SKALE Project (https://skale.network/), launched in 2020, is a scalable ecosystem of blockchains and applications based on the Ethereum network.
SKALE allows you to easily and quickly deploy new applications based on Ethereum. They work with high performance, have flexible configuration settings, a cloud for data storage, and a low transaction price within a subnet. The time from a business idea to its implementation in its own blockchain is rapidly decreasing thanks to the capabilities of SKALE. You do not need to keep a bunch of your own nodes, have a large blockchain development team, and so on — all this reduces the cost of running your applications.
The SKALE platform offers developers an effective DApp creation tool that provides speed and functionality, without sacrificing security and without centralization.
The SKALE team consists mainly of citizens of two countries-the United States (management and finance) and Ukraine (technical part, as I see), which looks very promising from the point of view of reliability.
The team announced that at the beginning of this year, the disclosure of the names of those applications that will be launched on the SKALE network will take place — these are games, and now super — popular DeFi projects and much more — about a hundred specific projects. Preliminary testing showed excellent parameters of fault tolerance and speed of blockchains. All this can trigger a bull run in relation to the price of SKALE tokens (SKL).
The project does not set an unrealistic goal to become a ”killer of Ethereum”. But SKALE has ambitious goals to provide an unlimited number of applications with access to the Ethereum eco-system.
Presentation video from SKALE introduces the project to the audience: https://youtu.be/Twe_hPFGlbY
A little bit about the SKALE network
The SKALE application network operates on the Ethereum-as-a-Service principle. The blockchains of SKALE projects can interact with each other, transfer data, provide their services — and all this with the great performance and security provided by the platform.
SKALE network validators provide their computing power, which is the technical basis of the platform. Internal algorithms allocate resources in a special random way, ensuring the security of the SKALE blockchains. This also optimizes the efficiency of each subnet and equal access to the available capacity of the platform.
It is very important that SKALE is a system of side blockchains connected to the existing huge foundation of the Ethereum network, and smart contracts from there, created in already available popular tools, can immediately work inside SKALE.
At the same time, the performance of applications inside the SKALE blockchains increases, and the transaction price decreases significantly, which is very interesting, given the huge gas price inside the main Ethereum.
The SKALE system is fully compatible with the current Ethereum ecosystem, supports all types of tokens and protocols within the network, and will work in the future when Ethereum 2.0. is launched.
The project sees the virtualization of cryptocurrency startups as its idea — providing its cloud for Web3. SKALE subnodes form their own “virtual” blockchains for each of the clients.
In essence, skale provides its application clients with the Ethereum blockchain, but with greater speed and scalability. In the beginning, you can take a small amount of resources for your subchain, but as the project grows, you can easily add resources — for example, to store data, to increase transaction bandwidth, etc. At the same time, even the most minimal blockchain inside SKALE has intra-network parameters that are not inferior to the main Ethereum network, but for completely different (much smaller) money. Plus, data storage is added to SKALE, which opens up huge prospects for many applications.
A separate advantage of SKALE for blockchain developers is that they do not need to learn new programming languages, master new development environments — almost all existing tools in the Ethereum network are also applicable on the new SKALE platform.
The SKALE network is based on a Proof-of-Stake consensus, although client blockchains may have a more flexible choice. As it should be in such a system, SKL token holders can delegate their tokens to any network validator who has not yet scored the maximum possible stake.
Read more about the principles of operation, the economics of the project and other fundamental things in the white paper of the SKALE project: https://skale.network/whitepaper
A conversation with one of the SKALE team members (AMA) will be very informative for a wide Russian-speaking audience: https://www.youtube.com/watch?v=jsif8WO0SiE
About the SKL token
Inside the SKALE platform, the SKL token works, which is necessary to create its own blockchain. The new application buys SKL tokens and pays with them for access to system resources. This happens with the help of a special smart contract, which specifies the required parameters of the blockchain, the duration of the lease of computing power, etc. Accordingly, the final price in SKL tokens depends on this. After that, SKALE provides the application with validators-nodes that change randomly and ensure the security of all projects. Also, within the sub-blockchain, a certain number of tokens are issued for internal transactions.
SKALE node holders, validators, generate blocks-confirm transactions within the network, and for this they receive rewards, all in the same SKL tokens. But you can get them not only by physically owning servers with nodes, but also by simply providing your liquidity to existing validators. By delegating your SKL tokens to them, you can make a profit without doing anything.
The SKALE project is still in the initial stage of development and the price of SKL tokens has not yet skyrocketed, despite the coin’s listing on the Binance and Huobi exchanges, as well as trading on Uniswap. Now 1 SKL costs about $ 0.12 at the ICO price of $ 0.03, and this sees great prospects for future price growth — new applications are launched, new validators and holders are included.
The total number of tokens is 7,000,000,000 SKL, 4,140,000,000 SKL were originally issued, while only 564,166,667 of them are currently circulating. Most of them are blocked for a period of six months to three years.
You can see it clearly here: https://skale.network/tokenomics
SKL tokens were issued on the Ethereum network and have the ERC-777 standard, which allows you to create smart contracts with the delegation of your own tokens without their physical transfer. This increases the security of ownership and actions with the cryptocurrency of the SKALE project.
Investors
An important criterion for evaluating any cryptocurrency project is which investors entered the startup. Many private buyers look at the names of funds before making a decision to buy a particular coin.
In this sense, SKALE is doing very well — among the investors of the project:
Node Foundation, Liechtenstein Foundation, Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, hashkey, Multicoin Capital, Recruit Holdings, Winklevoss Capital and others. You can read about this in the project’s blog: https://skale.network/blog/the-skale-network-capitalized-with-17-1-million-for-mainnet-launch/, the main investors are listed on the main page: https://skale.network/
For potential customers of its network, SKALE offers an incubator in which developers and carriers of new ideas can interact with SKALE investors, which is mutually beneficial for all three sides of this process.
Staking
Despite the fact that SKALE does not have any working projects yet, it is already possible to stake its SKL tokens in the project network.
You can read more about how to do this here: https://medium.com/stakin/how-to-stake-skale-skl-with-activate-165b5c9ff766
Unfortunately, now the price of transaction in the Etherium network is high — about 100USD, so I was not able to stake my tokens . Now there is a trial staking for 2 months, with a small percentage of profit (about 8), then it will be possible to do it for six months and a year, at a higher percentage.
Conclusion
In the course of creating this review of the SKALE platform, I read a lot of material, listened to videos, and analyzed a lot of data. And to be honest, I have a desire not only to get a bounty for creating some useful content for SKALE, but also to invest in SKL tokens, as long as their price is quite humane.
And here I am, impressed with the project, bought more than 10,000 tokens as a long-term investment, here is a screenshot showing it:
SKALE is a direct competitor to POLKADOT, and what kind of hype this project has now, probably do not need to say. History may well repeat itself as soon as the first real applications on SKALE subchains appear. We will follow the events.
P.S. In the few days that have passed since the beginning of writing this review ,the price of SKL has increased by almost a third, which has brought me about 300 US dollars of profit at the moment :) So, it’s not for nothing that I delved into the essence of the SKALE project. I think it will be even better from now on.
More information about the project can be found here:
SKALE Official Website https://skale.network/
SKALE Whitepaper https://skale.network/whitepaper
Project SKALE Blog https://skaleblog.ghost.io/blog/
SKALE Twitter https://twitter.com/skalenetwork
SKL Staking page https://activate.codefi.network/skale/stake
SKL token price https://coinmarketcap.com/ru/currencies/skale-network/