,000 transactions per second per SKALE chain, as claimed by the team.
What Is the Circulating Supply of SKALE (SKL) Coins?
The total supply of SKL tokens at the inception of the SKALE Network stood at 4.1 billion. Notably, the maximum supply is capped at a fixed 7 billion tokens.
According to a white paper released by the SKALE Network in July 2020, a significant proportion of the allocation was designated as follows: one-third (33%) was reserved for validator rewards, while 28.1% was set aside for delegators. Furthermore, 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.
The Security Architecture of the SKALE Network
SKALE is a decentralized, multichain network comprising numerous chains that collectively pool their security resources. While individual SKALE Chains operate independently, without sharing performance capabilities, they do share a robust security framework across their respective validator sets. Notably, each validator node is capable of concurrently supporting up to 8 chains, with nodes being randomly assigned and rotated to ensure optimal collusion resistance.
The SKALE Network employs a proof-of-stake (PoS) consensus mechanism, thereby ensuring the integrity and security of the network.
Where to Acquire SKALE (SKL) Tokens
Several prominent exchanges offer SKL tokens for purchase, with Huobi, Binance, and Uniswap being among the first to list them. For a comprehensive guide on converting fiat currencies to cryptocurrency, read more
here
.