What is SKALE Network (SKL)? How Does It Work?
The SKALE network was developed to support and provide a solution to the scalability problem of the Ethereum network. The SKALE network is a side chain project that aims to increase transaction capacity and reduce its time and cost. In this article, you can find answers to the questions of what SKALE Network (SKL) is, how it works, and how to store and get SKALE Network (SKL).
What is SKALE Network (SKL)?
The SKALE Network (SKL) was founded in 2018 by Jack O’Holleran ve Stan Kladko and it was developed by SKALE Labs. SKALE Labs is a blockchain scalability platform that enables high-speed consensus and decentralized applications to run smart contracts on dApps. Its developers planned and developed the SKALE network as a decentralized and elastic blockchain as a side chain to the Ethereum blockchain to provide a solution to the scalability problem of the Ethereum network.
How Does SKALE Network (SKL) Work?
The SKALE network operates as a middle layer that enables dApps, which are high-speed consensus and decentralized applications, to run millions of smart contracts per second on blockchain platforms that support Ethereum, EOS, and other smart contracts. The SKALE network was primarily developed as an elastic side blockchain to support the Ethereum network. Later, in the developing stages of the project, it aimed to create a layer of execution and interoperability between decentralized networks and infrastructures by providing solutions to other security layers.
Using the ERC-777 standard, SKL is the native cryptocurrency of the SKALE network and has some functions within the network. SKL token holders can participate in all voting within the SKALE network. Those who validate nodes within the network receive SKL for their efforts. However, in the SKALE network, the mining model has created a rewarding model based on the behavior of the node rather than the size and power of the node to differentiate it from mining pools. In the SKALE network, which continues with a certain number of validators, rewards can be earned by staking SKL tokens.
How to Store SKALE Network (SKL)?
SKALE Network’s native cryptocurrency is SKL, it is an ERC-777 based token. You can manage your SKL balances by using desktop, mobile and hardware wallets that support ERC-777 assets.
How to Buy and Sell SKALE Network (SKL)?
You can use BtcTurk | PRO website or BtcTurk | PRO mobile application to buy and sell SKL with Turkish Lira and Tether. If you do not have an account on BtcTurk, you can register immediately by visiting our website or mobile application and get SKALE Network (SKL) by sending Turkish Lira 24/7 with 7 different contracted banks.