SKALE is an open-source, customizable blockchain network that equips users/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 SCALE 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 in nature. 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 SCALE network also supports Solidity, so developers can use the same tools and token standards on Ethereum Mainnet. They can even leverage the Web3 storage layer of the Scale network to store files on the elastic chain directly. Considering the SCALE network can handle 2000+ transactions a second and Ethereum can only execute 10-45, this project can be a prominent execution layer for many blockchains moving forward.
To add more utility value to the network, the team at SCALE labs plan to add two main extensions—storage and inter-chain communication. These are going to 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 in USD with 3,700+ purchasers. The SKL price was $0.03, and more than 167 million tokens were purchased.
In terms of token distribution, the Validator community gets more than one-third of the total supply with an annual issuance rate of 9.3%. Another 25% of SKL max supply is given to network supporters who take on different roles such as validators, delegators, and users of other side chains. For the founding team and employees, 20% is allocated, with a total vesting period of 5-6 years.
SKL price is expected to rise to newer high levels once decentralized applications gain more traction. The SKL charts are yet to show strong upside performance, given it's still a relatively new project. If the SKALE team continues to bring more blockchain developers to the network and adds scalability for other sidechains, the project price will follow suit.
On Jan 1, 2018, SCALE Network was founded by Jack O'Holleran and Konstantin Kladko. Jack is the CEO of the company. Before starting Scale, he spent over a decade building Aktana, a company dedicated to helping life science companies with their AI-enabled Contextual Intelligence Engine.
Stan is the CTO at SCALE labs. He has 18+ years of experience in cryptography and holds a PhD in Physics. At Stanford University, he founded a crypto startup called Ingrian Networks, which SafeNet later acquired.
The company to date has raised a total funding amount of $22.5 million over six rounds. The Initial Coin Offering helped raise 5 million, and the rest came from top investors from Korea, the US, and Europe. Arrington XRP Capital, Multicoin Capital, and Blockchange Ventures are few lead investors in recent funding rounds.