SKALE (SKL) is a cryptocurrency described as an elastic network aimed at improving the scalability of Ethereum. This decentralized project not only strives for an increase in transaction capacity but also a reduction in latency and to ensure cost-effective transactions.
SKALE enables developers to create and operate dApps in a "decentralized, modular cloud" configured for real needs. The emphasis on decentralization does not come at the expense of security. According to SKALE, developers building on this platform can execute Solidity Smart Contracts "thousands of times faster at a fraction of the mainnet costs,” including games and content streaming services that already benefit from this infrastructure.
It has a maximum supply of 7,000,000,000 SKL coins. Several leading exchanges, including KuCoin, have listed SKALE for trading.
SKALE Network has focused on improving the security and decentralization of Ethereum-based applications. Token holders in the SKALE network are incentivized and rewarded for their role as validators, contributing to the scalability and security of the platform.
SKALE Network was the first project to launch a token on the Activate platform by ConsenSys Codefi. Activate was developed to set new standards for the distribution of utility tokens and to ensure that networks are fully usable as soon as tokens are sold.
In general, Ethereum is often slow in verifying and authorizing transactions. Using the SKALE Network significantly improves speed, as SKALE operates much faster and can execute up to 2,000 transactions per second per chain.
SKALE Network was founded by Jack O'Holleran and Stan Kladko, both of whom have extensive experience in the software industry. O'Holleran, co-founder, and CEO of SKALE, is a technology entrepreneur specializing in blockchain and decentralized systems.
Kladko spent many years earning a Ph.D. in Physics before co-founding SKALE and working as a Technology Executive in Silicon Valley for 16 years.
The launch of SKALE was a notable event as it was the first project to launch a token on the Activate platform by ConsenSys Codefi. By introducing a token that complies with regulatory standards, SKALE hopes its token will be widely adopted and prevent fraudulent activities.
A major reason for the attractiveness of SKALE as an investment lies in its central role in improving the scalability and security of Ethereum-based applications. As more and more companies and developers rely on decentralized applications and smart contracts, there is a great need for improved infrastructure, such as that provided by SKALE.
In addition, SKALE offers incentives for participation in its network. Token holders are rewarded for their role as validators, improving the platform’s security and scalability. These incentives could increase demand for SKL tokens, influencing the price.
Furthermore, SKALE can potentially improve the speed at which Ethereum transactions are verified significantly. It could make the network more attractive to more users, increasing the price of SKL.
Some key factors that could positively impact the price prediction of SKALE include the unique features of the project, its applications, and its potential for future growth. For example, SKALE's ability to improve the scalability and security of Ethereum-based applications could increase the demand for SKL tokens and thus raise the price.
In addition, SKALE's ability to execute Solidity Smart Contracts thousands of times faster could increase the attractiveness of SKALE for developers and businesses. It could lead to greater acceptance of SKALE in the broader blockchain community and positively influence the price of SKL.
The total supply of SKL tokens at the launch of the SKALE Network was 4.1 billion. The maximum supply is set at 7 billion tokens. The SKL token distribution is given below:
1. One-third (33%) was provided for the rewards of the validators,
2. 28.1% for the delegators,
3. 16% for the broader founding team,
4. 10% for the SKALE Foundation,
5. 7.7% for the protocol development fund,
6. 4% for the core team pool, and
7. 1.3% for the ecosystem fund.
SKL token holders (delegators) stake their SKL tokens to validators who operate nodes that support the SKALE network. These validators are responsible for processing transactions and providing security for the network.
The delegators and validators receive rewards through SKL tokens to recognize their roles. The staking rewards vary depending on the amount of SKL tokens staked, the duration for which the tokens are staked, and the validator's relative contribution to network security and performance.
The more tokens are staked and the longer they are held, the higher the potential rewards. It is important to note that staking SKL involves risks.
As an ERC 20 token, SKALE (SKL) can be stored in any wallet that supports ERC 20 tokens. This includes popular wallets like MetaMask, Trust Wallet, and Ledger hardware wallets.
These wallets allow you to securely store and manage your SKL tokens by giving you complete control over your private keys, providing high security.
To add SKALE (SKL) to MetaMask, you can copy the contract address of SKL (0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7) and import it manually. Once you have added SKL to MetaMask, you can view your token holdings and trade on decentralized exchanges.
SKALE (SKL) is primarily used for four main functions:
Validation, Execution, and Security: SKL token holders (delegators) stake their SKL tokens on validators who operate nodes that run the SKALE network by validating blocks, executing smart contracts, and securing the network.
Developer Subscription Fees: Developers purchase their subscription access to SKALE chains (S chains) with SKL tokens.
Rewards for Validators and Delegators: Rewards are accumulated monthly based on the fees developers pay for chains and the monthly inflation of tokens into the network.
Governance and Voting: SKL tokens will soon be used for on-chain voting that controls all economic parameters of the SKALE network.
In addition, you can also trade SKALE crypto against other cryptocurrencies on the KuCoin Spot Market or other supported platforms to profit from chaining market conditions. Buy or sell SKL or hold the token long-term if you believe in the future potential of the SKALE project. Remember to DYOR before entering any new trade in the crypto market.