SKALE Network: blockchain platform for creating high-performance dApps
Some decentralized platforms seek to create a flexible environment that allows creating and scaling applications based on the Ethereum blockchain. One of such platforms will be discussed in our article. Today we will tell you what SKALE is and how it works.
What is SKALE Network and how does it work
SKALE is a new blockchain project launched on July 1, 2020 — the Platform positions itself as a flexible blockchain for creating productive and scalable decentralized applications (dApps) based on Ethereum. SKALE allows you to develop, configure, and run your own dApps in a decentralized modular cloud.
SKALE also provides a solution that allows developers to create elastic side chains for specific applications, protected by blockchain network validators, and speed up the development of smart contracts.
How it all works
The dApps network operates on the Ethereum-as-a-Service principle. Using an elastic side chain, applications can access third-party blockchains and their dApps to, for example, improve performance or security.SKALE is fixing the user experience for the end-users. End users, dApp developers do not have to pay gas fees for their transactions and instead they pay a subscription fee for a specific time. SKALE interacts with the Ethereum blockchain through the SKALE Manager smart contract.
For an application (dApp) to work, it needs to get the computing resources that validators provide. Validators play a key role in the security of the SKALE blockchain network. The protocol allocates validator resources and optimizes them to achieve the best performance of the blockchain network.
About the SKALE token
App developers make a subscription payment in SKALE tokens to get access to the resources of the blockchain platform. It works as follows:
- The dApps owner reserves a certain amount of SKALE tokens in the smart contract. The validator chooses the capacity and leases term of network computing resources.
- The smart contract then emits a certain number of tokens on the application-specific blockchain.
- After paying a subscription fee, the blockchain delegates the application with randomly selected validators that ensure its security.
Validators add new blocks and confirm transactions, receiving rewards in SKALE tokens. You don’t have to run your own validator to get rewards: it requires a lot of money and technical expertise. Holders can delegate their tokens to validators and receive rewards without having to run their own validator node.
Price and other technical information about SKALE
The SKALE project is still at an early stage of the launch, and tokens are not yet traded on any exchange. But now we know the total token offer: 4 140 000 000 SKALE. The maximum offer is 7,000,000,000 SKALE. The price at the public ICO stage was $0.03.
Although tokens are not yet traded on exchanges, validators and delegates can join the project at an early stage. Tokens are issued on the Ethereum platform in accordance with the ERC-777 standard, which, unlike ERC-20, allows you not to delegate tokens to the validator directly, but only to transfer a secure delegation key. At the same time, the SKALE tokens themselves remain in the holder’s crypto wallet.
Everstake plans to become a validator in SKALE after testing is completed and token holders can join us. The Everstake team consists of IT and blockchain professionals and strives to provide users with reliable and convenient solutions for staking various tokens: Tesoz (XTZ), ChainLink (LINK), Cosmos (ATOM), and others.
Follow our blog, as well as social networks, so as not to miss the launch of the Everstake validator. There you will also find a lot of valuable information on staking.