SKALE Network is a Layer-2 scaling solution designed to alleviate congestion on the Ethereum network by establishing a sidechain environment. This framework enables developers to build and deploy decentralized applications (dApps) using SKALE elastic sidechains rather than relying solely on the Ethereum mainnet.
The SKALE DAO governs the SKALE Network in a fully decentralized manner. Over 50 entities, including companies, organizations, and DAOs, contribute to supporting and managing the network.
The SKALE Network project revolves around Elastic Sidechains, independent blockchain systems integrated with the Ethereum platform. Users have the flexibility to customize sidechains, known as "Elastic Sidechains," to meet specific requirements, allowing them to select consensus protocols, virtual machines, parent blockchains, and security protocols.
The SKALE token (SKL) functions as a versatile utility token within the network, enabling users to engage in various activities such as validation, delegation, and accessing network resources. Developers utilize SKL to deploy and rent SKALE Chains, accessing computational, storage, and bandwidth resources through a subscription-based model. Validators stake SKL to participate in the network, running nodes and earning rewards through fees and tokens. Delegators can delegate their tokens to validators, earning rewards in return
Source: https://iq.wiki/wiki/skale-network/ Show Less
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