What is SKALE Network (SKL)?
SKALE —— A Layer-2 Elastic Sidechain Network for Ethereum
- SKALE is an layer 2 elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum.
- The philosophy behind the development of the SKALE Network is directly in line with the view of employing multiple elastic sidechains. In addition, SKALE is providing architecture that can deploy best in class research around scaling tech such as Rollups, state channels, and other methods.
- SKALE Labs, Inc. is the core team supporting the SKALE Network, founded by Jack O’Holleran and Stan Kladko, both serial entrepreneurs.
- SKL is the ERC-777 native functional token of SKALE Network, can be used for Security and Staking; Payment; Rewards; Governance and Voting.
SKALE Network Key Metrics
SKALE Network, an open source, decentralized, elastic blockchain network protocol. The mission is to make it quick and easy to set up a cost-effective, high-performance sidechains that run full-state smart contracts that are instantly compatible with Ethereum. The goal of the network is to deliver a performant experience to developers that offers speed and functionality without giving up security or decentralization.
SKALE chains can execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts in addition to decentralized storage, execute Rollups, and machine learning in EVM. The SKALE Network is an open-source project with many contributors including SKALE Labs, Inc.
SKL is the ERC-777 native functional token of SKALE Network, and has the following use cases:
- Security and Staking: SKL token holders or delegators stake their tokens to validators. These validators operate the SKALE Network by verifying blocks, executing smart contracts, and securing the network. As validators, they receive SKL crypto rewards for their efforts.
- Payment: Developers use SLK tokens to pay for Elastic Sidechain subscriptions.
- Rewards: Both delegators and validators receive SKL crypto premiums derived from the subscription fees paid by developers and the inflation of tokens into the network.
- Governance and Voting: The SKL token facilitates on-chain voting, which controls all economic parameters on the SKALE Network.
SKALE Network Project Team
SKALE Labs, Inc. is the core team supporting the SKALE Network, its offices are in San Francisco, CA and Kharkiv, Ukraine. The SKALE Labs investors include Blockchange, ConsenSys Labs, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia VP, Winklevoss Capital, and more.
SKALE Labs was founded by Jack O’Holleran and Stan Kladko, both serial entrepreneurs. They have consciously built a core team that is filled with experienced software engineers, product marketers and operations people. As a part of the process, they have made a concerted effort to create a team that is gender and ethnically diverse.
Jack O'Holleran is Co-founder and CEO of SKALE Labs, and a veteran entrepreneur with a deep background in machine learning, AI, security and blockchain. Jack also was a founder at multiple Silicon Valley enterprise technology companies. He holds a BS from the University of Nebraska.
Konstantin “Stan” Kladko is Co-founder and CTO of SKALE Labs and brings 19 years of experience in cryptography and enterprise infrastructure technologies. He has founded several Silicon Valley venture backed startups and founded and ran a US government certified crypto lab for 7 years. Stan has a Ph.D. in Physics from the Max Planck Institute for Physics of Complex Systems, Germany.
SKALE Network Project Highlight
The SKALE network has three main features: Elastic sidechain; Validator node pool; BLS Rollup
The elastic sidechain means that developers can set the network specifications (large, medium, small), transaction throughput, storage capacity and other resources of the sidechain according to their own needs. In addition, the resources configured on the side chain can also be seamlessly modified in real time with the development of the dApp business.
2) Validator node pool
Generally speaking, in order to improve network performance and reduce latency, traditional side chain schemes will use a small number of verification nodes, but this will bring risks to the security of the network.
In the SKALE network, there is a validator node pool, which contains a large number of nodes, which can be randomly assigned and frequently rotated to provide more guarantee for the security of each elastic side chain.
3) BLS Rollup
The core idea of BLS Rollup is to compress transactions, that is, to compress the size of ETH transactions through an encryption algorithm called aggregated BLS signatures. For example, after a 100+byte ETH transaction is processed by the BLS Rollup technology, it will probably be compressed to a size of 12 bytes. In this way, BLS Rollup can increase network throughput while greatly reducing user gas costs.