Hello hard workers, today I propose to take a closer look at the Skale project in a rather short, but I hope informative for you review! It is no coincidence that cryptocurrency, as a means of storing wealth, came to us, because people of ancient times were looking for opportunities to preserve their wealth, whether it was buying gold or other valuable things! But in the 21st century, technologies took their toll and we got a new opportunity for storing cryptocurrency wealth! It is no coincidence that the Skale network appeared in the cryptocurrency, because many developers require simplicity, scalability, decentralization and security for decentralized applications, and this protocol copes with this better than Ethereum today, thanks to technical innovations!
Lesson 1: Introducing the Skale Network
To start, I will say that the Skale project may have been heard by you earlier, because it is a rather noticeable and meaningful protocol in its idea, therefore, we will immediately turn to CMC and look at what the project has already achieved on the market:
For 2020, the Skale network has tested Skale and a limited launch of the network and this is a great achievement for such a project, the team is working very seriously to launch this incredible builder for scaling decentralized applications on Ethereum!
The SKALE Network is an Ethereum-compatible, leaderless consensus network designed to operate on an unlimited number of independent nodes. Each node provides resources to multiple high-performance decentralized elastic blockchains. SKALE modular network protocol is one of the first of its kind that allows developers to easily provide custom blockchains that provide the benefits of decentralization without compromising computation, storage, or security. It sounds incredible, but you can already try the virtues of Skale by becoming an innovator for the low cost of the Skale network!
The Skale Network is a great add-on for Ethereum, making it easy to migrate Ethereum-developed decentralized apps to Skale's custom decentralized sidechains! It's very foolish to think of Skale as just another ETH killer or competitor - these are great friends!
Lesson Two: More About the Skale Sidechain
Skale sidechains are managed by a group of virtualized subnodes, which in turn have been selected from a large set of hosts! It is worth noting that all such chains use a Byzantine fault-tolerant, asynchronous messaging protocol with between chains! These sidechain capabilities in Skale allow for transfers to both digital assets and smart contracts. I think Skale chose sidechains because of the advantage of the small number of validator nodes used, which improves performance and reduces latency!
Such solutions allow Ethereum developers to have complete confidence in the security and scalability of their applications in Skale, by the way, Skale launched a limited mainnet as early as July 1, 2020. It is protected by validators who launched the testnet and went through the adaptation process!
Lesson Three: Validators and the Skale Manager
Decentralization in the Skale network works with a network of nodes that use random node assignments, node rotation, and node bids to create a unified validator that takes advantage of the entire network covering each independent chain. A scheme used by the network to randomly and frequently select nodes to facilitate transactions within chains. The chain size determines how many virtualized subnodes the chain will use.
Chains can use 1/128 (small), 1/8 (medium), or 1/1 (large) resources of each node. This means that each node in the skale network can be subdivided (containerized) into 128 subnodes that participate in the elastic chain validation process.
Skale validator partners:
Each of you can try to become a Skale validator today!
Next, briefly about the manager and how they help validators in the Skale network!
Skale Manager has the following responsibilities:
Measuring the performance of virtualized subnodes in the network.
Management and creation of elastic sidechains.
The Skale manager connects smart contracts with the Skale ecosystem. This contract manages all objects on the network, including the creation / destruction of the elastic sidechain, the creation / destruction of nodes, withdrawals and rewards.
How does the creation and destruction of a node take place?
The node is required to run the skale daemon, which must have hardware requirements. In order for a potential node to be qualified, after passing the verification stage, permission from the daemon sent to the manager is required. This is when a prospective node is added to a full or partial Ethereum node, the nodes announce the closure, the withdrawal is made after 2 days, and the node becomes inactive, thereby becoming a non-working node without paying a reward.
Lesson 4: SKL Token and Its Use
It's no secret that many are trying to make money in the cryptocurrency market by buying tokens of technologically significant projects for the crypto world, Skale will also be of interest to you in this regard!
If you are an SKL token holder you have easy access to purchase an elastic blockchain subscription to rent resources, so don’t hesitate, improve your Ethereum decentralized application right now! The skale network supports all major Ethereum token standards, including ETH, ERC20. ERC 777 and Dai. Cross-chain messaging as well as deposit boxes and token clones ensure the integrity and accuracy of token transactions with the Skale network.Also, the SKL token allows us to become a validator on the Skale network or send SKL tokens for staking, which was launched not so long ago, here is a detailed instruction. And another important function of the leaderless network is the governance vote - the economic functions of the Skale network require SKL for chain voting.
At the moment, only 8% of SKL tokens are in circulation, and here is information on unlocking the rest:
Skale network inflation:
Where can you buy SKL token?
Here is a list of exchanges and trading pairs:
In the long term, I think, if everything is built as beautifully as today, with the full launch of the Skale network, we will see a serious increase to the current price! After all, the project still has many unrealized ideas and hot announcements ahead.
Lesson 5: Outcome and Future Perspective
A project with such a number of advantages is worth a lot in the market:
1.Byzantine Fault Tolerant
The standard for security in distributed systems; BFT guarantees that the network can reach consensus even when up to one third of participants are malicious.
2.Asynchronous Protocol
Following the same model as the Internet, this protocol recognizes latencies of nodes and the network, allowing messages to take an indefinite period of time to deliver.
3.Threshold Signatures
BLS Threshold Signatures enable efficient interchain communication and support randomness in node allocation.
4.Leaderless Consensus
Leaderlessness mitigates the possibility of collusion amongst network participants by ensuring that each has an equal chance to successfully propose and commit new blocks.
If you look from the outside, then obviously the Skale team is doing a lot of work, not only in technical terms, but also in terms of building a community, AMA sessions are being held and Skale supporters are becoming more and more, and perhaps this idea has another year or two to grow fully, but it certainly won’t stop her from becoming one of the best friends for Ethereum!
In the early stages, many cool projects joined Skale:
Further, only more with such teamwork and the gradual development of the top 100 cryptocurrency market for Skale a matter of time!
The aim of this course is to introduce you to the idea of the Skale Network. The Skale Network is committed to providing and improving a high performance system and providing developers with experiences that offer speed and functionality without giving up security or decentralization. I hope I conveyed Skale's interests as accurately as possible for you, and if you're interested in learning more about Skale network, welcome:
Blog: https://skale.network/blog
Discord: https://discord.com/invite/uq3Nr6f
Facebook: https://www.facebook.com/SkaleNetwork/
Twitter: https://twitter.com/skalenetwork
Telegram: https://t.me/skaleofficial
