Crash Course on SKALE
Introduction
Looking at the crypto space today you will notice that a lot of ground breaking project has emerged over the years, with their technology and use cases. while majority of them are scam are not trust worthy, so i ve decided to introduce to my audience this crash course condensed 9mins read to explain about SKALE technology, SKALE use cases, SKALE early partners, SkALE network validators and major SKL exchange listing
WHAT IS SKALE NETWORK
The SKALE Network is a high-throughput, low-latency, configurable byzantine fault tolerant, elastic blockchain network, which is compatible/interoperable with Ethereum. The initial and primary use case for this network will be in form of elastic sidechains for the Ethereum Blockchain. In this context it can be described as an ‘Elastic Sidechain Network’.
The SKALE Network offers a decentralized cloud for the provisioning and deployment of high-throughput low-latency elastic sidechains. These elastic sidechains are compatible with the Ethereum Virtual Machine (EVM) and offer configurable resource settings that include network size, transaction throughput, storage capacity, and enhanced security features. Elastic sidechains in the SKALE Network are operated by a group of virtualized subnodes selected from the larger set of nodes in the network.
SKALE TECHNOLOGY
The SKALE Network has proved to be the security/execution layer that binds with the Ethereum network and lets developers build their projects with great speed and with better performance. Also Its a decentralized and elastic blockchain network that supports thousands of independent blockchains, sidechains, storage chains, and other types of subchains all connected to the Ethereum public mainnet.
SKALE chains has the capabilties to 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 comprised of thousands of independent validator nodes which will offer the security guarantees of a Layer 1 blockchain network but use resources in a more efficient, performant, and versatile manner. One thousand validators in the SKALE Network, for example, can support 8,000 independent chains. These chains could range from the smallest of sidechains to very large public and private blockchains — each operating with low latency, lower transaction costs, higher transaction throughput and great speed.
Key features of the SKALE Network include:
- Zero to Near-Zero Gas Fees
- Random Node Selection/Frequent Node Rotation
- Virtualized Subnodes
- Containerized Validator Nodes
- Consensus via Asynchronous Binary Byzantine Agreement (ABBA)
- BLS
- Node Monitoring
- Ethereum Interoperability
SKALE USE CASES
One the key characteristics of a meaningful project is mostly its use cases and ability to connect with real life applications. it has been proven that those with good use-cases outlasts and out perform other projects that are only based on hype.
Most of the developers building on SKALE have benefited from the side chain and it includes include increased transaction throughput, faster transaction finalization, and reduced transaction costs. The benefits of sidechains can also facilitate the development process by accelerating app development and the introduction of new features.
The main proposed use cases of SKALE include DeFi, Predictive Markets, Online Gaming, Collectible Cards, Media Streaming, Data custody and privacy. There are certainly many more but the approaches taken here are applicable to almost any decentralized solution.
Use case #1: Decentralised finance (DeFi)
Decentralized finance, also known as DeFi, is a fast-growing sector of the cryptocurrency industry. While cryptocurrency coins facilitates a decentralized store of value separate from any government-backed fiat currency, DeFi creates decentralized financial instruments separate from traditional centralized institutions.
Although DeFi is still tiny when compared to the global economy, but DeFi has seen rapid growth in 2020. In early 2019, there was only $275M of crypto collateral locked in the DeFi economy. By February 2020, that number had grown to $1B, and it has continued to grow impressively throughout the year, hitting $2.5B in early July, $3B by mid July, and $4B on 25 July. This growth shows that there is significant interest in DeFi from within the crypto community.
One of the Dapps building on the SKALE Network showed how digital currency can transform a product category and change an existing model. The developer is an events solutions provider that is using cryptocurrency as a way for attendees to not only pay a dime for events but also to reward them for their participation in the form of payouts based on the success of the event.
This development team is using the SKALE Network to change the way people run, attend, and profit from events. They are essentially crowd-sourcing events — getting attendees to put up funds in advance in return for potential proceeds based on the success of the event. In the case of a profit from the sale of merchandise, food and drink, tickets, media rights, and other revenue sources, these early attendees/sponsors would be paid out based on an agreed upon rate schedule. With this model, attendees have an incentive not only to attend the event but also to drive people to it and increase its success. for more information read here
Use Case #2 — Trustless Sports Betting/Prediction Markets
Blockchain technology has aided the smooth and easy running of some sectors, Blockchain-based sports betting has proven to be another promising Dapp category and a logical user of elastic sidechains. The major benefits in this situation are the low transaction fees made possible by sidechains as well as faster transaction speed.
Sports betting is still a growing market and the expansion of betting to other segments such as esports is bringing in new participants. In esports alone, studies predict that more than $23 billion will be wagered by 2020. New services should strive to create easier and more positive experiences for the benefit of these new bettors joining the scene.
A development team working on the SKALE Network that has created a sports betting Dapp that uses the Ethereum network to increase transparency into the betting process. It uses Dai as the currency within its operations and lets users place wagers on various sports including the NFL, NBA and NHL.
SKALE network can offer real benefits to sports betting, Here are the key advantages that this technology brings to the table.
- more security
- more trust
- ensure fair waging
- prevent potential mistake
Fortunately, SKALE technology has the ability of bringing the above advantages to work through their elastic blockchain
Use Case #3 — Online Games
Online Gamers have long found certain aspects of gaming to be annoying and discouraging. But now that blockchain technology is here, they’ve begun to identify ways that blockchains might be able to solve some of the biggest shortcomings of online gaming to make the experience fun and potentially more profitable for everyone.
Gaming is a huge market. PwC projects that China’s video game market alone will bring in $34.9 billion in 2023. U.S. video game revenue is projected to top $30 billion that year. And part of what drives the gaming market is the surprisingly large market for virtual items.
One of the game developers building on the SKALE Network is building a strategy war game where players can build empires and battle with other players. All of the player actions are stored on one or more SKALE sidechains for transparency as well as to serve as validation that players own their land, armies, and other game assets. This developer wants the game actions to be fast for players as they build out their worlds and execute their conquering strategies. Their main goal is to make the blockchain-based game look, feel, and perform the same as any other massively multiplayer online real-time strategy game such as World of Warcraft, Final Fantasy, or Starcraft.
Though most of the shortcomings of online blockchain gaming includes high latency, lagging and secure of In-game asset but Game developers that has identified the uniqueness of SKALE network are using its tech to address these shortcomings,record the moves and the game states in order to maintain fairness of the game. The recording of events is not as simple as it seems. The game play can be quite complex which results in smart contracts typically having many lines of code.
Use Case #4 - Collectible Games
A collectible card game, also called a trading card game is a game played using specially designed sets of playing cards. While trading cards have been around for longer, collectibles cards combine the appeal of collecting with strategic gameplay. The first modern concept of Collectible cards games was presented in Magic: The Gathering, created by Richard Garfield and published by Wizards of the Coast in 1993. Another earlier game that might be described as a collectible card game was The Base Ball Card Game produced by The Allegheny Card Co. and registered on April 5, 1904.
One developer utilizing the SKALE Network is building an Ethereum-based angel battle game. In their game, cards are able to gain new attributes such as adding new armor, gaining new offensive capabilities, or obtaining new strategic powers. These added strengths make the card more valuable to others and are reflected and maintained via the token. The use of a scalable execution layer, however, reduces both transaction latency and gas fees. By using the SKALE Network, Dapps can get to sub-second transaction times and seamless game play all the while maintaining the security and transparency along with the other advantages that an EVM-compatible ledger can provide.
Use cases #5 Content Streaming
Content streaming is poised to play a vital role in the emerging Blockchain world: gradually online content has exploded, video-streaming has become the most essential way to watch movies and videos online. Blockchain will enable this trend.
Today, the majority of efforts in the video storage, computing, encoding, networking and streaming categories are led by three dominant brands: Amazon Web Services, or AWS (34 percent), Microsoft (11 percent) and Google Cloud (8 percent). AWS is so big that it generates the major portion of Amazon’s profits — some $10 billion-plus in annual revenue,
According to TechCrunch
One of the teams building on the SKALE Network is making music accessible on a massive scale,thereby enjoying the censorship-resistant nature of blockchain to circumvent restrictions on certain genres or styles. Just as with a centralized solution, listeners can play songs, add them to playlists, share them, like them, follow artists, and more. Artists are able to create their own pages, upload their music, and get paid directly from the people that play their music — all managed on the Ethereum Network and within elastic SKALE chains.
Another advantages of using multiple sidechains is the improvement in development agility. By modularizing efforts into subteams working on separate sidechains, teams can largely work independent of each other. In situations where workflows overlap, SKALE’s interchain messaging can be used to move events across chains and also across the Ethereum mainnet. The development of this type of app in this manner begins to look like a set of microservices although in this case, it is done using a decentralized security and execution layer.
Use case #6; Data custody and privacy
Currently companies working on the SKALE Network is building a protocol for trustless data custody and privacy. This protocol features two micro-services, one for decentralized session and data transport management and other for access rights management.
These projects are taking full advantage of the SKALE Network technolgy to allow for a fast, secure, and economically viable protocol. Without high throughput, quick finality, and zero gas fees, this type of infrastructure protocol is impractical. Using SKALE as their execution layer, this protocol can easily be layered into applications and be used by other protocols to build in decentralized network security and data management capabilities.
SKALE EARLY PARTNERS
Above are the early the SKALE partners.
SKALE Network Validators
The SKALE Network is fortunate to have an extremely strong set of validators. These validators range from experienced network operations teams to experienced crypto miners to experienced ETH developers
SKL Exchange listing
After 3 years of hard work, a fully decentralized Mainnet Launch on October 1st, and 2 full epochs of the SKALE Mainnet running in a fully decentralized manner, the SKL token is ready to go liquid. We are very excited to see such energy and excitement around the token listing as the SKL token is what drives SKALE’s economics through work, pay, and security incentives.
by JACK O’ HOLLERAN, CO-FOUNDER/CEO
Here are major exchanges SKL was listed on December
- SKL was listed on Binance on December 1st
- SKL will be listed on Huobi on December 1st
- SKL was listed and ready for swapping on UniSwap
SKL token has been also listed on other exchange for example Gate.io etc
SKALE network through their ground breaking technology have gained the attention and interest of many developers. Today, over 50 dApps are currently building on SKALE, ranging from games to DeFi to streaming audio and more. There are also credible validators and early partners who formed the foundation of SKALE NETWORK,
this crash course is designed to throw light on the developments of SKALE network, i believe the reader understands the vision and mission of skale network.
