What is Skale (SKL) Token and How Does It Work?

What is scale token?

“What is the first cryptocurrency that comes to your mind after Bitcoin?” If asked, many people would probably answer this question with ‘Ethereum’. Skale project is a solution developed to scale, that is, improve Ethereum . SKALE is a completely decentralized, open source, community-owned network. We will start this article by giving information about the Skale project, “What is SKL coin?” We will continue by addressing the question and then we will talk about the details that need to be known about this project under different headings.

What is Skale Token Project?

What is the scale token project?

SKALE is an infinitely scalable, fast, on-demand blockchain network with zero gas fees.

It quickly enables the deployment of Ethereum Virtual Machine (EVM) compatible chains, which enable applications on Ethereum to operate without compromising its security and decentralized structure.

The SKALE project is a Layer-2 solution created to provide a solution to the congestion caused by developers using high volumes of the Ethereum network for decentralized application development. In this way, developers can use the SKALE sidechain instead of using the Ethereum mainnet and host and develop decentralized applications on the network.

The SKALE network aims to solve the technical scalability, user experience and cost issues associated with decentralized networks such as Ethereum. Additionally, it aims to provide configurability and modularity by offering application-specific architecture to developers. The use of elastic sidechains allows SKALE to be fully integrated into the Ethereum network, allowing users to avoid any traffic congestion on the network by using sidechains to develop Dapps.

After explaining in general terms what the Skale project is, we can now continue our article by giving information about SKL coin.

What is SKL Coin?

What is skl coin?

SKL coin is actually a token, not a coin, as it runs on Ethereum, which does not have a dedicated network. “What is SKL token?” When looked at, it is seen that it is the local cryptocurrency of the SKALE project. This token, which is fully backwards compatible with the ERC-20 token standard, is the ERC-777 token. Therefore, it can be stored in any wallet that supports Ethereum.

SKALE token is used as a token that represents the right to work on the network as a validator, stake as a delegate or as a developer to access a share of its resources by distributing and renting an Elastic Sidechain for a period of time. Users pay SKALE in a subscription model to rent these resources (computing, storage, bandwidth) in the form of an Elastic Sidechain for a predetermined period of time.

Validators introduce SKALE into the network and then earn the right to run nodes and earn both fees and tokens through inflation. Delegators can delegate their tokens to validators and earn rewards.

Apart from these, SKL token holders can participate in on-chain voting to decide on all network economy issues related to SKALE.

How Much is the Total Supply of Skale (SKL)?

The total supply of SKALE is 5,447,166,667 and the maximum supply is limited to 7,000,000,000 SKL.

How Does SKL Token Work?

How does skl token work?

One of the elements that form the basis of the SKALE project is the use of “Elastic Sidechains” . Soft Sidechains function as independent blockchain systems that integrate with another blockchain environment. Considered this way, they can be integrated with the Ethereum platform.

Users can define suitable sidechains considering their needs. This is exactly why the concept of Elastic Side Chains is used. Developers can adjust the sidechain they want to use for Dapps to fit certain features. This essentially means that consensus protocols for a sidechain, virtual machines, the main blockchain, and the security protocol on the sidechain can be chosen.

Once the sidechain is defined, developers can use it to develop and host sidechains by paying a monthly subscription fee . Smart contracts on sidechains communicate with contracts on the main network. This is how interaction is created between the Ethereum platform and SKALE sidechains. When users use flexible sidechains, it is possible for them to access the Ethereum mainnet.

SKALE can also process transactions via sidechains and verify multiple transactions simultaneously, transmitting them in bulk to Ethereum. In fact, this is exactly how SKALE helps speed up transactions during times of network congestion. It is also worth underlining that SKALE sidechains may also be suitable for testing Dapps. This is because the frontend of the mainnet Dapp will not be affected in the event of a bug or crash.

Skale (SKL) Founders

scale founders

The SKALE project was founded by Jack O’Holleran and Stan Kladko and was officially launched in 2018. One of the biggest things the founders have in common is that they both have experience in the field of blockchain and cryptography.

Jack O’Holleran has built a strong background in machine learning, blockchain technology and artificial intelligence. He currently serves as the CEO of this project. His passion for decentralized systems and blockchain led him to create the Skale project to solve the blockchain scalability problem. He is also an active cryptocurrency investor and has been a strong advocate for decentralized systems since early 2013.

Stan Kladko has almost twenty years of experience in enterprise infrastructure technologies and cryptography and is currently CTO of the SKALE project. It is said that he sleeps and wakes up with decentralization and cryptography. Another noteworthy detail in Stan Kladko’s history is that he is an active member and participant of the Ethereum Research Foundation.

Where to Buy Skale Token?

Drawing attention with its exciting world, Skale Token is traded globally on many cryptocurrency exchanges. Whether you are a beginner investor or an experienced user, you can trade SKL in the SKL/ICPX parity quickly, safely and transparently with ICRYPEX.

ICRYPEX offers a reliable and user-friendly platform for trading over a hundred different cryptocurrencies. With its high transaction speed, strong security measures and professional support team, ICRYPEX offers an environment where investors can trade safely.

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