A CRASH COURSE ON SKALE NETWORK.
TABLE OF CONTENT
ABSTRACT
1. WHAT IS SKALE NETWORK
2. VISION AND MISSION OF SKALE
3. FEATURES OF SKALE
3.1 TRANSACTION THROUGHPUT
3.2 STORAGE CAPABILITIES
3.3 BOUNTY SIDECHAIN
3.4 CAPABILITY WITH OTHER ETHEREUM
3.5 SECURITY
3.5.1 PERFORMING FAULT RECOVERY
3.5.2 SUSPENSION OF ANY BUGGED ELASTIC SIDECHAIN
4. HOW SKALE NETWORK WORKS
5. THE USEFULNESS OF SKALE NETWORK
6. THE TOKENOMICS OF SKALE NETWORK
7. AMBASSADOR PROGRAM
8. SKALE NETWORK PARTNERSHIP WITH TORUS
9. TOKEN PROFILE
CONCLUSION
ABSTRACT
When it comes to scalable blockchain project and how they can affect life, many looks for projects with scalability and a lesser fee of operation, with this, business can exist mutually on the blockchain and affect many lives as it should be, relying on how fast it can process transactions, nodes running and many more. The truth is that the Ethereum blockchain lags in processing time, so also is Tron, many blockchain projects have come with a better solution, a side chain they call it but as many projects on board, the data start to bug or lag, causing data to get stuck in procestuck
Bringing a solution to this is SKALE; a decentralized network providing an on-demand blockchain for business by giving a low cost, low-latency and high throughput, but, also proposing a means that enables users to communicate on the network. The main aim of SKALE is to present Ethereum to developers as a subscription-based decentralized network and storage. SKALE is ethereum compatible and has elastic sidechains. With a proof of stake that is configured with nodes that stake your SKL token on ethereum mainnet.
WHAT IS SKALE NETWORK?
SKALE is a network based on ethereum with the capacity to provide low-latency, high throughput, and an elastic sidechain. It is an elastic side-chain that allows many blockchain projects to interact with the ethereum blockchain, the network is held together by nodes which are composed of subnodes with powers to store resources and you can configure your subnodes according to what you need thereby creating no waste of space, which we will still explain soon. This means that with the SKALEs network, it is more than before easier to onboard upcoming businesses who are willing to use the ethereum blockchain. Also in addition to this is scalability.
SKALE makes it very easy for organizations to bring onboard ethereum smart contracts, removing the increasingly high gas fee and limited storage space. With an elastic side chain, SKALE has improved the storage capacity of ethereum and also making it very easy to build on. With elastic sidechain, organization and consumer will be asked to pay an amount depending on the period they are having the network to themselves, by doing this the SKALE network assign unto them a virtualized subnodes according to what they have asked for. When sending a message across the chain, there is validation across the whole chain signed by virtualizing subnodes all across the ethereum mainnet, with each nodes having their works go round the elastic sidechain, rewards per nodes when each network is accessed at a stipulated time and will be able to take part in the next round of subnode work on the elastic sidechain. With the SKALE network, a second-layer blockchain with a security layer is very possible in the nearest future with means to interact with the other decentralized blockchain project. SKALE can scale through other crypto system, this unique idea of an elastic sidechain with low-latency, coupled with lower gas fee. A lot of businesses and organization hoping to have there project on the ethereum blochain can look up to SKALE as there go-to which also involve storage service that works according to what you need per time, creating a time stamp signature on each transaction made on the network by sending the time stamp all accross the chain and giving a reward to the virtualize subnode. SKALE is the saving grace of many, as more Ethereum based project are coming up. Other blockchain project has a lot to benefit from SKALE, especially those who wants to have their project on the ethereum blockchain but are being discouraged by the ridiculous gas fee and many changes. These problems are solved by the SKALE team headed by Jack O’holleran, the founder and CEO of SKALE, a network that can now boast of 10,000 users globally.
The phase 1 mainnet of the SKALE network was launched in June which started with a ground base data of around 10 organization and 50 people, the network jumped into 50 organizations and in no time became more visible in bringing the project to life but lack some features like not supporting staking or transfer of token. It was only a phase that functions for validators alone. Phase 2 came in with the the ability to unlock token staked and new issuance but still didn’t lift the restriction on transfer of tokens and exchange listing. Phase 3 enables the transfer of token across exchanges which is open to all developers and validators.
SKALE network has a second layer which is the real deal for dapp developers who will like to bring in their organization and project to the blockchain. It will also provide some level of security for them and at the same time at a very reduced cost. Many ethereum dapp developers are yet to fully utilize the second layer but the trailblazing movement of other tokens has shown the innumerable possibilities embedded in the second layer.We have all seen the power that lies in second layer blockchain, for bloggers who are familiar with the Hive blockchain have been able to see the unending possibility of a second layer execution which allow for more decentralized project, business and organization to come onboard and build their games, and everyday use cases app. This help the SKALE network to have more user retention. To have a second layer execution also offers Dapp developers a universe on its own which they can manipulate to their wish.
Get More Acquainted With SKALE Network Through It's Whitepaper
VISION AND MISSION OF SKALES
The idea to provide a sidechain to one of the largest and the most use blockchain project: Ethereum brought up the idea of SKALE, provide developers safe heaven while solving the long age problem of Ethereum gas fees, technical scalability, improve user experience by giving users lots of options to access the ethereum blockchain, it’s an on-demand blockchain with a propose messaging protocols. One of the main goals of SKALE is to have as much as many Dapp built on it shunning out transaction in millions each day. With a token backing the project, SKALE is no more a facade but a crypto project ready to bring a whole new level of interaction to the blockchain by making Ethereum blockchain a fun thing to use. With SKALE network in over 90 countries of the world running 150 nodes by roughly 50 validators, one is contended to say this is the future of Ethereum.
This has helped to keep the SKALE network on the path of greatness since the inception of the project in February 2020. Making ethereum developers successful is one of the major goals of the SKALE network, the developers despite the covid-19 pandemic push through the pandemic making sure that the first-quarter launch of the SKALE network didn’t go undaunted. Despite the core team offices in Ukraine and San Francisco shut down, SKALE developers were still at work.
Raising over +$17 million from private investors for its pre-production development which includes a $10m contributions from SKALE labs, the Skale lab use +$9.5 to support the Skale network which added up to the purchase of +50% of the initial stake. 15% of the total SKL token is held with the nonprofit N.O.D.E foundation which is vested over seven years after the launch of Skale mainnet. The remaining token was dedicated to the team which the majority of it goes to the founder and some portions to the employee, to avoid unnecessary FOMO(Fear of missing out) or dumping of the token, the employer's token is locked for a 1year and vested for 3 years.Click for More on SKALE Mission
FEATURES OF SKALE
So many things makes SKALE an amazing project, from its scalability to low gas fee, from being designed to cater developers with specific buildups Dapps able to interact with the ethereum blockchain by enhancing its configurability and modularity.
1. Transactions throughput: SKALE has been able to solve this problem that's most of the many issues experienced with public mainnet, Many blockchain users are faced with the slow speed in sending their crypto token from one end to the other, some do hang on the way, the only solution is to send with an increased gas fee and wait for another round of time. This challenge is solved by SKALE by giving users a very fast transaction per second with the help of an elastic sidechain which makes it able to accommodate as many dapp as possible and also being able to process their transaction per second faster.
2. Storage Capabilities: With the help of an elastic sidechain, SKALE can offer very significant on-chain storage capacity for many dapp. We all know that storing your data can sometimes be so tasking in terms of price and space of storage. SKALE's network offers a more efficient way to store data and also helps dapp developers in accessing their data at a lesser cost.
3. Bounty Sidechain: SKALE network is divided among all nodes, the amount of SKL tokens generated at the end of network epoch.
We must know too that SKALE Network provides a peer to peer messaging protocol which is able to send messages across the chain with its duplicates all across the virtualized subnodes, which means that, dapp developers will enjoy the popularity that comes with SKALE network.
4. Compatibility With Other Ethereum Tools: SKALE was designed to interact on the Ethereum blockchain and so enable users, dapps developers a compatible tool in accessing the SKALE network with API-wallet and monitoring analytics tools.
5. Security: This is one part of the blockchain which keeps giving much concern about the safety of their token, project, and many more. The insecurity and data breach of any project makes both the investors of such a project and the network to desert such a project for other networks. SKALE is solving this problem of blockchain insecurity by many means:
A. Performing fault recovery: Should in case of any attack or faults on the SKALE network, the SKALE network has an all-time available Elastic sidechain operator on the network ready to battle out any downed node or crash on the system.
B. Suspension of any bugged elastic sidechain : Should in case of the elastic sidechain of SKALE Network is affected by either a virus or bug, elastic sidechain owner can report to the team, while the team suspend such chain till it’s well looked at. A copy of the report is sent to the foundation in charge of SKALE network: N.O.D.E foundation to look at. More on SKALE Features
HOW SKALES NETWORK WORKS
The SKALEs network is comprised of SKALE nodes and managers. The SKALE manager is on the ethereum mainnet and serves as the plugin to all other Ethereum smart contracts. It’s the sole aim of the manager to organize all entries on the network which also involve the elastic sidechain, node creation, withdrawal, and bounties.
First is the node creation which comes up when a potential node run on the SKALE dormain and its evaluated to make sure it’s in line with the network requirements. When the potential node has been evaluated, then a report is sent to the SKALE network manager which absolves it into the network bringing along with it the node metadata. The SKALE network is now laced with the sole responsibility of using the newly created node either as a full node or fractional node. The full node utilizes all the resources on the SKALE network for an elastic sidechain, while the fractional node can only partake in the many elastic side chain.
There is also the destruction of the node which comes from a node that's been exiting in the network, which is done by the node sending a report to the chain, the node is then made inactive and its ability to withdraw its stakes from the network. It’s very possible that a user don’t get paid when exiting the node if the user can’t wait for the two days finalization period of exiting.
A little idea about the elastic sidechain has been given above, which involves creators having their project on a paid network, by using skale network resources according to the consumer chains configuration. A payment is submitted to the SKALE network which allows it to crate these resources. These resources are in sizes with a minimum of 16 virtualized subnodes. For now, all resources are equal in value. A new elastic side chain is created when a request is sent to the SKALE network manager, should incase the network resources are filled up, the creation of a new elastic sidechain is canceled.
To keep the validation of the SKALE network in place, 30% of total resources are left available for the validator pool. Virtual subnode shuffling is added to the SKALE network to ensure maximum security of the network.
With an elastic sidechain rental deposit for network resources depleted, the SKALEs network is faced with the option to destroy the elastic side chain. Destruction of an elastic side chain can also come when it’s flagged. To mitigate this, a notification is sent to the creator of the impeding deletion. In the case where there is no response, the skale network removes all resources of the SKALE network from the elastic side chain and also pay out the stakes in ethereum to the owner. The storage and memory are also cleared off.
The elastic sidechain is comprised of many virtualize sub-nodes that through the network by interacting with block creation by asynchronous, leaderless, and provably secure protocols.
When it comes to pending transactions of the SKALE network, each virtualized receives a transaction that is broadcasted across the network and placed into the pending queue.
Block proposal is created by virtualized subnodes, this interacts it with other virtualized subnodes which in turn makes data available all across the network enabling the building of dapps across the network thereby making it accessible all over the SKALE network.
THE USEFULNESS OF SKALE NETWORK
1. With the unique properties of the Elastic side chain, the SKALE network is the best go-to project for onboarding any new project at near-zero fees. Also providing memory space and storage capacity for these projects for lesser fees and can be ordered according to the creator's request.
2. Dapps and Ethereum smart contract will find the SKALE network to be the easiest network to launch their project because of the second layer execution which also transmits all across the network. It will interest you to know too that the SKALE network has made it possible for its network codes, wallet, API to be compatible with the Ethereum blockchain. With an increasing amount of many blockchain projects bugging as a new fork is coming out for example the HF24 t0 o the Hive blockchain that left in its wakes many code damages and leaving behind a trail of instability which haven’t been corrected fully yet. SKALEs Network makes sure their network runs smoothly on low-latency and all its codes are compatible with the ethereum blockchain.
3. The transaction speed of SKALE networks makes it one of the best, encouraging dapp developers and creators, business, and organizations to trust its network, being sure of a platform with faster time in token transaction. More projects can come onboard with the elastic sidechain which allows for as much as many projects to come onboard and share in the SKALE Network ecosystem. The transaction speed is icing on the cake for some project or organization that relies on faster transaction speed to speed up their business.
4. We’ve seen the present cost of Ethereum gas fees, many ethereum users doesn’t have a choice since they all need to move there token from one wallet to the other or trade with it. They are forced to part with a larger percentage of their token in making sure that the cost is high enough to call for a faster time in transaction. SKALE network is solving this problem by providing a near-zero gas fee with an already slated faster time in transaction throughput. This is mind-blowing for many dapp creators as they won’t have to face the challenge of building an app that has a high fee on its exchange. It is becoming very prevalent for crypto holders to opt for the smallest amount of gas fees when doing transactions. A lot of them are looking at other coins with a lesser amount of gas fees and faster transactions. But not many have these two unique properties in one single project. This is the selling point of the SKALE network. Aside from providing faster transactions, it also provides a lesser gas fee across its chain. Making sure it attracts more would-be developers and creators.
5. To scale the ethereum based application, there is ed for a second layer of SKALE Network elastic side chain, not only is this ability to give a widespread wing to the project but it also provides some level of security to both the token and the network. The modus operandi of the SKALE Network when it comes to executing the security second layer makes security a real deal from the platform. The virtualized subnodes with other virtualized subnodes sending a copy of any data breaches to every virtualized sub-nodes, in turn, the data to the SKALE manager, and the operation is frozen.
6. The leaderless protocols of Skale ll ts virtualized subnodes equal right to proposal across the chain. Delegator doesn’t have a heavier weight in the governance on the chain much more than lesser delegate owners. This fair act gives the skale network a view of equality.
7. Skale network also offers vacancy of an added extension to improve communication across the chain, two extensions are already functioning which are File storage and messaging extension. The good news about this for dapp creators is to see the many vacant extension that can be built on the skale network elastic side chain. We all know how good extensions are in making networks easily accessible. Dapps creators have a lot to soil their hands with as there are as many as many things that extensions can do, including widgets too.
8. One more use cases of skale network which give it an added advantage are the File storage, there are far more than a benefit for dapp owners, project and organization whose business goes along the path of storing large files, Skale provides this potential use case by modifying the EVM to allow for larger file capabilities.
9. Interchain communication which is made possible by elastic side chains makes it possible for autonomous elastic sidechains to verify blocks and allow the transmission of the crypto-assets across the elastic sidechain. Organizations and businesses can factor this into their projects by enabling a means of messaging app, dapp creators can also key into this by creating a dapp able to send across data in large file format without restrictions as seen on WhatsApp.
10. With a total token supply of 4,140,000,000 of which 34.3% is to node validators. The governance and token supply of skale to users is a very good marketing strategy, we all know that the more scarce and use case a token has, the higher price it derives on the market. Would-be investors have already found a haven in the Skale network as they see a token with more value than its use cases.
THE TOKENOMICS OF SKALE NETWORK
The Skale network is supported on all major ethereum tokens, ERC20, ERC721, ERC777, and DAI, etc., and the token wallet is supported on the major crypto wallet and browser plugins which include Bitski, Formatic, Metamask, Portis, Torus. Handling more than 2,000 transactions per Skale network can move from small chain size to large chain which makes it possible for the small and medium enterprise to use the Skale network to onboard their projects thereby expanding their chain size along with the business. With Ethereum being the largest global blockchain developer community, the Skale network has made it very possible for dapp creators to move from Web2.0 to Web3.0 effortlessly.
SKALE AMBASSADOR PROGRAM
With an increasing number of users on the skales platform, organization, and project owners with Dapp creator bringing in more and more use cases to Skales Network, Skale is planning to do what Brain Pinky is trying to do…..trying to take over the World. This is why Skale is looking for ambassadors by launching a program called Skale AmbassadorGamerz. This is for those who want to come on board the platform and enlarge the coast of Skale by interpreting Skale goals, mission, and vision in their indigenous language and also educate others about the usefulness of the many dapps built on Skale to the there respective community
Ambassador Gamerz (A/Gz) is filled with three simultaneous competitive missions to help Skale find top-notch talent across the continent, the winners will be invited to join the Skale Network Ambassador crew, two of the missions will be paid for in $SKL. There is also a plan by the Skale team to keep on onboarding more ambassadors in a program that runs twice a year. This is meant to keep on evangelizing the gospel of Skale and help to make popular the many goldmines on the Skale network. The task of interpreting the Skale Network is on the Skale Ambassador.
The Task Of Skale Ambassador.
Skales Ambassador is to expand the protocol education of Skale to their communities. Give Skale a very good social media presence concerning their communities, and help drive local and indigenous content that suit their communities about Skale network by creating content, doing community management, and educating the world about the new update of Skale Network which includes launches, integration and partnerships, new code releases, ecosystem growth and many more. This also involves being up to date about Skale mission and visions in a bid to be able to answer newbie questions about Skale Network.
One of the selling points of Skale is the Elastic sidechain and the ability to perform more than 2,000 transactions per seconds with an added advantage of having storage as large as your token can carry with a second layer execution which allows for Dapps creators to come onboard and launch their program, the second layer also acts as a security layer to help keep the network free from bugs and cyber-attack which has been explained earlier. With support for full-state smart contract and the ability to execute machine learning in Ethereum virtual machine. Skale is set to be the best network out there. Bringing more of ethereum smart chan to more and more people by creating an avenue for Dapp developers to come to create projects that can solve the indigenous problem of there communities through the blockchain, is also one of the major selling points of Skale. Skales provides all that Ethereum couldn’t do even at a higher cost, Skale is doing way more than ethereum and many projects combined, doing them all faster with a low-latency and at very less cost.
Those who wish to join the Skale Network Ambassador program should be well versed in Skale+Ethereum with a decentralized maximalist mindset and also have a background in Content writing, community manager, crypto educator, crypto-savvy translator, developer and builder, content creator, designer, digital marketer, event organizer, innovator, meme master, technical documentation, writer, thought leader and influencer.
To apply to be a Skale ambassador
The aim to have ambassadors all over the world is for easy propagation of the skale network to everyone. Because of this those who wish to join the Skale ambassador program are expected to have registered for the ambassador program and will receive the sign-up form to attend the GamerZ Party, which includes attending the welcome party slated for December 17. A recorded version of the party is also available for those who might have missed it. This is followed by a series of three collaborative missions of which two of them are incentivized.
Mission 1 is filled with the objectives of knowing the mission and visions of the Skale network, where info about Skale when need be, and how to access them to get the best information to answer any questions that come around. This mission is to know if the would-be ambassador knows what it entails to be an ambassador. This mission is not incentivized. The link to the quiz is shared via email to all would-be ambassador to prepare them.
Mission 2 is a crash course influencer gamerz stage which incentivizes with $200 and runs from January 2-11. All those who have passed the Missions are invited to Mission two. With the mission objectives to advance the shore of Skale round the world, it is expected at this stage to have been well versed on the Skale network and being able to communicate the vision and mission of Skale to newbies, investors, and project owners who are susceptible to have there project onboard the Skale network. It also involves preparing a crash course and interpreting the attribute and white paper of the Skale network, taking part in activities, joining the ambassador Gamerz group for peer review, and many more.
Mission 3 comes by email notification of passing mission two which incentivizes along with mission three, it's expected of mission three skale ambassadors to be able to create original content on the skale network, it's also an avenue for the skale network to understand it's ambassadors. The mission involves taking one of the two options given, to submit a YouTube video content on Skale or design memes and stickers with the Skale logo, the second activity is a video introducing yourself to the Skale network, followed by a video call in getting to know the team better. The incentive of $200 follows this.More on Skale Ambassador
SKALE NETWORK PARTNERSHIP WITH TORUS.
Torus is burdened with the passion to provide easy access to on-boarding new users on a decentralized ecosystem. To make this possible, Torus through its wallet has integrated the Skale network chain unto his RPC nodes thereby Skales users can view their Skales wallet. This easy connection of the Skale network to Torus made it possible to view Skale's wallet in a Torus app.The Skale Network token grants access to the skale network both as delegators, validators and access to share in the resources of the skale network. The token is also used to buy resources, rent elastic sidechain for a while.
By buying the Skale network token, a user can either use the token to stake, by staking you are giving the token to the validators who act as the guardian the galaxy of Skales network by validating every data communicating through the elastic sidechain ethereum based skale network. Subscription fees are offered to developers.
TOKEN PROFILE
Ticker: SKL
Token type: ERC777
ICO Token Price: 1 SKL = 0.03 USD
Fundraising Goal: $4,375,000
Total Tokens: 4,140,000,000
Available for Token Sale: 1.8%
Min/Max-Personal Cap: TBA / $1,153
Skale Network was built on ERC-77 but its ambiguous compatibility has made it possible to stake using many major ethereum ecosystems. Aside from the SKL token being a crypto token, it also acts as a security measure in the skale ecosystem. Skale network is governed by the nonprofit N.O.D.E foundation with the sole aim of sending all SKL token back to its holder over time.
CONCLUSION
SKALE Network is the best conductive for any blockchain enthusiast looking for a scalable system. It's high transaction throughput and the low gas fee is one attribute that makes it's unique.Since the birth of the idea SKALE Network in 2020, it has done so well in boosting the Ethereum blockchain and also plans to boost blockchain as a whole in helping developers to scale, build, and developed on a decentralized network.
SKALE NETWORK SOCIAL LINKS
Company Website: https://skale.network/
Twitter: 5.9k followers https://twitter.com/SkaleNetwork
Medium: https://medium.com/skale
Telegram: 5.5k subscribers https://t.me/skaleofficial
Github: https://github.com/skalenetwork
Discord: https://discord.com/invite/gM5XBy6