We all are aware of the scaling problem on the Ethereum blockchain network. Due to high traffic on the network and a lot of developers using the network at the same time, the network experiences a lot of congestion. As we all know, Ethereum is still working on a Proof of Work consensus mechanism, the coming upgrade, Ethereum 2.0 is gonna be working based on a Proof of Stake consensus mechanism, which could resolve Ethereum’s scalability issue. But meanwhile, Skale(SKL), is offering Layer 2 scaling solutions to the users on the Ethereum Blockchain Network. Let us explore a few more things about Skale(SKL) and find out how it works. Without further ado, let’s dive in.
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What is Skale(SKL)?
We already discussed a few things about Ethereum’s scalability issue. As the name suggests, Skale(SKL) works as a solution to this congestion experienced on the Ethereum main net. Skale(SKL) offers Layer 2 scaling solutions to the developers on the Ethereum Network. The developers on the Ethereum network get to use the elastic chains of Skale while they are developing DApps. They can host the DApps on these Skale elastic sidechains instead of the Ethereum(ETH) main net. This could resolve the scalability issue for the users and they get to enjoy a faster and affordable solution.
Who are the Founders of Skale(SKL)?
Launched in 2018, Skale Network has become a go-to for a lot of developers and users on the Ethereum Blockchain Network. It was founded by Stan Kladko and Jack O’Holleran, who are both experienced in cryptography and blockchain technology. Jack O’Holleran comes from a machine learning background, who also is specialised in Artificial Intelligence (AI) and Blockchain Technology. He also co-founded a life science company called Aktana in the year 2008, where he still holds the role of Strategic advisor. He is also the co-founder and Cheif Executive of Skale(SKL).
On the other hand, Stan Kladko, who is also the co-founder of Skale(SKL) is among the top contributors to the Ethereum Research and Ethereum Foundation. Also, he has almost 2 decades of experience working in the field of technology related to enterprise infrastructure and also in cryptography.
What makes Skale(SKL) Unique?
You might already be aware that the gas prices rise higher in a state of congestion. What makes Skale unique is its ability to provide lower gas fees for the operating DApps, which otherwise might have become very costly to access and manage. Even when there are high traffic situations on the main net, Skale offers higher scalability and faster throughput for the transactions. It also offers the users a platform to test new features and applications without affecting the main chain. It also improves the transaction verification rates on the Ethereum blockchain.
How many Skale(SKL) tokens are there?
Currently, there are 2.64 Billion SKL in circulation which is about 38 per cent of its maximum supply. The maximum supply of SKL that we will ever see is 7 Billion (7,000,000,000) SKL. Out of the maximum supply, the total amount of coins created till now minus the ones that are burned equals about 4,276,664,349 SKL which is the total supply of Skale(SKL).
30 per cent of the Skale tokens(SKL) were allocated to the validator rewards, 28.1 % for delegators, 16 % to the broader funding team, 10 % to Skale Foundation,7.7 per cent to the protocol dev fund, 4 per cent to the team’s core fund and 1.3 per cent to the ecosystem’s fund.
The Skale tokens (SKL) can be used for staking on its network, paying for the subscription of its elastic side chains, as a reward for the validators and delegators and more importantly as a governance token in the near future as the Skale network is looking forward to handling the governance responsibilities to the token holders gradually.
How does Skale(SKL) work?
The main idea around which the Skale(SKL) network works is the usage of the elastic sidechains. Like we already mentioned, developers use these elastic sidechains to develop and host their decentralized applications(DApps). These elastic sidechains integrate with the main chain or blockchain environment, while also acting as an independent blockchain. In the case of Skale(SKL) the elastic sidechains integrate with the Ethereum blockchain. And there is also a reason why these sidechains are called elastic sidechains, that is because the developers can adjust these side chains according to their requirements. They can choose things like parent blockchain, virtual machine, security protocols and consensus protocols on the sidechain.
The developers pay a monthly subscription to the sidechains they chose to keep hosting their DApps on Skale’s elastic sidechain. As all the smart contracts pertaining to the sidechains communicate with Ethereum’s main net contracts, the developers can access and operate on Ethereum’s main net too. Skale(SKL) also addresses the scalability issue on the Ethereum blockchain by validating multiple transactions simultaneously on its chains and sending them to the main net for a bulk verification
Wrapping Up
Skale(SKL) has become a go-to solution for developers. The project addresses several issues faced by the Ethereum blockchain network and has been offering the solution for such issues. Its elastic sidechains provide higher flexibility, faster transaction throughput, scalability, faster verifications and lower gas fees too. This is everything the developers and users needed on the Ethereum network. Found this article interesting? Want to explore more such content and interesting topics? If yes, head to the Zeen website and find a lot of useful and informative articles there.
