Skale (SKL) - cryptocurrency on an infinite number of blockchains

The Ethereum-integrated Skale (SKL) network is trying to conquer the market differently than everyone else. It does not rely on one, innovative blockchain network, but on ... an infinite number of Skale Chains blockchains, which are created on its chain in order to achieve high throughput, but also zero transaction fees. Will this business model translate into an increase in the price of the cryptocurrency of the same name?

We continue the series of the Forex Club portal, in which we analyze and describe the largest, most valued, most interesting, most developed, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Rock - a modular hybrid network that consists of interconnected blockchains.

Why was the Skale network created?

More projects blockchain technology spring up like mushrooms after the rain, but not all of them offer something new. This time, however, it was different. SKALE is an idea that aims to support the extremely rapid development of decentralized applications on the web Ethereum.

This modular hybrid network, consisting of scalable, interconnected blockchains, allows you to easily move from the Ethereum network to one of the blockchains managed by Skala. What does it give? Increases bandwidth and saves on transaction fees.

Already in 2018, Jack O'Holleran and Stan Kladko dreamed that operating on the blockchain would be easy and cheap. And they started to put their idea into practice.

How does all this work?

Today, the Skale network is integrated with Ethereum, but has its own consensus mechanism. It works on the principle that it uses the ETH network, but immediately connects it to Skala. Thanks to this, we gain faster data processing, maintaining security and not increasing costs.

All because it is a multi-chain network. An infinite number of chains can be added to it, and each of them is de facto an independent blockchain. Thanks to this, already existing smart contracts in Ethereum can be placed immediately in the Skala chains. Even entire web pages with all data and resources can be stored in network nodes. Nodes also allow for transfer between different chains Cryptocurrency scales and NFT.

How come all this is free? Only developers/companies who want to use the network pay. The subscription is one-time. Subscription fees go to validators and communities, so there are no gas fees.

What is Skale (SKL) cryptocurrency?

The SKL token is the network's native cryptocurrency and utility token. It was issued on the Ethereum network and, of course, can be staked, collecting rewards for its possession.

SKL tokens cover all subscription fees on the Skale network. Their holders can also run transaction processing nodes and derive income from part of the subscription fees. The more SKL tokens you have, the more voice you have in managing the network. Therefore, you can co-decide on the directions of network development or even the amount of fees charged.

Cryptocurrency Skala (SKL) quotes

As of July 13, 2023, SKALE tokens can be traded on 38 cryptocurrency exchanges from around the world, including the most popular in the world - Binance. You currently have to pay USD 0,0279 for each of them, which, with the supply of 564 tokens, translates into over USD 166 million in market capitalization. A maximum of 667 tokens will be in circulation. The peak of quotations took place on March 15,7, 7, when the token was valued at USD 000.