What is Skale Network? Skale Network is Ethereum’s Sidechain, with high scalability and zero Gas fees and compatible with EVMs. So what makes Skale Network stand out? How does the mechanism work? Join the Weakhand team to find out below in this article!
Overview of Skale Network
What is Skale Network?
Skale Network is a Sidechain of the Ethereum network with high scalability and Gas-free transactions. Skale Network is compatible with EVMs making dApps interoperable without compromising security or decentralization.
Skale Network is a community-owned, open source and completely decentralized network. From strengths such as high scalability plus zero transaction fees, Skale Network will be very suitable for Game development Web3.
Mechanism of Action
Skale Network will be divided into 2 main parts as:
- Skale Network.
- Blockchain Skale.
Skale Network
The Skale network consists of a large group of Validators, all running simultaneously and independently to validate transactions on the Skale Blockchain in conjunction with Smart Contracts running on the Ethereum mainnet called Skale Manager. Skale Manager will include the Native Token SKL that governs the issuance and distribution of rewards to Validators and delegators.
The Skale network serves as an alternative custodial storage and execution layer for Ethereum. While Layer 2s use proofs to allow assets to move between chains, Skale uses signatures, deposit boxes in the Ethereum mainnet, and other mechanisms to allow ownership as well as usage to monitor.
Blockchain Skale
Skale Blockchain is a Blockchain developed on Ethereum and compatible with EVMs, providing users with higher scalability, higher throughput, and Gas-free transactions. In addition, Skale provides decentralized database storage and other functions to not only support dApps but also allow them to scale.
The Skale Network’s Proof of Stake model and operating relationships with the Ethereum mainnet provide security guarantees for Ethereum with the performance and cost-effectiveness of a Layer 2 solution.
Development Roadmap
Update…
Core Team
Jack O’Holleran – CEO & Co – Founder
- 2000 – 2005: Jack O’Holleran studied at the University of Nebraska – Lincoln, majoring in Bachelor of Science and Business Administration.
- 2002 – 2008: Jack O’Holleran worked at many large companies such as RedBull, Good Technology, .. in many different positions.
- 2015 to present: Jack O’Holleran is a Lecturer, Coach and Advisor at Alchemist Accelerator for startups.
- 2008 to present: Jack O’Holleran is Co – Founder of Aktana, a computer and AI company.
- 2018 to present: Jack O’Holleran and his colleagues founded Skale Labs and he currently holds the position of CEO.
Stan Kladko – CTO & Co – Founder
- 2000 – 2002: Stan Kladko studied at Stanford University.
- 2002 – 2012: Stan Kladko has 10 years of experience working in programming and cyberspace development.
- 2012 – 2014: Stan Kladko was CTO & Co – Founder of Cloudessa, a Wifi cryptography company.
- 2015 – 2017: Stan Kladko continues to be CTO & Co – Founder of Galatic Exchange.
- 1998 to present: Stan Kladko is Director of the theoretical division of Los Alamos National Laboratory, researching national security on quantum materials.
- 2018 to present: Stan Kladko and his colleagues founded Skale Labs and hold the position of CTO here.
Investor
The project successfully raised $22.1M through 4 rounds and from 25 investors, details of the rounds are as follows:
- September 1, 2018: The project successfully raised Seed Round capital with an amount of $785K from anonymous investors.
- October 4, 2018: The project continued to successfully call for capital at Venture Round of $8.9M from 13 investors and led by Multicoin Capital
- October 1, 2019: In the next Venture round, the project continued to successfully raise $7.5M from 10 anonymous investors.
- September 14, 2020: The project continued to launch a successful ICO with $5M from an anonymous investor.
Tokenomics
Overview of Token Skale Network
- Name of project: Skale Network
- Token code: SKL
- Smart Contract: 0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
- Blockchain: Ethereum
- Token classification: ERC-777
- Total supply: 5,203,590,585
Token Allocation
- Ecosystem Fund: 1.3%
- Core Team: 4%
- Protocol Development Fund: 7.7%
- Skale Foundation: 10%
- Broader Founding Team: 16%
- Validator Rewards: 33%
- Delegator Allcation: 28.1%
Token Release
Currently, SKL Token has been unlocked more than 96%.
Token Use Case
Currently SKL Token is used for the following:
- Administration
- Used as a fee.
- Stake to earn more rewards.
Exchanges
Currently, SKL tokens are being traded on most major exchanges such as: Binance, Coinbase, Uniswap V3,..
Project Information Channel
- Website: https://skale.space/
- Twitter: https://twitter.com/notifications
- Discord:
Summary
Above is all the basic information about the Skale Network project that the Weakhand team learned. Hope it helps you in your Research process. With the strengths of Skale Network, it is very suitable for developing Web3 and Gaming social networks.
