On November 2nd, SKALE Network (SKL) was listed on HotsCoin. SKALE Network, commonly referred to as SKALE, is a modular blockchain network native to Ethereum. Its most prominent feature is zero gas fees, allowing developers to deploy high-performance EVM blockchains in minutes without sacrificing security or decentralization. It is currently available for trading on HotsCoin.
HotsCoin noted the following details about SKALE:
- Circulating Supply: 5,001,811,004 SKL
- Total Supply: 5,447,166,667 SKL
- Market Cap (Circulating): $130,746,032.909
- Fully Diluted Market Cap: $182,978,171.23
HotsCoin also highlighted key events in SKALE's timeline:
- May 11, 2022: SKALE initiated a $100 million ecosystem funding program.
- September 14, 2020: SKALE Network completed a $5 million public funding round.
- July 1, 2020: SKALE Network went live on the mainnet.
- October 1, 2019: SKALE Network concluded a $17.1 million funding round.
- October 4, 2018: SKALE Network successfully raised $9.65 million in funding.
HotsCoin provided an overview of SKALE:
SKALE Network is positioned as an "elastic sidechain network" for Ethereum, capable of supporting thousands of independent blockchains, sidechains, storage chains, and other types of subchains. These blockchains are connected to the Ethereum mainnet and fully compatible with the Ethereum ecosystem. SKALE Network utilizes Solidity as the programming language for smart contracts, running a model that is fully compatible with the Ethereum Virtual Machine (EVM). It supports mainstream Ethereum token standards and allows developers to use common Ethereum tools for development.
HotsCoin discussed the components of the SKALE network:
SKALE Network comprises SKALE nodes and SKALE administrators. SKALE administrators are smart contracts deployed on the Ethereum mainnet and are responsible for managing node creation, destruction, sidechain creation and destruction, virtual subnode rotation, and the distribution of SKALE rewards. Virtual subnodes are participants in elastic sidechains, responsible for executing SKALE consensus, running the SKALE EVM, and facilitating inter-chain communication.
HotsCoin explained the process of creating and destroying SKALE nodes:
Potential nodes looking to become part of the SKALE Network must go through a process that involves submitting an application, staking a network security deposit, and providing node metadata, among other steps. The staked deposit for nodes is used to support the network's security. Once a node is created, it receives a set of peer nodes that periodically review the performance of the node and distribute rewards based on its performance. If a node decides to exit the network, it must wait for a termination period before reclaiming the staked network security deposit.
HotsCoin detailed the creation and destruction of elastic sidechains within SKALE:
SKALE Network allows users to create customizable elastic sidechains on-demand. Users can choose different specifications, consensus protocols, virtual machines, parent chains, and security measures. Users pay rent to use these elastic sidechains and can flexibly configure resources as needed. After the rental period for an elastic sidechain expires, users have the option to renew or delete the sidechain.
HotsCoin explained the reward distribution system in SKALE Network:
SKALE Network's reward mechanism aims to promote network stability by evenly distributing rewards to nodes participating in the network during each network cycle. These rewards are based on node performance and behavior.
HotsCoin described the consensus process and elastic sidechains in SKALE:
Elastic sidechains consist of virtual subnodes that create and confirm blocks using an asynchronous, leaderless, and provably secure protocol. The online status of most virtual subnodes is critical to ensuring the consensus process. Block proposals are created by virtual subnodes and consensus is achieved using an asynchronous binary Byzantine fault-tolerant protocol. Once a block is successfully chosen through consensus, virtual subnodes submit it to the blockchain.
HotsCoin highlighted the network's expansion capabilities:
SKALE Network enhances its functionality through expansion packages, including file storage and inter-chain communication. File storage uses a built-in data availability protocol, allowing users to upload, download, and delete files. Inter-chain communication utilizes BLS threshold signatures to achieve fast and secure inter-chain communication.
HotsCoin explained the IMA cross-chain bridge in SKALE:
SKALE introduced the IMA cross-chain bridge, enabling users to transfer digital assets and generic message data between Ethereum and the SKALE chain. This cross-chain bridge facilitates secure asset transfers, including transfers from Ethereum to the SKALE chain and vice versa.
HotsCoin discussed SKALE's tokens and governance:
SKALE tokens represent the participation power of validating nodes in the network or a portion of power gained by developers when deploying and renting elastic sidechain resources. Token holders can participate in network governance to influence important decisions.
HotsCoin provided insights into SKALE's ecosystem development and fundraising:
SKALE Network has made significant progress in ecosystem development, including launching a batch of dApps and establishing partnerships with multiple collaborators and validators. The network has garnered support from top global validator platforms. In terms of fundraising, SKALE Labs successfully raised over $17.1 million in funding.
In summary, SKALE Network, as an "elastic sidechain network" for Ethereum, offers a high-performance, secure, and scalable solution for developers to easily deploy blockchain applications. Despite competition in the scalability field, SKALE's technical foundation and ecosystem development plans give it the potential to stand out in this space. As ecosystem development continues, SKALE could become an essential component of the Ethereum ecosystem.
HotsCoin will continue to monitor the project's ecosystem. Please note that investment involves risks, and the above report is for reference purposes only and does not constitute investment advice. (Report written in November 2023).
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