SKALE is an open-source, customizable blockchain network that equips users and developers with the right tools to create Ethereum-based DApps with high throughput and performance. SKL is the native ERC-777 standard token of the SKALE Network.
SKALE Network aims to reduce transaction fees and enable network participants with high throughput by introducing a scalable Web3 sidechain called SKALE chain. The architecture of SKALE is supported by SKL token holders and validators that run nodes.
The SKALE Network follows a proof-of-stake (PoS) consensus mechanism that is leaderless and asynchronous. SKALE solved the Ethereum scalability issue with a bridge called Interchain Messaging Agent (IMA), which enables transferring of tokens and messages. These transfers are secured using BLS Threshold cryptography.
It resolves technical problems and boosts any application's performance by creating an elastic sidechain that is EVM compatible and interoperable with Ethereum. SKALE manager is responsible for creating these sidechains. It exists on Ethereum Mainnet and handles all operations such as Node creation, withdrawals, and bounties.
The SKALE network also supports Solidity enabling developers to use the same tools and token standards on Ethereum Mainnet. They can even leverage the Web3 storage layer of the SKALE network to directly store files on the elastic chain. Considering the SKALE network can handle over 2000 transactions a second and Ethereum can only execute approximately 10 to 45, this project can be a prominent execution layer for many blockchains moving forward.
To add more utility value to the network, the team at SKALE labs plans to add two main extensions storage and inter-chain communication. These will enhance storage capabilities and message relays between multiple sidechains, respectively.
SKL is the native multi-purpose token of the Scale Network. It has a maximum supply of 7 billion. At the time of the network launch, 4.14 billion SKL tokens were released. SKL tokens were publicly sold on ConsenSys Activate, raising over 5 million USD with over 3,700 purchasers. The SKL price was $0.03, and more than 167 million tokens were purchased.
More than a third of the total supply of SKL tokens went to the validator community at an annual issuance rate of 9.3%. An additional 25% of tokens were given to network supporters, including validators, delegators, and users of other side chains. A further 20% was distributed to employees and the founding team, with a total vesting period of over 5 to 6 years.
The SKL price is expected to rise once decentralized applications gain more traction. Furthermore, the project price could follow suit if the SKALE team continues to bring more blockchain developers to the network and add scalability for other sidechains.
On Jan 1, 2018, SKALE Network was founded by CEO Jack O'Holleran and CTO Stan Kladko. Before starting SKALE, O'Holleran spent over a decade building Aktana, a company dedicated to helping life science companies with their AI-enabled Contextual Intelligence Engine.
Kladko has over 18 years of experience in cryptography and holds a Ph.D. in Physics. At Stanford University, he founded a crypto startup called Ingrian Networks, which SafeNet later acquired.
SKALE has raised a total funding amount of $22.5 million over six rounds. The initial coin offering helped raise 5 million, with the rest coming from top investors from Korea, the US, and Europe. Arrington XRP Capital, Multicoin Capital, and Blockchange Ventures are a few investors in recent funding rounds.