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Everything you need to know about SKALE blockchain and SKL cryptocurrency

BingMag.com <b>Everything</b> <b>you</b> <b>need</b> to <b>know</b> <b>about</b> <b>SKALE</b> <b>blockchain</b> and <b>SKL</b> cryptocurrency

SKALE consists of an unlimited number of blockchains that are modular, fast and secure and work seamlessly with the Ethereum blockchain. blockchain software developers can take advantage of Ethereum's high security by transferring their DeFi projects to SKALE chains while achieving high throughput and near-zero fees.

Introduction

Introductionh2>

Popular blockchains that see increasing user and developer activity often reach their speed and capacity limits. At the same time, a hassle-free user experience is essential for the blockchain community to build a Web3 future. SKALE is one of the projects built to support the potential growth of decentralized applications (DApps) on the Ethereum network.

What is SKALE?

SKALE is a mixed layer network. One and two is modular, consisting of scalable and interconnected blockchains. This system enables developers to transfer their projects from the Ethereum network to one of the blockchains managed by Skill, so that they can achieve the highest throughput with close to zero fees.

In 2018, the province Cladko and Jack Holleran launched the Scale project. Skill was designed to improve the overall experience in the blockchain space, aiming to make blockchain applications faster, easier and free for all users. Using EVM (Ethereum Virtual Machine) compatible blockchains, SKALE has created a fee-free ecosystem to support the development of NFTs, games, centralized non-applications, etc.

SKALE How it works Does it?

BingMag.com <b>Everything</b> <b>you</b> <b>need</b> to <b>know</b> <b>about</b> <b>SKALE</b> <b>blockchain</b> and <b>SKL</b> cryptocurrency

SKALE, while having its own consensus mechanism, is integrated with The Ethereum network works. The scheme leverages ETH's Proof-of-Stake (PoS) network and combines it with the Scale system, which enables high-speed, secure, and virtually fee-free transactions. It also benefits from DeFi and Web3 applications in terms of cost and performance and helps Ethereum's ability to increase mass scalability. Is. There may be a number of scale chains that can function as an independent blockchain. These blockchains are interoperable and compatible with EVM, which means that users can deploy their Ethereum smart contracts directly on the Scale chain and benefit from high throughput and low network latency. Developers can use the Skill chain to run smart contracts, decentralized storage, run aggregator contracts, etc.

Skill has also modified the Ethereum Virtual Machine (EVM) functionality for smart contract use cases. has increased For example, users can implement scale chain with a file storage smart contract to store larger files on network nodes. The inter-chain messaging capability also enables the transfer of tokens and NFTs in different SKALE chains.

In SCALE, each blockchain is adjustable. Users can adjust the chain size, consensus protocol, virtual machine, blockchain print and various security settings according to their needs. The network is expected to grow to support other blockchains besides Ethereum. To use the SKALE chain, developers must pay a network subscription fee, which is delivered via a smart contract on Ethereum, and the costs are shared with SKALE's creditors and community.

SKALE Network )

Skill uses a network of decentralized nodes to create a hybrid security system. Each node provides resources for multiple SKL chains, including storage, update time, and latency, and provides node owners with an interface for withdrawing, depositing, staking, and lending SKL tokens. Each SKALE chain added to the network can create more capacity while integrating security resources with other side chains.

The SKALE network consists of SKALE Manager and SKALE Nodes. The SKALE Manager exists on the Ethereum mainnet and is the entry point to other smart contracts in the SKALE ecosystem that support the creation and destruction of SKALE chains.

SKALE nodes are run by users who have a predetermined amount of tokens. Share SKL on Ethereum and meet network hardware requirements. Once accepted into the network, they can support one or more SKALE chains. SKALE Manager randomly assigns each node to a group of 24 peer validators to ensure decentralization. Peers will then check the time and delay of the node. Based on their performance at the end of each networking period, they earn SKL tokens as a reward.

SKALE nodes use a virtualized subnode architecture to allow each node to run multiple SKALE chains simultaneously. Virtual subnodes are designed to be dynamically scalable to facilitate network flexibility. Virtual subnodes are also responsible for implementing SKALE EVM, SKALE consensus and inter-chain communication.

SKL cryptography

BingMag.com <b>Everything</b> <b>you</b> <b>need</b> to <b>know</b> <b>about</b> <b>SKALE</b> <b>blockchain</b> and <b>SKL</b> cryptocurrency

SKL is the native currency and token of the Skill network and has a total supply of 4.27 billion tokens. Skill is an ERC-777 (Ethereum Platform Token Standard) token that is compatible with the ERC-20 standard. Instead of blocking capital in smart contracts, users can share SKILL with a key on behalf of their wallet.

SKILL token is used for intra-network payments, including SKILL chain subscription payment. Takes. Holders of this token can use Skill as a verifier and earn rewards. As verifiers, they can verify transactions by executing nodes, execute smart contracts, and secure the Scale network. This allows them to receive the skill reward from the skill chain subscription fee.

Furthermore, token holders are allowed to participate in the management of the skill network. Through on-chain voting, they can determine the economic parameters of SKALE and the future development path of this token.

How to get SKL?

You can buy SKALE token (SKL) on exchanges Buy digital currencies like Binance.

1. Log in to your Binance account and click [Trade] [Spot].

2. Search for SKL to see available trading pairs. We will use SKL/BUSD as an example.

3. Go to the [Spot] box and enter the amount of SKL to buy. In this example, we use the Market command. Click on [Buy SKL] and the purchased tokens will be deposited into your Spot wallet.

Disclaimer: Binance exchange has banned users with Iranian identity all over the world and any circumvention of authentication procedures It may cause you to be blocked or lose your capital.

Summary

The use of decentralized applications is increasing and Skill has the potential to be a multi-network. A dynamic chain grows exponentially. By providing high throughput, low cost, and low latency for transactions, Scale can be a solution to the scalability problem in the Ethereum network.

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Source: Binance Academy

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