The SKALE Network is an open-source, decentralized "elastic" blockchain network designed to scale Web3 applications. SKALE chains are configurable, application-specific blockchains (commonly referred to as " dynamic sharding " ) that exist as a layer on top of the Ethereum blockchain. Developers can lease SKALE chains, each of which acts as a private Ethereum-compatible smart contract platform with faster block times and the ability to process more transactions per second. According to the core developer SKALE Labs, the SKALE chain can run full-state smart contracts, support decentralized storage, execute Rollps contracts (layer 2 scaling solution), and use EVM (Ethereum Virtual Machine) to run machine learning algorithms. Combined with Ethereum, SKALE Network aims to make Web3 applications competitive with traditional applications on the basis of cost and performance.
Key features of the SKALE network include:
1.Close to zero Gas fee;
2.Random node selection/frequent node rotation;
3.virtualized child nodes;
4.containerized validator nodes;
5.Consensus is achieved through Asynchronous Binary Byzantine Agreement (ABBA);
6.multi-signature;
7.node monitoring;
8.Ethereum interoperability.
SKL token is a utility token used to support application deployment and network security. Developers use SKL tokens to purchase independent blockchains or SKALE S-Chains to run their dApps. SKL tokens are also used for delegation and staking to secure the network. Stakers and delegators are rewarded for locking their holdings on the network.