SKALE Network (SKL) Complete Guide & Review About WazirX

SKALE Network (SKL) Complete Guide & Review About WazirX

About SKALE Network (SKL)

SKALE Network (SKL) is an open source Web3 platform intended to bring speed and configurability to blockchain. SKALE Network is the project by N.O.D.E. Foundation – the Liechtenstein Foundation that aims to advance development of Web3 technologies and make decentralized web more user friendly and accessible for developers, validators, and end users

SKALE Network (SKL) N.O.D.E. Foundation partners with SKALE Labs, and other top entities and investors around the world to facilitate development of SKALE Network. SKALE Labs is the core team involved in creating the technology specs, creating the code, and growing use and awareness of the network. SKALE Labs is headquartered in San Francisco, California.

SKALE Network (SKL) is an open-source on-demand Web3 cloud platform designed to scale Ethereum Apps. The Network enables App developers to access validator-operated nodes’ compute power to run fast, containerized, EVM-compatible SKALE Chains. Validators run and maintain SKALE Nodes, providing distributed computing power to the Network. The entire SKALE Network is managed by SKALE Manager, a App deployed on Ethereum Maine. Network users such as validators, delegators, and App Developers SKALE (SKL) tokens to stake and access network services.

SKALE Network (SKL) Storage Key Points

Coin BasicInformation
Coin Name SKALE Network
Short Name SKL
Circulating Supply958,853,025.00 SKL
Total Supply4,072,194,681
Source CodeClick Here To View source code
ExplorersClick Here To View Explorers
Twitter Page Click Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project Website Click Here To Visit Project Website

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Build on SKALE

SKALE Network (SKL) Apply to the SKALE Innovator Program and run solidity smart contracts thousands of times faster at a fraction of the main net cost. Many Apps are already running smart contracts on SKALE’s elastic sidechains. These include games, content streaming services, TCR-based platforms, and more. The SKALE Innovator Program Includes: Strategic Consulting, Engineering Support, Quality Assurance checks, and more.

SKALE Network Validators

SKALE is an Ethereum-compatible network with a leaderless consensus designed to run on an uncapped number of independent nodes, each of which will be providing resources to multiple high performance decentralized elastic blockchains. The SKALE Protocol optimizes allocation of resources of each node across the entire network of elastic blockchains.

Validator Rewards are distributed evenly across the network of nodes; validators maximize rewards based on meeting performance targets. SKALE is a POS network that utilizes a work token. Node setup and staking is simple and takes only a few steps.

Secure & Decentralized

SKALE Network (SKL) Elastic blockchains are highly performant, decentralized, configurable, Ethereum compatible, and use the latest breakthroughs in modern cryptography to provide provable security

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.

Asynchronous Protocol

SKALE Network (SKL) 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.

Threshold Signatures

BLS Threshold Signatures enable efficient interchain communication and support randomness in node allocation.

Leaderless Consensus

SKALE Network (SKL) Leaderlessness mitigates the possibility of collusion amongst network participants by ensuring that each has an equal chance to successfully propose and commit new blocks.

Native to Your Existing Workflows

SKALE Network eliminates unnecessary complexity so that you can speed up your dApps and smart contracts in no time with essentially no additional coding. Use your existing deployment script (for example — truffle, as in this code sample) and just change 2 lines of code to deploy your solidity smart contracts to a configurable decentralized elastic sidechain.

Skale Manager

SKALE Network (SKL) Manager exists on the Ethereum mainnet and serves as the entrypoint to all other smart contracts in the SKALE ecosystem. This contract manages the orchestration of all entities within the network, inclusive of Elastic Sidechain creation / destruction, Node creation / destruction, withdrawals, and bounties

SKALE Admin Service

The SKALE Admin Service serves as the human-facing interface for virtualized subnodes with the SKALE Manager (located on the Ethereum Mainnet). Functionality shipping with this interface includes the ability for nodes to see which Elastic Sidechains they are participating in as well as the ability to deposit, withdraw, stake, and claim SKALE tokens. Because virtualized subnodes within nodes are appointed randomly to participate in 9 Elastic Sidechains, there is no interface for being able to join / leave Elastic Sidechains within the network.

Node Monitoring Service

SKALE Network (SKL) NMS (Node Monitoring Service) is run on each SKALE Node and facilitates the performance tracking of each of that node’s peer nodes. Performance tracking is measured in both uptime and latency through a regular process which pings each peer node and logs these measurements to a local database. At the end of each Elastic Sidechain epoch, these metrics will be averaged and submitted to the SKALE Manager which will use them to determine the payout to each node.

SKALE Token

The SKALE token is a hybrid use token which 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 for a period of time as a developer. Users pay SKALE in a subscription-model to rent these resources (computation, storage, bandwidth) for a predetermined amount of time in the form of an Elastic Sidechain. Validators stake SKALE into the network and then gain the right to run nodes and earn both fees and tokens via inflation. Delegators may delegate their tokens to validators and earn rewards.

Core Team

SKALE Network (SKL)