About Skale Network blockchain platform. Crash Course
Lesson 1. General information
Some decentralized platforms are striving to create a flexible environment to build and scale applications based on the Ethereum blockchain. One of these platforms will be discussed in this article. Today I will tell you what Skale is and how it works.
Skale is a new blockchain project. The Skale platform is positioning itself as a flexible blockchain for creating productive and scalable decentralized applications (dApps) based on Ethereum. Skale allows you to develop, configure and run your own dApps in a decentralized modular cloud.
Skale also provides a solution by which developers can create sidechains for specific applications, secured by blockchain validators, and accelerate smart contract development.
Lesson 2. How it all works
With the help of sidechain, applications can access third-party blockchains and their dApps in order to improve performance or security, for example. Skale interacts with the Ethereum blockchain through the SKALE Manager smart contract. SKALE Manager exists on the Ethereum mainnet and serves as the entry point for all other smart contracts in the SKALE ecosystem. This contract manages all objects on the network, including:
· Node creation
· Node destruction
· Elastic Sidechain Creation
· Virtualized Subnode Shuffling
· Elastic Sidechain Destruction
· Bounty Issuance
To reward good behavior among network members, SKALE follows a Proof-of-Stake system, whereby each node must stake a certain amount of SKALE tokens (make a stake). We’ll talk more about steak later.
Also, the Skale protocol provides for the possibility of delegation. Users can delegate their tokens to any node that does not have a maximum of tokens and receive steak rewards.
The SKALE network offers elastic sidechains made up of virtualized subnodes that participate in block creation and commit using an asynchronous leaderless protocol and provably secure protocol. This protocol was designed to demonstrate robustness in the event of a virtualized subnode downtime, where each hidden / non-functional virtualized subnode is treated as a slow connection.
SKALE is currently using a variant of Moustefaoi et. consensus as it provides a number of very desirable and necessary properties for a truly decentralized high bandwidth network. This protocol provides a leaderless, asynchronous, fault-tolerant network.
For the application (dApp) to work, it needs to get the computational resources provided by the validators. Validators play a key role in the security of the Skale blockchain network. The protocol allocates the resources of the validators and optimizes them to achieve the best efficiency of the blockchain network.
You can read more about all the technical features here .
Lesson 3 About SKL Token
The Skale token is a token that allows you to work in the network as a validator, receive rewards for a stake, and rent capacity.
Application developers pay a monthly fee in SKL tokens to gain access to the resources of the blockchain platform.
Validators place SKALE on the network and then get the right to launch nodes and earn both commissions and tokens through inflation. Delegators can delegate their tokens to validators and receive rewards.
Here is a detailed token distribution diagram:
Project tokens are traded on leading exchanges, for example, Binance, Huobi. According to statistics from CoinmarketCap, there are 564,166,667 SKL on the market now. The maximum offer is 7,000,000,000 SKL.
Tokens are issued on the Ethereum platform in accordance with the ERC-777 standard, which, unlike ERC-20, allows not to delegate tokens directly to the validator, but to transfer only a secure delegation key. At the same time, the SKL tokens themselves remain in the crypto wallet of the holder.
Lesson 4 Validators
Validators add new blocks and confirm transactions, receiving rewards in SKL tokens. In order to receive rewards, it is not necessary to run your own validator: it requires a lot of costs and technical experience. Holders can delegate their tokens to validators and receive rewards without having to run their own validator node.
Validator rewards are distributed evenly across the network of nodes; validators maximize rewards based on achieving performance goals.
SKALE is an Ethereum-compatible, leaderless consensus network designed to run on an unlimited number of independent nodes, each of which will provide resources to multiple high-performance decentralized elastic blockchains.
SKALE protocol optimizes resource allocation of each node across the entire elastic blockchain network.
SKALE is a POS network that uses a working token. Setting up and placing nodes is simple and takes only a few steps.
You can sign up for validators here.
The SKALE network has an extremely strong set of validators. These validators range from seasoned network operator teams to seasoned crypto miners and seasoned ETH developers with all the intermediate combinations.
SKALE validators have mining and validation experience for a range of Proof of Work (PoW) and Proof of Stake (PoS) networks, including ETH2, Cosmos, Terra, Solana and many more. They are well versed in network operations and understand the importance of reliability and uptime to support a decentralized network. This includes years of experience setting up and orchestrating complex infrastructure, as well as solid experience with Ethereum and EVM. Collectively, SKALE validators operate around the world.
Early SKALE validator partners:
Lesson 5. Staking
What is staking?
Steak is the process of blocking tokens in a cryptocurrency wallet to directly support the security and performance of the decentralized network. It is the mechanism by which consensus is determined in the Proof of Stake network. In return for placing their tokens, participants receive rewards.
SKL token holders can place bets on their tokens to verify transactions and protect the SKALE network. DApps developers can access a portion of the network resources by deploying and renting an elastic sidechain by paying rent to SKL.
To place bets on the Skale network, token holders can either stake their tokens using a validator of their choice, or use their own stake validator. In exchange for maintaining the security and resiliency of the network, members are rewarded monthly as a percentage of SKL’s reward pool. The reward pool consists of aggregate protocol reward issuance rewards and application fees. The amount of rewards received by the stakers is proportional to the total number and duration of the staked tokens.
You can find step-by-step instructions on staking here.
Summarizing the above, we can conclude that the Skale team has come a long way and achieved great success. Skale offers a unique and desirable technology. The project was supported by leading funds, strong validators. The project has an excellent community and great prospects.
Official site: https://skale.network/
Twitter: https://twitter.com/SkaleNetwork
Skale blog: https://skale.network/blog
