What is SKALE Network? SKALE Network (SKL) is a cryptocurrency project that aims to bring scalability to the Ethereum Blockchain through the elastic blockchain model. In this article, you can find answers to frequently asked questions such as what SKALE Network is, what it offers, what SKL is, how to get it, what it is used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.
What is SKALE Network?
Launched in 2020, SKALE Network is a Blockchain project that aims to increase the scalability of the Ethereum blockchain. The project, which was built on the Ethereum mainnet in accordance with its purpose, works with a model called elastic blockchain. Users can benefit from decentralized modular protocols, applications and cloud products through the SKALE network. The platform has a native cryptocurrency called SKL coin. This cryptocurrency is used to perform various transactions and generate income within the network.
SKALE Network, besides increasing the transaction speed, also has the goals of reducing latency and reducing transaction fees to almost zero. Users in the network can operate the dApps they create more advantageously by deploying the very fast and inexpensive Solidity smart contracts. The platform also has a “Blockchain development” product. Users can create modular protocols with a few lines of code through this product. Besides, SKALE also offers cloud services for developers. Developers can purchase highly secure and encrypted storage. The project, which has a decentralized structure, can perform 2,000 transactions per second.
What is SKL coin? What is it used for? SKL coin, created with
ERC-20 smart contract, is the native cryptocurrency of the SKALE Network project. With a maximum supply capped at 7 billion units, SKL acts as the network’s governance token. By spending the tokens, users can gain voting rights in network administration or submit a bid for exchange to the community. The SKL coin, which can be connected to the Ethereum Mainnet, stands out with various use cases within the network.
Developers have to purchase subscription with SKL coin to develop their decentralized applications and protocols on the network. In addition, SKL is used to purchase decentralized and highly secure storage areas. SKL holders can earn passive income by staking their assets. The network’s Blockchain development product is also accessed via the SKL. Users pay the transaction fees for the transactions they perform on the network with SKL coin. At the time of writing, SKL coin was the 104th largest cryptocurrency with a market cap of around $656.8 million. In addition, 3.47 billion SKL was in circulation, which corresponds to 50% of the token’s maximum supply.
How to get SKALE Network (SKL) coin?
Users who are members of a cryptocurrency exchange where the token is listed can purchase SKL coin. Major and reliable exchanges listing them include Binance, OKX, FTX, DigiFinex and CoinTiger. Investors interested in the SKALE Network project can obtain the token by signing up for one of these exchanges and depositing money in their wallets.
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