What Is SKALE?

About SKALE (SKL)

SKALE is a Proof-of-Stake blockchain network built with Ethereum which claims that it has an unlimited capacity due to its modular architecture. Essentially, as long as new independent nodes are added to the network, the throughput increases while still being fast and safe.

SKL is a native token of the platform which both gives access to the network’s resources for developers and acts as a reward.

The idea behind SKALE is to allow developers to rent chains for their Decentralized Apps (dApp) so that the end-users can have gas-free transactions. SKALE can support games, Web3 Applications, and NFT platforms. Developers pay SKALE on a subscription basis.

Other than being a developer, SKALE allows its users to partake in the network as:

1. Validators. They stake the native token SKL on Ethereum and support the chains. These users get rewards in SKL from fees the developers pay to rent the chains and network issuance (the project issues new tokens and gives them to validators directly to support them).
2. Delegators. They delegate their SKL to validators in the network and get a portion of their rewards in return.

Where did SKALE (SKL) come from?

The project was launched in 2018 by Stan Kladko, a PhD in Physics who has worked for a long time in Silicon Valley, and Jack O'Holleran, an entrepreneur with a background in machine learning and artificial intelligence. SKALE Network is supported by The Network of Decentralized Economics (N.O.D.E.) Foundation, a Liechtenstein-based non-profit.

The project’s mission is to make blockchain technology simple and cheap to use. They aim at building a safe network that is suitable for Web3.

What are the advantages of SKALE (SKL)?

1. There is a well-thought-out multichain system. It implies that all nodes can run on 8 chains at the same time. The nodes are assigned in a random manner. What is more, they are rotated to prevent attempts of collusion.
2. It is eco-friendly. The innovative mechanism of SKALE enables the network to allocate resources between the nodes in an efficient way.
3. It is convenient. There is on-chain file storage available. This allows dApps developers to store files locally, which creates new opportunities for integrating products (websites, apps, NFTs) directly on-chain.

What are the disadvantages of SKALE (SKL)?

1. SKALE does not accept new validators at the moment. The network was designed to be ungated for the registration of new validators, but right now this role is closed.

How to buy SKALE (SKL)?

If you plan to get an SKL token, SimpleSwap is the right choice. It will allow you to make an exchange in a fast and convenient manner. Just follow these instructions to swap SKL:

1. For example, you want to swap BTC for SKL. Select the currency you want to exchange (BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select SKL in the second drop-down list. You’ll see the estimated amount that you will get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address, where SKL will be sent. Please, be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You should transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.