The SKALE Network was developed to address Ethereum’s scalability challenges and to support its ecosystem. As a sidechain project, it aims to increase transaction capacity while reducing both latency and costs. This article covers what SKALE Network (SKL) is, how it works, and how trade it on BtcTurk | Global.
TABLE OF CONTENTS
What is SKALE Network (SKL)?
SKALE Labs, the developer of the SKALE Network, was founded in 2018 by Jack O’Holleran and Stan Kladko, both of whom have extensive experience in the software industry. Headquartered in San Francisco, SKALE Labs is a blockchain scalability platform that enables high-speed consensus and the execution of smart contracts on decentralized applications (dApps). The SKALE Network was designed and developed as an elastic sidechain to the Ethereum blockchain, offering a decentralized solution to Ethereum’s scalability problem.
How Does SKALE Network (SKL) Work?
The SKALE Network operates as a middleware layer that enables high-speed consensus and allows decentralized applications (dApps) to execute millions of smart contracts per second on blockchain platforms such as Ethereum, EOS, and others that support smart contracts. It was initially developed as an elastic sidechain designed to support the Ethereum network. In later stages of development, the project expanded its goals to address additional security layers and aimed to create an execution and interoperability layer across decentralized networks and infrastructures.
SKL, built on the ERC-777 standard, is the native crypto asset of the SKALE Network and serves several functions within the ecosystem. SKL token holders can participate in all on-chain governance votes. Validators who verify nodes within the network are rewarded with SKL for their efforts. Unlike traditional mining pools, SKALE’s reward model is based not on the size or power of a node, but on the behavior of the node itself. In the SKALE Network, which operates with a limited number of validators, users can earn rewards by staking SKL tokens.
How to Store SKALE Network (SKL)?
SKL, the native token of the SKALE Network, is based on the ERC-777 standard. It can be stored in desktop, mobile, and hardware wallets that support tokens using this standard.
How to Buy and Sell SKALE Network (SKL)?
You can buy and sell SKALE Network (SKL) with Tether (USDT) using the BtcTurk | Global website or mobile app. If you’re not yet a member, you can easily register on our website or app and buy SKALE Network (SKL) by depositing cryptocurrency.
