Skale SKLPrice $ 0.00663

Skale is an open-source, decentralized network that enables the development of blockchains and decentralized applications (dapps) on the Ethereum network. The project is on a mission to empower developers to create their own blockchains that can seamlessly interact with the entire Ethereum ecosystem while avoiding Ethereum’s gas fees and solving scaling challenges. 

Skale [SKL] token is the native cryptocurrency of the Skale platform that complies with the ERC-777 token issuance standard. The token is required to facilitate network staking rewards, as well as for governance purposes. The chart on this page reflects the live SKL market price. 

How Does Skale SKL Work?

Skale is a layer-2 scaling solution for the Ethereum Blockchain that allows developers to avoid congestion on the Ethereum mainnet by shifting development from the main chain to adjacent side-chains operated by the Skale network. Skale enables the deployment of decentralized applications in a secure, high-performance, and low-cost environment through the use of independent dapp-specific Skale blockchains, each of which acts as a set of private Ethereum-compatible smart contracts. 

Developers can rent these Skale chains to develop DeFi, games, NFTs, decentralized streaming services, and other distributed applications. To do so, developers need to pay a subscription fee in SKL tokens. SKL is the native utility token of the Skale network that is also needed for staking and platform management.

The Skale ecosystem creates high-performance, minimal-delay, Ethereum-compliant "networks of elastic side-chains" that process transactions 1000 times faster than in the Ethereum network. Thanks to this mechanism, Skale offers extremely fast performance, which allows Ethereum-based dapps to compete with Web2 applications in terms of cost and bandwidth capability. Skale side-chains also enhance the scalability of the main Ethereum network by alleviating congestion.

To sum up, Skale provides a decentralized, configurable dynamic blockchain network that enables high throughput, low cost, and low latency transactions. The platform provides developers with elastic side-chain networks to design their Ethereum-compatible dapp solutions. Along with that, Skale also replaces gas costs on the Ethereum main net with a fixed subscription fee and offers vast customization options for dapp development.

EVM-compatible elastic side-chains allow you to provision and deploy provably secure Byzantine fault-tolerant blockchains that allow access to the Ethereum main network. The dynamically configurable, interoperable Skale network is a much-needed solution to numerous problems developers encounter in the Ethereum ecosystem.

What is the SKL Token?

The Skale network has incentivization and governance mechanisms executed through the SKL token. The SKL token performs four main purposes on the network:

Security and Staking. SKL holders or delegators allocate their tokens to validators. These validators manage the platform by confirming transactions, executing smart contracts, and ensuring the safety of the network. Validators are compensated with SKL crypto for their contributions to the network.

• Payment. Elastic side-chains are not free-to-use services. Instead, to be able to develop on top of Skale, programmers need to pay subscription fees in SKL.
• Rewarding. Delegators and validators receive crypto rewards in SKL tokens generated from subscription fees and from the delegation of tokens into the network.
• Platform management. SKL tokens grant the voting right on the platform’s modifications and economic parameters of the Skale Network.

Skale [SKL] Coin is an ERC777-type token. ERC777 is an Ethereum-based token standard that is backward compatible with the widely spread ERC20 standard. This means that all ERC20-enabled Ethereum applications can also support ERC777 tokens. This new standard aims to address some shortcomings of ERC20, in particular, its inability to use a token as a trigger for another smart contract function. 

The network also uses SKL for staking and delegation purposes thanks to the features supported by the ERC777 standard. Unlike ERC20, a delegator using SKL does not have to transfer tokens to an individual delegation smart contract. Instead, they can share their secure delegation key with the staking provider, while keeping the tokens in a crypto wallet of their choice.

Where Can You Buy Skale SKL Tokens?

SKL Cryptocurrency is available on numerous crypto exchanges including Binance, Coinbase, Coinbase Pro, Uniswap, and over 40 exchanges beyond that. Moreover, you can trade SKL directly through the inbuilt Swap function on MetaMask. Before investing in crypto, be aware of the fact that SKL market price is subject to volatility (extreme value changes). 

Where Can You Store Skale SKL Tokens?

Skale is hosted on the Ethereum network, so SKL tokens can be stored using any ETH-compatible wallet, both cold storage (hardware) and hot storage (software) solutions.