Snapshot:
- What is SKALE Network (SKL)?
- Who are the founders of SKALE Network?
- How does SKALE Network work?
- Key Attributes of SKALE Network
- How to buy SKALE Network (SKL) in India
What is SKALE Network (SKL)?
SKALE is described as an elastic network that’s designed to bring scalability to the Ethereum blockchain. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made at less gas fee. SKALE enables developers to deploy their own EVM blockchain in minutes with enhanced performance without sacrificing security or decentralization. SKALE has unlimited capacity. Capacity grows as new nodes join the network.
Who are the founders of SKALE Network?
SKALE Network was founded by Jack O’Holleran; a technology entrepreneur who specializes in blockchain and decentralized systems and Stan Kladko; a Ph.D. in Physics and a technology executive for 16 years in San Francisco’s Silicon Valley.
How does SKALE Network work?
SKALE’s advanced cryptography and pooled security model enable speed and decentralization without sacrificing security, allowing developers to deliver an exceptional experience to end-users free of any gas fees or latency.
Key Attributes of SKALE Network
Ethereum Native: SKALE is interoperable and has been built in an integrated manner with ETH. This integration works together to bring security and reliability to the SKALE Network along with creating a shared revenue stream with Ethereum.
Linear Scaling: The SKALE Network has unlimited capacity; that grows as new nodes join the network. Differing from the monolithic L1s, new nodes within the SKALE Network can be utilized to create new chains that will increase the throughput and computational power across the whole network.
Fun Fact: 100 Chains can process 12,000 TPS. 1000 Chains can process 120,000 TPS.
Collusion-Resistant: SKALE is a multichain network made of many chains that pool security. SKALE chains do not share performance but share security across validator sets. Each validator node has the ability to run concurrently on 8 chains. Nodes are randomly assigned and rotated to create optimal collusion resistance.
Eco-Friendly: SKALE is the most eco-friendly and green blockchain that has the ability to run at a global scale. Proof-of-Stake consensus combined with cutting-edge containerization enables optimized resource allocation of SKALE. Thus, SKALE’s energy is allocated appropriately and is never wasted.
On-chain File Storage: SKALE enables dApps to store files locally on-chain which helps in opening up new Web3 use cases. Full websites, applications, and AI/ML technology can integrate directly on-chain. NFT images can be stored on-chain rather than in centralized cloud hosting platforms.
Instant Finality: Blocks on the SKALE Network have instant finality on the SKALE Chains. This removes any issues from MEV, time bandit attacks, and chain re-org which have plagued blockchains of the prior generations with latency and slow finality.
What sets SKALE Network apart?
The SKALE network supports an unlimited number of independent blockchains with zero gas fees, instant finality, and high transaction throughput. SKALE is the first live blockchain with Linear Scaling. As more nodes join the network, the capacity of the network also grows.
Proof-of-Stake consensus combined with cutting-edge containerization enables optimized resource allocation of SKALE to compute which means energy is allocated appropriately and never wasted.
How to buy SKALE Network (SKL) in India
Use this three-step process to buy your first SKALE Network token using the CoinDCX crypto investing app in India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy SKL on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy SKL: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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