Skale Network Crash course
Blockchain platform for creating productive dApps compatible with Ethereum
Greetings to everyone interested in blockchain!
Today I will present you an excellent service, which, in just a couple lines of code, can run your dApps in a decentralized cloud modular. Skale Network is an elastic blockchain network compatible with Ethereum. It is the best decentralized platforms aiming to create a flexible environment to build and Skale applications based on the Ethereum blockchain.
What is the Skale Network?
Skale is a new but proven blockchain project launched in 2020 — www.skale.network. The Skale platform positions itself as an agile blockchain for creating productive and scalable decentralized applications (dApps) based on Ethereum. Skale’s main goal is to allow you to easily develop, configure and run your own dApps in a decentralized, modular cloud.
Skale also provides a solution by which developers can create dApps for specific applications, secure by blockchain network validators, and accelerate the development of smart contracts.
How it works?
The dApps network works on the Ethereum-as-a-Service principle. With skale, applications can access third-party blockchains and their dApps to improve performance or security, for example. Skale interacts with the Ethereum blockchain through the SKALE Manager smart contract.
For an application (dApp), it needs to get the computing resources that validators provide. Validators play a key role in the security of the Skale blockchain network. The protocol allocates validator resources and optimizes them to achieve the best possible blockchain network efficiency.
Is Ethereum Relevant Now?
The Ethereum network is one of the largest blockchain networks with the largest number of DApps in cryptospace, this network is also known as the ERC-20 network. For the first time in three years, the exchange rate of ether (ETH) has come close to $1400. In the near future, the coin will renew its historical high. ETH added over 10% in January 2021 and is now at $151.181 billion. Now the coin is not only ready to replicate those numbers, but also to show a much better performance.
In January all interested paid attention to the escalation of volatility of the Ethereum. Analysts predict that the result of the next so-called “altseason” could be the rise not only of ETH, but also of other digital currencies, following bitcoin.
BTC is now trading around $41,000. Bitcoin traders have calmed down for a while, supporting the largest cryptocurrency and preventing it from falling below $39,000. Investors can now concentrate on supporting altcoins. The lion’s share of capital in this situation will go to ether. Many analysts say that ETH has a good chance of reaching $2000 within the next five months.
More on how Skyle can be used for managing ETH tokens between Ethereum and SKALE. — SKALE
What are Dapps?
DApps are distributed, more attack-resistant and transparent applications made possible by blockchain.
Before we get into what dApps do, let’s remember the definition of a blockchain. It is a register of records that are stored in “blocks” that are linked by cryptographic verification. All actions are performed as a result of consensus. The register is not stored in a centralized location, nor is it managed by a single organization. The block validation system causes new transactions to be added irreversibly, and old records are kept forever and for all.
Let’s also break down the difference between decentralized and distributed. A distributed system is a network of autonomous computers. The components interact with each other to achieve a common goal. Decentralized computing is the allocation of resources to each individual workstation. This means that neither node tells the other what to do or how to do it.
Taking the most universal definition, the first dApp is actually bitcoin itself. It is an implemented solution on blockchain, a self-sustaining public leger that allows for efficient transactions without intermediaries or centralized authorities.
But the most popular Ethereum dApps, written in its own language, which allows developers to create smart contacts on the Etinerum Virtual Machine (EVM). There are now nearly 1,000 registered applications built on Ethereum.
The Ethereum platform allows everyone to write smart contracts and decentralized applications where you can choose your own “rules” for ownership of funds, transaction format and other features, so applications can serve different areas of life, from finance to healthcare. They allow you to build interactions between two or more participants.
There are two concepts: the main chain and the sidechain. The sidechain sometimes called a childchain.
Imagine that the main chain is a highway where vehicles can move, and the sidechain is a series of roads built next to the highway (cars can move faster here), which can connect to the highway if necessary.
The sidechain is a separate blockchain with a two-way link to the main blockchain. Sidechain functionality has significant potential to enrich the capabilities of existing blockchains. Two-way binding allows the exchange of assets between the parent blockchain and the sidechain; for example, using Ethereum as the underlying asset for a separate blockchain.
To use the sidechain, the user of the parent blockchain must send their funds to the output address. Once the coins hit the output address, they are blocked. This means that the user can no longer use the coins elsewhere.
For added security, the transfer of coins from the parent blockchain to the sidechain occurs after a certain waiting period. After the waiting period ends, the appropriate amount of coins are transferred to the sidechain and the user has the option to spend them.
When coins transfer from the sidechain to the parent blockchain, the user sends the coins from the sidechain to the output address, where they are blocked. After the waiting period ends, an equivalent number of coins are transferred to the parent blockchain.
Why does Skale Network use sidechain?
The main convenience of sidechain is their permanence. You don’t have to create a new one every time you need to use a sidechain.
Sidechain technology has the premise of growing one of the core values of blockchains: decentralization of trust. There is no need to have a central transaction structure — cryptocurrency holders are free to use assets in the way they want. Sidechains make their transactions even more secure and reliable.
The only possible disadvantage, on the other hand and advantage, is the requirement of federation. This group determines the status of used coins in Sidechain — whether they are ready for access and transition or not. The extra layer formed by federation can be vulnerable to attack, since it is the only layer between the main chain and one of the sidechains. But this drawback gives an additional level of control and is fairly easy to solve, since the creators of a sidechain are free to choose the members of the Federations on their own. Because each sidechain is independent, if it is hacked or compromised, the damage remains within that chain and does not affect the main blockchain.
A feature like this provides publicly verifiable, trusted transaction networks that allow any asset to move between different markets without requiring centralized trust in any party.
More on Skale Network — high-throughput, low-latency, configurable fault tolerant sidechain for the Ethereum blockchain. — SKALE
The token code for this cryptocurrency is SKL. As of January 11, 2021, cryptocurrency SKALE Network has a capitalization of $51,574,172.68, or 1,455.83 BTC and is ranked in the top 300 cryptocurrencies by capitalization. SKALE Network is a token of the cryptocurrency Ethereum ETH.
SKALE Network cryptocurrency is not subject to mining, that is, all of the coins of this cryptocurrency were issued immediately or are issued solely by the developers/founders of this cryptocurrency. The number of SKALE Network cryptocurrency coins released is currently 564,166,667 coins, which is 8% of the total number of SKALE Network cryptocurrency coins. The maximum possible number of SKALE Network SKALE Network SKL coins is 7,000,000,000 coins.
SKALE Network users use a subscription model to pay for leasing network resources for a specified defined period of time in the form of an elastic side-chain. SKALE validators place their tokens on the network, and this gives them the automatic right to run nodes and earn through token fees and inflation, while delegates on the network can delegate their SKL token to validators to earn rewards based on the number of tokens delegated.
The Scale Network improves upon past attempts to enhance content curation models by utilizing a cryptocurrency token economy model. It ultimately achieves its goal of true community driven platforms by putting emphasis on the actual number of people contributing, rather than just the amount of tokens, and building on a blockchain platform that is more accessible to the average user and developer. Through these improvements, The Scale Network will soon become the defacto blockchain-powered curation network.
2021 will be the year of the smart contract, which will show real growth for the company. Also in the next year hundreds of decentralized applications will be launched, with millions and possibly hundreds of millions of transactions every day on the network.
Growth will also be evidenced by the increase in new exchange list regions, giving more people access to SKL. New partnerships will be formed that will drive further growth in all areas of the network. The first news on this will be coming in the coming months!
There is also a full review of Skale Network’s 2020 performance from Skale Network CEO Jack O’Holleran. Read this report, you won’t regret it!
Thanks for reading!
SKALE: Build Powerful Ethereum dApps
SKALE is a fully decentralized Ethereum compatible Layer 2 PoS network that provides all benefits of decentralization…
Skale Network blog : skale.network/blog
telegram : t.me/skaleofficial
discord : discord.com/invite/gM5XBy6
twitter : twitter.com/SkaleNetwork
github : github.com/skalenetwork
linkedin : www.linkedin.com/company/skale-labs/