Question 1

Is SKALE a blockchain?

Accepted Answer

Yes. SKALE is a network of blockchains built on the Ethereum blockchain. It serves as a scaling solution for Ethereum and offers zero-fee transactions and high transaction throughputs. The SKALE network allows developers to build DApps without worrying about high gas fees, thereby encouraging innovation. SKALE is also interoperable with Ethereum, which means users can seamlessly move tokens from one network to the other and vice versa.

Question 2

Is SKALE a good crypto?

Accepted Answer

SKL is SKALE’s utility token. Investors can buy this token if they believe its value could increase in the future. Looking at its performance at the time of writing, SKL is down 96% from its all-time high and there is no guarantee that this asset will recover. Nonetheless, SKL tokens could be suitable for purchase if you want to participate in the governance of a scaling blockchain solution that’s actually doing well in terms of transaction speeds and costs.

Question 3

What type of blockchain is SKALE?

Accepted Answer

Jack O’Holleran and Stan Kladko are the co-founders of SKALE. They launched the project in 2018 to scale Ethereum dApps. They received financial support from various partners, including Winklevoss Capital, Multicoin Capital, Galaxy Digital, ConsenSys Labs, and HashKey. O’Holleran is the current CEO of SKALE, while Kladko is the CTO. The two rolled out mainnet in 2020 in three stages. The third and final phase took place in December 2020.

Question 4

What Is SKALE crypto used for?

Accepted Answer

SKALE's native token, SKL, is a versatile ERC-777 utility token with multiple functions. Firstly, validators stake SKL tokens, allowing them to set up a node. Delegators can also stake by delegating their SKL tokens to registered validators. Secondly, SKL tokens give holders governance rights, permitting them to participate in on-chain voting. Thirdly, developers pay subscription fees in SKL tokens to create SKALE chains. Lastly, delegators and validators get staking rewards in SKL tokens for securing the network.

Question 5

Who created SKALE?

Accepted Answer

Jack O’Holleran and Stan Kladko are the co-founders of SKALE. They launched the project in 2018 to scale Ethereum dApps. They received financial support from various partners, including Winklevoss Capital, Multicoin Capital, Galaxy Digital, ConsenSys Labs, and HashKey. O’Holleran is the current CEO of SKALE, while Kladko is the CTO. The two rolled out mainnet in 2020 in three stages. The third and final phase took place in December 2020.

Question 6

What is the SKALE Network?

Accepted Answer

The SKALE Network consists of elastic sidechains compatible with Ethereum. The goal of this network is to scale Ethereum dApps. A set of more than 35 smart contracts on Ethereum collectively called the SKALE Manager manages the entire SKALE network. These contracts control processes like node selection, node rotation, chain creation, payment of staking rewards, staking, and validator registration.

Question 7

What Are Elastic Sidechains?

Accepted Answer

Elastic sidechains are the chains that make up the SKALE Network. Developers create these sidechains by staking SKL tokens. The staked tokens act as subscription fees and go towards rewarding validators and delegators. Sidechains power DApps which run transactions at zero costs. SKALE’s elastic sidechains are interoperable with the Ethereum blockchain. This means with the IMA SKALE bridge, the two networks can easily communicate with each other.

Question 8

How Does the SKALE Network Improve Blockchain Scalability?

Accepted Answer

The SKALE Network tackles blockchain scalability by offering several innovative solutions. Firstly, SKALE chains do not store the complete history of all blocks, which helps conserve space and avoid the occurrence of transaction queues. By keeping the demand for block space low, SKALE ensures that its chains remain scalable and efficient. Secondly, the SKALE Network is designed to mine full blocks in record time, with block times as fast as less than a second. This represents a significant improvement over Ethereum's 10-second block time, allowing SKALE to achieve high performance. According to a recent study by Dartmouth, it is processing one of the highest numbers of transactions per second.

Artyom Gladkov

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