Buy SKALE Network (SKL)

SKALE Network is a layer 2 scaling solution for the Ethereum network. It is designed to optimize the performance of decentralized applications (dApps) by leveraging so-called "Elastic Sidechains."

SKALE’s Elastic Sidechains provide a scalable environment for developers to deploy dApps without the limitations of the Ethereum blockchain. These sidechains function as independent blockchains that aggregate, validate, and process transactions, then send them in bulk back to the main Ethereum blockchain for final confirmation. This process reduces gas fees and speeds up transaction processing, which is crucial for the large-scale adoption of blockchain technology.

SKALE Network uses a network of decentralized nodes, which are divided into Node Cores and subnodes. These nodes provide the computing power and storage capacity needed to support the sidechains. Developers can easily configure and customize a sidechain to their specific needs via the SKALE Manager. This makes SKALE not only flexible, but also very user-friendly for both novice and advanced developers.

SKL is the native token of SKALE Network and serves four key functions within the network: security and staking, payment, rewards, and governance. SKL tokens are used to pay for Elastic Sidechain subscriptions, reward validators who secure the network, and participate in voting processes within the network. This token model ensures that the network is self-sustainable and encourages continuous improvement and development.

Who founded SKALE Network?

SKALE Network was founded by Jack O’Holleran and Stan Kladko. Jack O’Holleran has a background in technology and entrepreneurship, with experience building tech startups. Stan Kladko is a technical expert with a Ph.D. in physics and over 15 years of experience in cryptography and software development. SKALE is managed by a team of over 30 members with diverse backgrounds in blockchain technology, business, and marketing.

Layer 2 scaling solutions are often used for a single purpose, but SKALE Network offers multiple applications and functions. It can be used for the following situations:

• Develop dApps: Developers can deploy dApps on SKALE's Elastic Sidechains, allowing for higher transaction speeds and lower costs for users.
• Testing environment for new software: By testing new software on a sidechain first, developers can identify potential issues without affecting the main blockchain.
• Reduced fees: Using SKALE sidechains reduces the gas fees normally paid on the Ethereum blockchain, benefiting both developers and end users.
• Network security and staking: Validators can stake SKL tokens to secure the network and earn rewards in the form of additional SKL tokens for their efforts.
• Interchain communication: SKALE enables the exchange of assets and data between different blockchains, increasing the interoperability and adoption of blockchain technology.

Elastic Sidechains are the core of SKALE Network. These sidechains function as independent blockchains connected to the main Ethereum blockchain. They use a two-way communication bridge to ensure fast and seamless interaction between the sidechain and the main blockchain. This significantly improves both the scalability and speed of the network.

Node Cores and Subnodes

The network consists of two types of nodes: Node Cores and Subnodes. Node Cores are responsible for computing power and storage capacity, and monitor network uptime and latency. Subnodes on the other hand, perform consensus, run the Ethereum Virtual Machine (EVM), and facilitate interchain communication. This division of functions allows multiple sidechains to run on the same node simultaneously, increasing network efficiency.

SKALE Manager

The SKALE Manager is a crucial part of the network. It manages the sidechains, including allocating network resources, monitoring validators, and facilitating payments. Developers can easily configure and manage their sidechains via the SKALE Manager, making the process accessible and user-friendly.

Consensus mechanism and safety

SKALE uses a modified version of the Moustefaoui et al. consensus mechanism, which allows for non-custodial delegation. This means that validators do not need to physically control delegator tokens, increasing the security and efficiency of the network. Users who delegate their stake do not need to worry about the security of validators, as they can safely keep their crypto in their own wallets while participating in staking.

In addition, SKALE integrates a Byzantine Fault Tolerance (BFT) protocol, which ensures that users can safely transact. Subnodes are randomly assigned to nodes to protect the network from corruption and attacks.

The SKL token is the native utility token of the SKALE Network. It is used for staking and securing the network. Validators and delegators stake their SKL tokens to validate transactions and secure the network, for which they receive rewards in the form of SKL tokens. In addition, SKL tokens are used for payments within the network. Developers pay with SKL for the use of Elastic Sidechains and other network resources.

Token holders can also use the SKL token to participate in governance, voting on important decisions such as protocol changes, reward levels, and new updates.

SKALE Network distinguishes itself through several unique features and properties:

• Elastic sidechains: These special sidechains provide a scalable and cost-efficient solution by executing transactions on the sidechain first and then sending them back to the main blockchain in batches.
• EVM compatibility: Developers can deploy existing Ethereum smart contracts directly to SKALE Network without having to learn new programming languages or modify code.
• Low transaction costs: A subscription model instead of gas fees allows developers to achieve predictable and lower costs.
• Non-custodial staking: Users can stake their SKL tokens without physically transferring them, making staking easier while increasing security and control over their assets.
• Flexible configuration: Developers can customize the size, consensus mechanism, and other aspects of their sidechain to suit their specific needs.
• Interchain communication: The network enables data exchange between different blockchains, increasing interoperability and opening up new possibilities for dApps and blockchain protocols.

You can buy SKALE Network (SKL) at Bitvavo. Our platform is suitable for both beginners and experienced traders. Follow these four steps to buy SKL via our website or app:

1. Sign up or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit".
3. Go to the SKALE Network (SKL) purchase page.
4. Enter the amount in euros you want to invest or the number of SKL tokens you want to purchase and click "Buy".

The price of SKL tokens depends on the current market value. You can easily manage and trade your SKL tokens within your Bitvavo account, where they will be added automatically after purchase. This allows you to respond quickly and effectively to price and market changes.

You can safely store your SKALE tokens in your Bitvavo account. Bitvavo stores the majority of customer funds in secure offline cold storage. Although security measures are strict, it is wise to activate two-factor authentication (2FA) for extra protection of your account. This means that you have to enter an extra code in addition to your password when logging in.

Most software and hardware wallets support the storage of SKALE Network (SKL). Keen to send your SKL tokens to an external wallet? You can! First verify the wallet address in your Bitvavo account, then you can easily and quickly transfer the SKALE tokens to an external wallet.