Out of the many recent break out technologies, the blockchain is leading the polls by far, this has informed its integration into various industries of the world, the blockchain core functionality is based on decentralization and elimination of mediation in transactions between individuals, companies and corporate entities.
Blockchain descriptively is a digital ledger that is utilized for recording information in a manner that no change can be effected on it by anyone. The first blockchain developed to drive DeFi adoption is bitcoin in 2009, this historic development paved the way for several infrastructures to emerge into the ecosystem of course with complementing decentralized applications.
Ethereum network is one of the top blockchains of the digital era, it utilizes the proof of Stake algorithm attain consensus, however, developers still struggle to create and run Dapps on the network, this informs the creation of an Elastic side chain to interoperate with Ethereum in order for seamless creation and launching of Dapps.
HAVE YOU EVER HEARD OF SKALE NETWORK?
Yes, that is what today is about, we are considering an innovative network designed to accentuate Ethereum's functionality as regards to Dapps creation and experimenting.
Alright, let's have a quick overview of the SKALE network.
Skale network in a nutshell is a configurable, high throughput, low latency, configurable, byzantine fault tolerant blockchain structure designed to interoperate with the Ethereum network. SKALE is an elastic blockchain network developed to facilitate seamless creation of decentralized applications on Ethereum, this infrastructure is designed to operate beyond the confines of traditional blockchain solutions with the capacity to allow developers to consolidate highly configurable blockchain framework based on decentralization while keeping security, computations and storage intact.
Now that's out of the way, isn't it?Let's go on to explore some very crucial areas or building blocks that contribute to the consolidation of this innovative elastic sidechain infrastructure, we shall concisely consider about five areas of the skale network.
LESSON 1 (Topic : Staking and Delegation)
- Meaning of staking and delegation
- Importance of staking and delegation
Staking is sort of a popular concept for participants in DeFi and crypto industry delegation on the other hand may sound a bit new.
1.1 Meaning of staking and delegation.
In staking, one uses his crypto holdings to support the development of a blockchain network by validating transactions and getting rewarded with more tokens if successful.
Delegation on the other hand entails transferring of one's crypto to another user to participate in staking, simply put, it is to transfer staking power(one's tokens) to another user who doesn't possess the maximum number of tokens required for staking, and earn rewards which usually is less than what is obtainable in direct staking. Bottomline is that delegation is an indirect manner of staking. See SKALES Tokenomics for more information.
1.2 Importance of staking and delegation
What better way to monetize your assets? Staking and delegation helps you earn passive income on your crypto holdings in the DeFi ecosystem.
LESSON 2 (Topic : Meaning of Side chains)
- Creating and using SKALE sidechains.
2.1 Side chains are merely separate blockchains created and attaché to their parent blockchain using a dual peg structure.
2.2 Creating and using SKALE sidechains.
Creating side chains is quite simple on the Skale network, firstly, the developer has to configure the chain through a decentralized interface after which a sum of scale tokens is submitted. This procedure empowers developers to choose their proffered chain size, parent blockchain, virtual machine, consensus protocol type and a bit more security measure for better experiences.
LESSON 3 (Topic: Meaning of governance in skale network)
- Governance model in the network.
3.1 Governance in this context simply means decentralized structures or networks change and adapt over time. This is obtainable in the skale network, however, the SKL token plays a massive role here, you must be wondering how.
3.2 The skale governance model uses a delegated stake pattern, as a stakeholder, you can decide to partake in governance directly by staking your token or indirectly by delegating your staking power to another stakeholder, this is as simple as it gets, besides, it buttresses our earlier lesson on staking and delegation.
LESSON 4 (Topic: Communication between side chains)
- How does side chains communicate?
4.1 Communication in general knowledge refers to interactions between humans, animals and objects in their unique habitats. In this context, we wanna consider how side chains communicate with each other in the skale network.
4.2 In the skale network, each node is accompanied by an 'agent' for easy relay of messages between chains, the agents are randomly picked to verify, analyse and transfer messages in the space of about 5 minutes to co side chains, however, all transactions or messages relayed cannot exactly be executed without appropriate verification from the recipient chain on whether the transaction was actually committed on the original chain or not.
LESSON 5 (Topic: Skale protocol)
- Skale protocol facilitates interoperability with Ethereum.
This is possibly one of the major determinants of the network's optimal functioning capacity. You must be wondering why this protocol stands out.
5.1 A blockchain protocol is a consolidated structure designed to control and maintain an aspect(s) or diverse components of the blockchain framework, for instance, we have security protocol, network protocol, consensus protocol and others.
Now let's concisely consider Skale protocol and its usefulness, shall we?
5.2 We have already established that SKALE interoperates with the Ethereum network as an elastic chain, it undoubtedly operates with a state of the art Proof of Stake algorithm based network, the skale protocol accentuates the uniqueness of this infrastructure the more by compelling participating nodes to stake a number of skale tokens which determines whether nodes are either slashed or rewarded based on their level of performances in the network operations.
Also, it is pertinent for participating nodes to stake a stipulated percentage of their skale token holdings into the staking pools in order to help strengthen the security of the network as their are usually relentless Sybil attacks, hacks and adversarial attempts aimed at compromising the functionality and development of the network.
SKL TOKEN AND ITS USEFULNESS.
This is very basic in the DeFi industry, every project develops a unique cryptocurrency to facilitate settlements and payments within the ecosystem. Small e is applicable to the Skale network.
SKL is the native currency of this innovative elastic sidechain, it is a tool deployed for governance, staking, delegation, and support the security of the network. Holders are also eligible to the full privileges of the network.
The blockchain has contributed immensely to DeFi and various industries of the world as well, but an interoperability between Ethereum and the skale elastic side chains is revolutionary at its peak.
Developers around the world can now rest their worries when it comes to Ethereum blockchain not suitable for Dapps development and experimenting. Skale network is the solution for a better Ethereum blockchain experience for developers and all stakeholders in the blockchain industry. See whitepaper for more details.
Learn more on SKALE Network: