What is SKALE (SKL)?
SKALE is a decentralized network comprised of interconnected, scalable, and modular blockchains. It aids developers in migrating their projects from the Ethereum blockchain onto any of the numerous independent chains within SKALE to get high throughput with minimal gas fees incurred.
Background of SKALE Network
In 2018, the network officially launched, with the primary individuals behind its formation being Stan Kladko and Jack O’Holleran. Both of them have extensive experience in cryptography and blockchain.
The Significance of Scalable Blockchain
Scalability is an important endeavor for any newly formed project. It essentially refers to the ability of the network to support higher transactional throughput, i.e., to process more transactions every second. It is no wonder, then, that every blockchain project these days places it at the top of their list of priorities, as achieving a significant portion of it is imperative for mainstream adoption and seamlessness in operations.
Core Components
Here, we’ll be looking at the core components underlying the entire SKALE network, mainly the various chains and nodes to be found here, along with its Ethereum mainnet connection.
SKALE Chains
Due to its nature as a decentralized, open-source, and “elastic” blockchain network that is made to scale Web3-based applications, the chains you will find here can be configurable and application-specific blockchains, often referred to as dynamic shards, which exist just a layer above Ethereum. In other words, SKALE can also be thought of as a Layer 2 solution for scaling Ethereum.
SKALE Nodes
Such nodes then engage with the SKALE Manager, which is based on Ethereum and is comprised of more than 35 smart contracts.
Ethereum Mainnet Connection
Through its native validator-secured bridge, known as IMA, chains on SKALE may exchange messages or transactions with one another and also with Ethereum’s mainnet, enabling developers to utilize SKALE to power their decentralized applications while simultaneously allowing for message and token transfers from and to Ethereum and other chains.
Consensus Mechanism
Within this section, we will look briefly at how it achieves consensus within its network, i.e., its consensus mechanism.
BFT Consensus
The consensus on SKALE can be described as this leaderless and asynchronous consensus that utilizes the BLS threshold cryptography in signing blocks. Inherent within such a consensus algorithm is the assumption that two out of three node operators aren’t malicious.
If more than one out of the three happens to be malicious, the chain can then be paused. If that same number crosses two, then the entire ledger can be rewritten to steal assets and generate a false truth.
Fraud Proofs
To combat what we highlighted earlier about the potentiality of malicious nodes, SKALE comes with network monitoring mechanisms that have been designed to identify malicious and/or underperforming or non-performing nodes and then penalize them accordingly through a range of measures.
Performance and Scalability
Let’s now shift our attention towards performance and scalability and see how well it does in that area.
Throughput
As alluded to earlier, SKALE provides considerably faster throughput for transactions in comparison to natively operating those same transactions above or on Ethereum. As a result, the verification process can be sped up. For instance, due to its modular architecture, 100 SKALE chains may process around 39,000 transactions per second (TPS), while a thousand of them can process well over 390,000 TPS.
Latency
Also, because of the modular architectural elements, which we mentioned previously, the latency here is minimal when compared to other chains.
Elasticity and Capacity
What also warrants mentioning is that the SKALE Network utilizes what it refers to as a mechanism for elastic capacity where network nodes can be virtually subdivided. Consequently, these virtualized subnodes enable every SKALE node to operate numerous sidechains simultaneously.
Security Measures
SKALE incorporates this blend of security measures on an enterprise level to maintain the safety of the tokens on it. As we stated earlier, it has integrated a Byzantine fault-tolerant protocol, allowing for secure global transactions. In addition, it even comes with non-custodial delegated staking. Furthermore, this is a major leap ahead when compared to other DPoS networks that necessitate users submitting their tokens to the smart contracts on the network. With SKALE, delegators may do that directly from their wallets.
Real-world Applications
Here, we will go through some of the real-world applications of this network, namely within DeFi, NFTs, and enterprises.
Decentralized Finance (DeFi)
Because of its TPS rate and zero gas fees, SKALE can fit naturally within the DeFi sector and can be of utmost benefit for DeFi protocols that are seeking to innovate or implement new use cases, or if they simply wish to cater to the 1 million+ users on SKALE.
Non-Fungible Tokens (NFTs)
The same benefits can leap over to non-fungible tokens as well, in that the network can be used as a base to sell event tickets, thus facilitating transactions for music and other artwork, among various other things.
Enterprise Solutions
As for enterprises, SKALE can be utilized to form decentralized e-commerce marketplaces, helping with the tracking or tracing that’s usually associated with supply chains, aiding with forming and maintaining business registries, and much more.
Community and Ecosystem
Due to it being based on Ethereum, it is poised to benefit from the vast library of decentralized applications and blockchain solutions that are already available on the second-largest blockchain network, which can be easily ported over, or even from new projects built natively on it. As for the community, it has approximately 1.2 million users or more, and that number is set to grow as well.
The SKL Token
We will now be taking a look into its native token, SKL, and discussing the roles it plays, along with a brief mention of tokenomics.
Utility and Purpose
The SKL token’s utility lies in how it serves as a primary medium of exchange within the network for the various transactions that may take place, in how it can be staked by both delegators and validators (both of whom would then be rewarded), and within governance, serving as a way to significantly impact the future of the network.
Token Supply and Distribution
Moving onto supply and distribution, its maximum supply is 7 billion tokens, whereas its circulating supply is around 4.9 billion, and its total supply is approximately 5.1 billion tokens. As for distribution, 33% of it has been allocated to validator rewards, 28.1% to delegator allocation, including public allocation and early supporters, 1.3% to the ecosystem fund, 4% to the core team pool, 7.7% to the protocol development fund, 10% to SKALE production, and 16% to the broader founding team.
Buying SKL Tokens on Binance
So, if you’re looking to buy some SKL tokens for yourself and engage with the network, then we’ll explain how that may be carried out on Binance.
Providing Basic Information
The process of buying is usually accompanied by the registration process, and that can be done by clicking on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code, and adding some basic information, like an email address, password, etc.
Verifying Your Identity
Verifying your account or going through its KYC process should come next if you want a hassle-free trading experience. This can be done on its verification page, where you’ll need to enter some details about your identity and then provide some documentation proof backing it up.
Securing Your Binance Account
Next comes securing your account, which you can do by setting up 2FA and biometric scanning. So, navigate to Binance’s security page, then follow the instructions that Binance will provide to set things up, after selecting the relevant options.
Funding Your Binance Account
Funding your account, i.e., making that first deposit, can be carried out through the deposit page. So head over there and select a token and a network that supports it. Just paste the deposit address that Binance will generate into the withdrawal field of an external exchange or wallet and confirm your fund transfer.
Making Your First SKL Purchase
While there will be several ways, like spot, futures, and P2P trading, to purchase some SKL tokens, if you’re in a hurry, then utilizing Binance’s convert feature would be most appropriate, as you’re only swapping what you’ve already deposited for them.
Transferring SKL to Your Wallet
Once acquired, you can transfer those SKL tokens to your wallet through Binance’s withdrawal page. There, select SKL, the network for it, specify the amount being withdrawn, and paste your wallet’s address within the withdrawal field. Confirm your withdrawal and wait for it to be completely processed.
Future Directions
Here, we will be diving a bit into the future of the network and what’s in store for it later on.
Upcoming Upgrades
Moreover, there will even be improvements to its validator services through a new protocol release centered around automated IP change, which would simplify network operations.
Expansion Plans
As far as expansions are concerned, SKALE has more than 50 gaming, Web3 social, and AI decentralized applications that are set to launch. Hence, it is looking to expand its offerings within every blockchain sphere and more to bring in additional users and attention.
Conclusion
As the utilization of decentralized applications rises, there is potential for SKALE to expand alongside that through its multi-chain network. By providing high throughput, no gas fees, and reduced transactional latency, SKALE is positioned uniquely to be among the leading scaling solutions on the Ethereum blockchain.
SKALE Basics
Here are some factors that investors should consider before investing in SKALE.
Cryptocurrency Features | SKALE (SKL) |
---|---|
Publisher or Developers | Stan Kladko, Jack O’Holleran |
Headquarters (Registration Number) | San Francisco |
Symbol | SKL |
Platform | Ethereum |
Published Date (CMC Registration) | 2024-12-01 |
Max Supply | 7,000,000,000 SKL |
Reliability Score of SKALE in 2024
These are indexes mesuring the investment reliability of SKALE conducted by Coin-Labs.com.
Investment Reliability Rating Items | Scores and Current Status |
---|---|
Company Activation Rate | / 10.0 CAR |
Communication Rate | / 10.0 CR |
Technology Transparency Rate | / 10.0 TTR |
Development Participation Rate | / 10.0 DPR |
Listing Status on the World's Top 10 Exchanges | Listed on 8 Exchanges |
Number of Available Pairs Worldwide | 191 Pairs |
Market Cap of the Cryptocurrency | 365,335,109 USD (Rank #134) |
SKALE Price
Here are the price and recent trading volume of SKALE. (Data of 2024-12-02 03:40:00)
Price Items | Price and Trading Volume of SKALE |
---|---|
SKALE Price | 0.079 USD |
Price Change 24h | -4.56% |
Price Change 7d | 26.07% |
Trading Volume 24h | 62,476,206 USD |
Trading Volume Change 24h | -46.87% |
Cryptocurrency Metadata
You can check the development status and social media information of SKALE through the links in the table below.
Metadata Source | URL |
---|---|
🌎 Official Website | https://skale.space/?utm_medium=website&utm_source=coinmarketcap&utm_campaign=skalepage |
📖 White Paper | https://skale.space/docs/?utm_medium=website&utm_source=coinmarketcap&utm_campaign=skalepage |
🛰️ Source Code (GitHub) | https://github.com/skalenetwork |
https://twitter.com/SkaleNetwork | |
https://reddit.com/r/SKALEnetwork | |
🎺 Message Board | https://skale.space/blog/?utm_medium=website&utm_source=coinmarketcap&utm_campaign=skalepage |
Where to Buy SKALE
Here are the top ten world crypto exchanges where traders can buy SKALE in 2024.
Top10 Exchanges | Listed Status | Page URL |
---|---|---|
Binance | Listed | https://www.binance.com/en/trade/SKL_BTC |
Coinbase | Listed | https://pro.coinbase.com/trade/SKL-USD |
Kraken | Not listed | |
KuCoin | Listed | https://www.kucoin.com/trade/SKL-USDT |
Bitfinex | Not listed | |
OKX | Listed | https://www.okx.com/trade-spot/skl-usdt |
Huobi | Listed | https://www.htx.com/en-us/trade/skl_usdt?type=spot |
Bitstamp | Listed | https://www.bitstamp.net/markets/skl/usd/ |
Bybit | Listed | https://www.bybit.com/trade/usdt/SKLUSDT |
Gate.io | Listed | https://www.gate.io/trade/SKL_USDT |
Frequently Asked Questions
What is the current price of SKALE?
SKALE price today is 0.079 USD. Furthermore, the price of SKALE has fluctuated by -4.56% from 24 hours ago, and by 26.07% from a week ago.
Where is SKALE listed?
Currently, it is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of SKALE now?
Currently, SKALE has a market cap of 365,335,109 USD, which is ranking 134 among cryptocurrencies worldwide.
How much is the trade volume of SKALE?
Currently, 5,538,894,337 SKL coins are circulating through 191 market pairs. As a result, in the last 24 hours, 62,476,206 USD of SKL coins were traded in the market.