Blockchain space presents many challenges that need to be met; one of the key obstacles is scalability.
SKALE Network helps address this problem by enabling developers to build customizable sidechains that are fast, secure and cost-effective – freeing Dapp developers of expensive gas prices caused by Ethereum network congestion.
1. Scalability
SKALE is helping address a key blockchain challenge, namely high gas fees and lack of scalability, that most ETH-based developers face when creating decentralized applications (dApps).
To address this challenge, SKALE has implemented a pooled validation model on their network that ensures security through an extensive array of validator nodes that work together with smart contracts that run on Ethereum mainnet to validate transactions within SKALE Chains.
The SKALE Network utilizes Solidity, an easy to learn smart contract language used on Ethereum Virtual Machine, so developers can build smart contracts using familiar syntax without learning something completely foreign.
These solutions allow enterprises and businesses to use existing infrastructure and technologies more effectively, ultimately cutting costs, speeding time-to-market, and increasing productivity.
SKALE provides developers with various tools, including an integrated development environment and APIs, that enable users to develop smart contracts on the SKALE Network and deploy them.
SKALE is continually working to enhance its network through upgrades that increase scalability. For example, its Denali upgrade allows DApps to run with half second block times while improving smart contract performance and providing gasless transactions.
2. Interoperability
Interoperability, or the ability of various blockchains to exchange information and assets among themselves, remains an obstacle for blockchain community members. This may become problematic when users wish to move tokens between platforms or businesses need to transfer value between various blockchain networks they utilize.
The SKALE Network was introduced by co-founders Stan Kladko and Jack O’Holleran to address this problem in 2018. Operating on top of Ethereum blockchain, this layer-2 network helps speed transactions faster while decreasing fees.
One of the key advantages of SKALE for Dapp developers is its Elastic Sidechain (ESC) creation capability, connected to Ethereum through smart contracts, that they pay for through subscription to the SKALE Network. These ESCs provide Dapps with faster transactions while also helping mitigate congestion costs on Ethereum network.
Developers operating Dapps during peak hours when gas prices spike can face major hurdles when trying to access the main Ethereum network for launch new features that require access.
For these issues, SKALE has devised an ingenious solution. Their team has designed a system of validator nodes which are randomly distributed between chains in the network.
Every validator node is responsible for executing smart contracts and validating blocks, using an advanced virtual machine with industrial-grade hardware capabilities.
These nodes have access to the entire network’s security pool, protected by several layers of software. They also connect to a global database containing all SKALE validators and are constantly monitored for any malicious activities or breaches of network rules; any instances in which such nodes may impact other nodes negatively may lead to suspension from or removal from the network altogether.
3. Security
SKALE provides developers with a network that has security characteristics similar to Ethereum while offering superior scaling properties compared to traditional Layer 2s, helping address this challenge head on.
SKALE Network utilizes the pooled security chain model, where each chain shares security with other SKALE chains for enhanced user experience and data availability, capital efficiency and performance measures like short block times with instant finality.
SKALE Network uses smart contracts running in the mainnet to ensure all payments and token inflation occur via Ethereum rather than any sidechains, making it difficult for bad actors to coerce validators on such chains to change its state in any meaningful manner.
As an example, validators on a SKALE sidechain must hold at least $23M of $SKL tokens (roughly equivalent to $100 million USD tokens) staked into their network in order to operate as validators; this ensures any bad actor would need to bribe two thirds of network nodes to gain control, making control much harder to achieve than with just one node controlling all nodes on one blockchain network.
SKALE also offers a Developer Program designed to speed the creation of Dapps by providing white-glove assistance, helping developers launch faster with less risk – an integral element for the long term success of SKALE.
4. Reliability
SKALE network was specifically created to address the challenges associated with scaling Ethereum. It does so by employing elastic sidechains, independent blockchains that offer additional functionality on top of “layer 1” Ethereum chains. This layer 2 solution gives developers access to faster and more secure platforms that can handle a large volume of transactions during peak congestion periods on main Ethereum network.
Each SKALE chain utilizes its own pool of validators that is allocated at random in order to ensure decentralization. These nodes perform core network functions such as verifying and executing smart contracts; additionally they implement an autonomous monitoring protocol in order to ensure only high quality validators remain active on SKALE networks.
SKALE utilizes a decentralized governance model, with representatives from each of its core stakeholder groups voting on its functions, rewards system, and development. This allows the network to run without central oversight – thus improving reliability and security overall.
SKALE has developed contingency plans for fault recovery at both node and chain levels to account for network unavailability, such as robotic agents performing node restoration and an Elastic Sidechain Administrator Crisis Management Team accessible throughout its network.
SKALE’s governance procedures are tailored to increase transparency and openness among its stakeholders. Unlike traditional centralized networks, SKALE allows all of its participants to participate in its governance by voting with their SKL tokens or delegating votes to others.
SKALE network token holders also have the opportunity to generate passive income using crypto by running nodes in its network and renting computation and storage resources through subscription model. Furthermore, token holders can stake SKALE tokens into the network to unlock fees as well as inflation of tokens held.
5. Scalability
Scalability has long been an issue with blockchain technology, particularly as more users access decentralized apps on the blockchain network and gas prices rise. SKALE provides a solution to this issue with their innovative platform designed specifically to solve it.
SKALE’s scalable architecture accommodates an infinite number of independent chains running on one secure and fast network with zero gas fees, instant finality and high transaction throughput rates.
SKALE stands out from other blockchains by its ability to process transactions quickly and more efficiently than others, making it ideal for businesses or developers who must manage large volumes of data.
Scalability is of great significance to developers and businesses looking to create decentralized apps on the Ethereum network, making scalability solutions available a necessity in order to manage the immense volume of traffic that the blockchain has seen recently.
SKALE Network is an L2 scaling solution for Ethereum Blockchain designed specifically for smart contract developers, offering app-specific sidechains secured with validator sets.
As such, SKALE allows developers to quickly and cost-effectively launch independent chains quickly. This makes SKALE an ideal solution for app developers seeking to speed up smart contract development while increasing performance.
SKALE was developed by a team of experts focused on creating an accessible and cost-effective platform. Additionally, they implemented a white-glove onboarding process for Dapp partners that will help get them up and running on SKALE, further demonstrating its value to users while adapting with the expansion of Ethereum ecosystem.
