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Skale promotes itself as an elastic network built to provide Ethereum with the much-needed scalability. The Skale project aims to do this through speeding up transactions, reducing latency, and lowering the cost of payments on the blockchain. Additionally, you can contribute to the development and upkeep of dApps on a decentralised modular cloud built to meet real-world needs without sacrificing security.
We will cover every aspect of the Skale Network in this post, including how to purchase its native currency, which is spelled with capital letters: SKALE Network. The ticker for it is SKL. The price of SKL opened 2022 just around $0.20, but due to the current crypto crash, it has now fallen to less than $0.05. The project’s low price may present a purchase opportunity for individuals who are interested in it.
Skale is an elastic network created to give Ethereum scalability, boost transaction throughput, cut down on latency, and guarantee cheap payments. Because it uses the Ethereum network, the SKL cryptocurrency is actually a token rather than a coin.
On a “decentralised modular cloud created for real-world demands and configurable for your specifications,” the project promises to enable users to create and maintain DApps.
Security is not compromised even though there is a great degree of decentralisation. According to SKALE, Solidity smart contracts may be operated “thousands of times faster at a fraction of the mainnet cost” for its customers. Games and multimedia streaming services are only a couple of the projects that already use it.
The SKALE Network was established by Jack O’Holleran and Stan Kladko, who both have considerable experience in the software industry.
Technology entrepreneur O’Holleran, CEO and Co-Founder, specialises in blockchain and decentralised technologies. He continues to work with Aktana, the life sciences company he assisted in founding in 2008, as a strategic advisor.
Kladko spent a significant amount of time obtaining a Ph.D. in physics before co-founding SKALE. Additionally, he worked as a technology executive in Silicon Valley for 16 years in San Francisco. He co-founded Cloudessa and Galactic Exchange, among other companies.
SKALE Network is here to assist in the development of a network of several Ethereum-based blockchains. Users all across the world will have easier access to web3 thanks to this. On the SKALE network, users can use decentralised applications (dApps), which run on an SKALE chain and require SKALE tokens to maintain the chain.
The Proof-of-Stake (PoS) mechanism is used by the SKALE Network to ensure network security. A layer-2 network, that is. This indicates that, although utilising Ethereum’s resources, it operates separately from Ethereum.
According to the SKALE Network whitepaper, “SKL is a utility token that acts as the network’s primary security mechanism. Validators and delegators stake a sizeable amount of tokens into the network on behalf of chain sponsors in exchange for the deployment of SKALE chains.
“SKALE envisions a decentralised, programmable network of on-demand blockchains…[with] transactions supported by advanced analytics and storage capabilities. In addition, SKALE suggests message protocols that let players talk to each other across these various systems.
For the Skale Network platform, SKL is the native token. Since Ethereum powers the Skale Network, SKL is formally a token rather than money. On the platform, governance processes are managed and rewards are given using SKL.
Holders or delegators of SKL may also stake their tokens to validators. Platform developers pay for Elastic Sidechain subscriptions with the SKL token, and in exchange, validators and delegators receive premiums on the SKL token.
Although the value of cryptocurrencies may have lately declined, there are more and more uses and applications for them every day. Because of the market fall, some people might be wary of investing in cryptocurrencies, yet tokens like SKL have a bright future and make sound long-term investments.
One of the few Ethereum projects to have garnered interest from both seasoned investors and the larger crypto community in such a short period of time is SKALE Network.
On the Activate Platform of ConsenSys Codefi, The Skale Network was the first project to offer a token that enables users to buy, sell, and hold all of their tokens in a single application. Additionally, users have a new way to distribute utility tokens.
Using the SKALE Network expedites the verification and authorization of Ethereum transactions. Each chain can accommodate, according to the Skale team, roughly 2000 transactions per second.
The SKALE Network boosts transaction capacity while reducing latency and assuring cheap payments. Users can feel secure using it because it is a Proof-of-Stake network and employs a work token, despite being decentralised.
The network is entirely decentralised, has more than 150 nodes, and more than 45 validator orgs. Additionally, it enables Ethereum virtual machines and provides on-chain file storage.
Overall, it appears like the SKL token, as a result of its prospective possibilities, is set to experience significant growth in the future. As new currencies frequently do well even during a bear market, consider also our guide to the greatest crypto presales.
With a $9 million 24-hour trading volume, the live SKALE Network price is at little over $0.04 at this time. The token presently has a $181 million market cap. With a maximum supply of 7 billion coins, there are now 3.64 billion SKL coins in use.
According to a white paper released by the SKALE Network in July 2020, validator rewards received one-third (33%) of the total funds, while delegators received 28.1%, the broader founding team received 16%, the SKALE Foundation received 10%, the protocol development fund received 7.7%, the core team pool received 4%, and the ecosystem fund received 1.3%.
Following an initial coin offering (ICO) that raised $5.25 million, Skale first debuted on the open market in December 2020 with a value of approximately $0.08. The coin’s value initially fluctuated, but it concluded the year at $0.079.
The coin hit an all-time high intraday price of $1.22 on March 12 as a result of its Coinbase launch.
Skale suffered a large value drop during the subsequent crypto meltdown, and for the majority of the summer of 2021, it traded at a low point, about $0.27. Although some cryptocurrencies did well in November, Skale did not do exceptionally well. On November 25, it spiked to a monthly high of $0.4214 before tumbling to end the month at $0.3168.
Skale fell precipitously in December, closing the year at $0.2014 as a result of worries about the COVID-19 version. In January 2022, the token dropped even further, reaching a low of $0.1136.
The coin hit a new five-month high of $0.3279 on March 31. But once the market fell in the ensuing weeks, there was a rapid reversal. The coin is currently improving and is getting close to the $0.050 level.
Bitcoin has dropped more than 70% from its all-time high during the financial market collapse in 2022 caused by soaring inflation. Investors are moving away from more “risky” investments and toward markets with greater stability. The continued perception of cryptocurrencies as being extremely risky investments is what led to the selloff.
Even yet, growth in 2022 might only be moderate, particularly in the second half of the year. As Bitcoin settles into the new price range, altcoins will start to move in the same way; the crypto market has seen this scenario occur multiple times during its lengthy history.
While prices will drop over the next two to three months, a potential bull market might start at the beginning of the second quarter. We believe that at that point, major market participants like whales will have finished packing their bags, causing the customary and unexpected spike in cryptocurrency prices.
According to some experts, this bear market won’t conclude until at least the first quarter of 2022, when the trend is expected to reverse and stabilise.
In terms of the SKALE Network, it features a solid team, a promising use case, thoughtful tokenomics, and a vibrant community. These are the very conditions for a successful performance, thus the token might do well in the future months.
Even though this initiative is still very new and underdeveloped, the technology used by SKALE Network is regarded as promising and has gained support from industry executives at all levels.
Investors in SKL anticipate long-term growth as more users sign up for the network because the company has such a strong technical base. Winklevoss Capital, Spartan, and other reputable players have already pledged their support for SKALE.
The best three ways to buy Skale Network are as follows:
Debit card fees of about 2.99 percent apply when buying SKL on exchange sites like Crypto.com and Coinbase. It remains a popular way to get SKL quickly and easily. Another option is bank transfers, however some websites could process them more slowly.
The eToro cryptocurrency exchange is one of the few that completely accepts PayPal for the purchase of SKL and other crypto tokens.
With the addition of SKL to its exchange, Bybit now makes cryptocurrency purchases possible without requesting identification. Bybit has the greatest reputation among the exchanges that now provide less strict requirements for KYC verification.
Withdrawing SKL is still feasible even without a valid ID. The 2 BTC daily withdrawal cap is still more than enough for the majority of investors.
Beginners can keep their SKL tokens in their exchange wallet securely by choosing a reliable cryptocurrency exchange that lists the SKALE Network, like the ones we reviewed in this post. On our list of the top crypto wallets, we gave eToro a rating.
When using one of those significant exchanges, a software wallet is typically safer and more practical than purchasing a hardware wallet. The best option for holding SKL tokens is eToro’s multi-crypto wallet, which also supports a number of other virtual currencies.
If you want to buy SKL, follow these instructions carefully:
Go to the eToro website and register. Your entire name and contact information must be entered into the form.
You will be prompted to provide information such your home address, birth date, and social security number if you select the “Create Account” option.
Before you may purchase SKL cryptocurrency with any fiat money on eToro, you must first verify your identity there. You shouldn’t have to wait more than a few minutes after uploading the required documentation because eToro automates this process.
As confirmation of identity, please upload copies of your driver’s licence, passport, or state identification card. Please also include documentation of your address, such as a utility bill or bank statement.
Before you may buy SKL currency, your eToro account needs to have a minimum deposit of $10. eToro provides a number of payment methods, including ACH, Visa, and MasterCard.
PayPal and Neteller are a handful of the e-wallets that are supported. If you choose a method that accepts fiat currency to pay, there will be no fees.
A search box is located at the top of the eToro dashboard. You may now begin to type “SKL.” The next step is for eToro to select SKL from a list of appropriate markets. If SKL appears, click “Trade.”
There is only one thing left to do, which is to inform eToro of the amount of money you wish to invest in SKL tokens. Any amount in US dollars, starting at $10, may be used.
While offering certain strong capabilities, SKALE is strengthening Ethereum’s core ideas. Zero fees, for instance, will fundamentally alter how consumers interact with Eth 2.0. In the long run, SKALE might include more features to enable seamless collaboration with other Ethereum smart contracts.
During the crypto winter, SKALE lost close to 80% of its value, and analysts agree that it is difficult to forecast when the market will bottom out. SKALE nevertheless has promise. When the cryptocurrency market recovers, the token might gradually make up its losses.