SKALE NETWORK
Abstract
As we all know, Ethereum is the second largest cryptocurrency network with a massive community after bitcoin. Ethereum has served many purpose other than using it for gas when performing crypto transactions but on the other hand Ethereum has its own flaws and setbacks. Scalability has always posed as the issue been encountered on the Ethereum network.
The main reason for the Ethereum scalability problem is the network protocol that each node in the network has to process each transaction. In Ethereum, miners have to race to find the nonce to meet the target difficulty. Every node needs to verify that the miners’ work is valid and keep an accurate copy of the current network state. This greatly limits the transaction process capability and throughput of the Ethereum blockchain network. Currently, it can only process 12–15 transactions per second.
Blockchain scalability trilemma
According to Vitalik Buterin, the scalability trilemma is a concept in blockchain regarding its capability to address scalability, decentralization, and security, without compromising any of them.
The trilemma claims that it is almost impossible to achieve all three properties in a blockchain system:
Decentralization: This is a core tenet upon which Bitcoin and blockchain were created. Decentralization enables censorship-resistance and permits anyone to participate in a decentralized ecosystem without a central authority or intermediary.
Security: This refers to the integrity and immutability of the public ledger, and the ability to resist 51% attack or DDoS like network attacks.
Scalability: This concerns the ability to handle a growing amount of transactions in the blockchain network. In order for the Ethereum blockchain to be the world computer as the inventor envisioned, it needs to match the transaction throughput of many centralized systems, like Amazon, Visa, or Mastercard.
This is where Skale network believes they can tackle the issues facing ethereum network
SKALE Network hopes to scale Ethereum, but do so in a way that vastly improves the user experience. In the future, people using dApps powered by the SKALE Network will largely have no transaction fees and near-instantaneous transaction times, thanks to “elastic sidechains.” Potential applications that were crowded out of Ethereum Layer 1 due to high transaction fees and slow confirmation times now have a network designed for them.
SKALE Network’s elastic sidechains remove Ethereum mainnet storage and computation limitations and are customized to fit the needs of that specific application: each dApp has its own Ethereum as a service sidechain. This enhances user experience because rather than users paying for a transaction every time they use an application, dApp creators pay sidechain node operators a flat fee directly for the resources they need.
What is SKALE network
SKALE Network is basically a decentralized “elastic” blockchain network that is built to scale Web3 applications. SKALE chains are configurable, application-specific blockchains that is compatible/Interoperably with Ethereum blockchain. Developers can rent SKALE chains that each act as a private Ethereum-compatible smart contract platform with faster block times and the ability to process lots of transactions per second. In combination with Ethereum, SKALE Network aims to foster the competion between Web3 apps with traditional apps on a cost and performance basis.
Skale Network is taking steps to ensure its cryptocurrency tokens stand up to regulatory scrutiny as it seeks to encourage wide adoption of its blockchain-based technology. Skale Network is overseen by the N.O.D.E. Foundation.
SKALE was founded by Jack O’Holleran and Stan Kladko, veteran startup software executives with multiple successful exits.
SKALE MAINNET LAUNCH
The SKALE network launched their first phase of mainnet on the 30th of june 2020, a three phase launch was set to happen. The company set a goal to launch in Q2 even amidst the global pandemic that almost halted all every sector all around the world, but the SKALE team were able to push through to meet this goal.
Phase 1: June 30, 2020
Phase 1 will was a restricted Mainnet that was not allowed to have any bounty, transfers, or issuance active in the Network. This phase supports the initial strengthening and security of the network, which will be further hardened and decentralized throughout Phase 2. The network will be restricted to validators who have run in the TestNet and have gone through an onboarding process.
Phase 2: October 2020
Phase 2 will launch following the ConsenSys Activate Launch. A public allocation of tokens will be distributed via the Activate platform through a 3 day Dutch Auction. All early supporters and public launch participants will receive their respective token allocation at the same time during Phase 2, following the conclusion of the Activate launch.
The network will run in a delegated state with no token liquidity, but issuance and bounty will be live and distributed to token holders that are staking and securing the network. This period will be referred to as the Proof of Use Period, which is a core pillar of the Activate Token Launch Standards. Phase 2 is designed to further increase network participation and security heading into Phase 3.
Validators that completed onboarding and successful participation in the TestNet will be running the network. This list will grow as another onboarding and Incentivized TestNet will launch in Q3 to a much larger set of validators with a larger incentivization grant.
For further enquiries please visit ConsenSys Activate.
Phase 3: December 2020
Following the 90 Day Proof of Use Period, the network turned into an open state and available for tokens that are unlocked to be transferred and exchanged. The only unlocked tokens at this phase will be tokens purchased in the Activate launch and tokens earned by staking or validating during the Proof of Use Period. All team and early supporter tokens are locked for a period of 6–36 months following the Phase 2 launch conducted on Activate.. This allows for a healthy start where speculation and volatility are pushed out to a point where the token utility, validator side growth, and dApp traction can take hold in a viable sustained manner.
The Network opened up in entirety to all developers, and validators as soon as it was feasible during Phase 3.
SKALE TOKEN $SKL
The SKALE Network token ($SKL), otherwise known as ERC-777 is a hybrid use token which powers the SKALE network. $SKL also represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer.
SKALE token contract address https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
SKALE token unlock schedule;
https://medium.com/r/?url=https%3A%2F%2Fsupply.skale.network%2Fsupply%2Findex.html
$SKL serves as the built-in instrument of transfer for facilitating four main functions:
Security of and staking in the network. Here the SKL token holders (delegators) stake their SKL tokens to the network validators who run nodes that powers the SKALE network by validating blocks, executing smart contracts, and securing the network. They are in turn rewarded with SKL tokens for their efforts.
Payment method for SKALE Chain subscription fees. Developers purchase their subscription access to elastic blockchains (S-chains) through SKL tokens.
Rewards for validators and delegators staking their tokens. Rewards are accumulated monthly, based on fees paid by developers for chains and a monthly inflation of tokens into the network.
Governance and voting. SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE Network.
Get more information on the utilities of $SKL here
SKALE token sale
The SKALE network concluded their public token sale of SKL, On Friday, September 11, 2020, which powered the foundation of SKALE Network’s Ethereum scaling network, With strict compliance to the stipulated KYC policy, 3,736 people from 90 different countries purchased 167,139,884 SKL at $0.03 USD/SKL, totaling a broad network of participants that spans the globe and significantly increases network security ahead of the SKALE Network’s Phase 2 mainnet launch on October 1st.
SKALE NETWORK VALIDATORS
SKALE network is comprised of many experienced and strong validators ranging from experienced crypto miner, experienced ETH developers. At first SKALE recived nearly 700 requests from validator teams all over the world but only few were chosen.
SKALE EARLY PARTNERS
Here are the list of early partners that joined SKALE network.
At the end, this crash course is intended to give the reader insight and in a nutshell what Skale network is all about and how their technology helps to scale Ethereum network. More than 35 dApps are being built on Skale, ranging from games to streaming audio apps. Hopefully you can find Skale network very interesting to build your Dapps on.
There are embedded links on the crash course that will make understand deeper about Skale network and their technology but if its not enough here are lists that might be of help.
