What is SKALE Network (SKL)?

SKALE Network (SKL) provides developers with an elastic blockchain platform to quickly set up decentralized chains. It provides security and execution functionality directly connected to Ethereum and seamlessly incorporated into the Ethereum Network.

The network can support hundreds of blockchains, subchains, and file transmission abilities – all of which are compatible with the Ethereum public mainnet.

As part of the SKALE network, users access the SKL token. It is a unique token with hybrid functions that lets you contribute to the system by validating, becoming a delegate, or accessing its resources.

It is possible to execute blocks in under two seconds, process over 2,000 transactions in a second, and implement decentralized storage using SKALE chains.

By utilizing the SKALE Network (SKL), users can alleviate network congestion resulting from the high number of developers who use the Ethereum platform.

Before Ethereum offered developers and ETH users a highly scalable platform, the SKALE Network provided an alternative layer-2 scaling solution.

By using elastic sidechains, SKALE seamlessly integrates with the Ethereum network, avoiding network congestion through sidechains for the development of Dapps.

With SKALE, Dapps on the Ethereum network will run faster and with less delay, allowing them to transact more quickly between sidechains.

Who Created SKALE Network (SKL)?

The co-founders of SKALE Network are Stan Klakdo and Jack O’Holleran. He has extensive experience with machine learning, artificial intelligence, encryption, and blockchain.

SKALE co-founder Jack is also the founder of several Silicon Valley-based business technology companies. He also launched Aktana, an innovative platform for analytics using machine learning that caters to the needs of the Life Science market.

In addition, Jack served as an executive for Good Technology, which Motorola purchased for around $500 million, and later served as an executive for Motorola.

Since 2013, he has invested heavily in digital currencies and decentralization and has worked full-time in the field.

How Does SKALE Network (SKL) Work?

The SKALE Network uses elastic sidechains as its core technology to work. An elastic sidechain is a system of independent blockchains that work in conjunction with another blockchain system, such as the Ethereum platform.

Users can create sidechains based on their requirements, which they refer to as Elastic Sidechains.

Developers can customize Dapp sidechains by choosing algorithms, virtual machines, and security protocols. The developers can create and host decentralized applications using sidechains after defining them.

Interoperability between the Ethereum platform and sidechains associated with SKALE occurs through communication between smart contracts on sidechains and contracts on Ethereum. The Ethereum mainnet is still accessible while using flexible sidechains.

Is SKALE Network (SKL) a Good Investment?

The value of SKALE Network will likely continue to rise since shortages often lead to price increases. However, remember that every investment carries a certain amount of risk.

Still, you should conduct the in-depth research possible before drawing any conclusions. Overall, however, there is potential for the SKL token to become a good investment.

The value of the SKALE Network lies in its technological capability, feasibility, and widespread adoption. Using Elastic Sidechains, SKALE allows users and developers to build Dapps customized for their development process.

Additionally, SKALE’s value comes from Ethereum’s network, which cannot handle high traffic volumes. In most cases, SKALE’s intrinsic value is not in line with its market price because of its use cases and technology.

Cryptocurrency markets have a high degree of volatility, which affects the value of SKALE and other factors that influence its price.