SKALE NETWORK CRASH COURSE
Lots of scaling solutions are currently in the blockchain ecosystem. there multiple approaches on Layer 2 scaling solution that are being experimented on to achieve the end goal of faster and cheaper transactions at scale. Layer 2 Solutions aim to solve several types of scalability issues: some to scale payment, some are used for scaling smart contract, and some to do computation off-chain. This issue led to the birth of SKALE network a layer 2 scaling solution designed help ETH to scale further
What is SKALE network
SKALE Network is an open-source, decentralized “elastic” blockchain network designed to scale Web3 applications. This means that SKALE chains are configurable, application-specific blockchains that exist one layer above the Ethereum blockchain. Dapp developers can rent SKALE chains that acts as a decentralized, configurable network of on-demand blockchains that support high-throughput, low-cost, and low-latency transactions enabled with storage capabilities and advanced analytics
According to core developer SKALE Labs, SKALE chains can run full-state smart contracts, support decentralized storage, execute rollup contracts (a layer-2 scaling solution), and run machine learning algorithms using the EVM (Ethereum Virtual Machine).
In combination with Ethereum, SKALE Network aims to allow Web3 apps to compete with traditional apps on a cost and performance basis. SKALE chains can execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts in addition to decentralized storage, execute Rollups, and machine learning in EVM. The SKALE Network is an open source project with many contributors including SKALE Labs, Inc.
Currently many dApps are already running smart contracts on SKALE’s elastic sidechains. These include games, content streaming services, TCR-based platforms, and more.
The SKALE Network consists of a configurable network of elastic sidechains that supports high-throughput and low-latency transactions while attempting to avoid high transaction costs. its security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance. The network offers expanded storage capabilities along with embedded connectivity and interchain messaging with the Ethereum mainnet. SKALE aims to provide these features through its use of a pooled transaction validation and security model.
“Helping Ethereum Dapp developers scale applications is the center of what we do.” The network aims to help the developers by providing a Layer 2 platform with high speeds, fast finality and low costs, SKALE Labs said.Gaming and decentralize finance (DeFi) applications are where SKALE hopes to move the needle.
According to O’Holleran
Main features of the SKALE technology includes,
Zero to Near-Zero Gas Fees
Gas fee has been one of the issues in ethereum network, for this reason, within the SKALE Network gas fee are zero — regardless of the size of the SKALE chain — as long as the chain is below a specific resource threshold. This zero to near-zero gas fee structure is a significant benefit in terms of building and operating decentralized applications.
Each elastic sidechain in SKALE network consists of a collective of randomly appointed virtualized subnodes which run the SKALE daemon and the SKALE consensus. Nodes in the SKALE Network are not restricted to a single chain but rather can work across multiple sidechains via the use of virtualized subnodes.
Containerized Validator Nodes
Virtualized subnodes are enabled via an innovative containerized architecture that provides industrial-grade performance and optionality for decentralized application developers — performance and flexibility that is similar to traditional centralized cloud and microservice systems.
Random Node Selection/Frequent Node Rotation
Validator nodes are assigned to elastic sidechains via a random process that is arbitrated by a mainnet contract. Security of chain consensus is further protected via frequent node rotation. Nodes will be removed from one or more chains on a non-deterministic schedule and new nodes added.
Consensus via Asynchronous Binary Byzantine Agreement (ABBA)
The consensus model used for block creation and commitment for each elastic sidechain is a variant of the Asynchronous Binary Byzantine Agreement (ABBA) protocol. (Derived from Mostefaoui et al. although other consensus protocols can be used, as long as it satisfies certain properties.) The benefits of the ABBA protocol is that it is designed to exhibit robustness in the case of subnode downtime where each latent and/or down subnode is regarded as a slow link
Interchain Messaging via BLS Threshold Signatures
Each elastic sidechain supports BLS (Boneh–Lynn–Shacham) threshold signatures which is important for supporting interchain messaging. Virtualized subnodes for each chain are able to validate a transaction that was signed and committed by the subnodes in another chain through the use of that chain’s group signature. This signature is made available to all other chains via publishing on the Ethereum mainnet. SKALE’s interchain messaging provides support for all the major Ethereum token standards including ETH, ERC20, ERC721, ERC777, and Dai
Each sidechain also supports BLS Rollups which provides an efficient and secure way to use the SKALE Network to improve throughput and lower gas costs on the Ethereum mainnet. A rollup can generally be defined as a solution where transactions are published on chain, but computation and storage of transaction results is done differently to save gas. BLS Rollups works by using a crypto algorithm called aggregated BLS signatures to shrink ETH transaction sizes.
The work to integrate BLS Rollups into SKALE encompasses three phases of development with Phase 1 providing up to fifty transactions per second for ERC-20 token transfers.
A Node Monitoring Service (NMS) runs on each SKALE Node and facilitates the performance tracking of a certain number of other nodes in the network. Performance tracking measures both uptime and latency through a regular process which pings each peer node and logs these measurements to a local database. At the end of each epoch, these metrics are averaged and submitted to smart contracts on the mainnet that use them to determine the payout distribution to nodes as well as flag suspect nodes for review and potential penalties.
The SKALE Network is built to act as a security and execution layer that ties in closely with the Ethereum network in service of its security and operational model. The smart contracts that maintain node operation all execute on the Ethereum mainnet. In addition, the validator stakes and user subscriptions not to mention the token inflation, are also maintained or controlled by smart contracts running within the Ethereum mainnet.
SKL token is a utility token that govern the SKALE network, SKL is used to support application deployment and the security of the network. Developers purchase independent blockchains, or SKALE S-Chains, with SKL tokens to run their dApps. SKL tokens are also used for delegating and staking to secure the network. Stakers and delegators earn rewards in exchange for locking their holdings on the network.
ERC-777 is an Ethereum-based token standard that is backward compatible with the more popular ERC20 standard, meaning that all Ethereum apps with ERC-20 support can also support ERC-777 tokens. This newer standard aims to improve upon some of the shortcomings of ERC-20, particularly its inability to use a token as a trigger for a function of another smart contract. SKALE’s interchain messaging provides support for all the major Ethereum token standards including ETH, ERC-20, ERC-721, ERC-777, and Dai
The SKALE Network is able to use SKL for both staking and delegation due to functions support by the ERC-777 standard. Unlike with ERC-20, a delegator using SKL does not need to send tokens to a separate delegation smart contract. Instead, they can share their secure delegation key with a staking provider while storing the tokens in a cold or hot wallet.
Exchanges and the token contract
SKL is listed in Binance, Huobi, CRYPTO.COM, Uniswap, and a number of other exchanges like Gate.io etc
Uniswap SKL-ETH trading pool: https://info.uniswap.org/pair/0xf232d640a5700724748464ba8bd8bed21db609a6
SKL token contract: https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
SKALE Token Unlock Schedule; Interactive Token Unlock Schedule
SKALE token sale
SKALE token sale was first conducted on the Activate platform developed by Activate ConsenSys. Its purpose is to bootstrap new projects with an involved community that would perform the functions required of it, for example staking their tokens to secure the network.
The company said that the purpose of the sale is primarily to find engaged users; collecting funds was a secondary goal. Skale’s CEO Jack O’Holleran previously told Cointelegraph that the project does not really need the money it collected as it has operated on venture capital so far.
According to ConsenSys, the sale accrued over $53 million in purchase intent from 4,533 participants. finally 3,736 people from 90 different countries purchased 167,139,884 SKL at $0.03 USD/SKL, creating a broad network of participants that spans the globe and significantly increases network security ahead of the SKALE Network’s Phase 2 mainnet launch on October 1st
Activate’s Token Launch Standards ensured that only only the most qualified networks were selected and launched in the most accessible, transparent, and fair manner. An adherence to a more compliant KYC policy brought the final number of approved participants to 4,533 with $53,300,000 in purchase intent, which was more than ten times the total token availability. Rather than let a handful of whales scoop up all the tokens and potentially dump them later, or dominate the network rewards, the sale aimed to have the most number of individual participants possible and make the SKALE Network a self-sustaining endeavor.
SKALE network ecosystem
SKALE Network, whose core team behind all their technology are SKALE LABs has announced over 40 integration partners and validators, in addition to the Dapps that joined the SKALE Innovator program and are currently building on the platform. This collection is one of the most significant ecosystem announcements as part of the network launch in recent years and signifies the importance and strength of the Ethereum Developer Ecosystem which SKALE is proud to be a part of.
Today, over 50 Dapps are building on SKALE network. SKALE also launched a rich set of pre-packaged integrations with major wallets and auth providers, data storage solutions, data explorers, oracles, validators, and blockchain API connectors, along with support for the most commonly used token standards and developer tools used by the Ethereum community. This support makes it possible to use SKALE to build and run Dapps with near-zero learning curve while taking advantage of native commonality with and connectivity to the Ethereum.
SKALE provides developers with Ethereum-as-a-service functionality, with the ability to run small, medium, and large sized SKALE chains, each connected to and compatible with the Ethereum mainnet. Each SKALE chain can support up to 2,000 transactions per second with full EVM-compatibility all the while providing faster commit times and drastically reducing operating costs.
SKALE network validators
SKALE network early partners
SKALE ambassodor Gamez
Ambassador Gamez; is a series of three collaborative missions to help SKALE find top ambassador talent in all countries and all languages. Winners of Ambassador Gamez will be invited to join the SKALE Ambassador Crew. Two of the three missions are incentivized with $SKL. This is the first ever wave of A/Gz (Wave 1). SKALE plans to hold these Gamez twice a year to grow the ambassador crew and drive protocol education worldwide.
Registration for Ambassador Gamez Wave 1 closed on Dec 27. Registration for Wave 2 will open soon. Please stay tuned.
Duties of Ambassador
SKALE Ambassadors will help in pushing skale forward as a brand, drive protocol education to communities worldwide and in their native languages by creating or localizing content, organizing events, doing community management, and helping to tell the world about the growth and development of SKALE Network, important code releases, integrations, ecosystem growth, launches, and so much more.
Who should join
Through the scheme SKALE are gathering talented ambassadors who has talent in the following fields.
* Content Writing
* Community Management
* Crypto Educator
* Crypto-savvy Translator
* Developer and Builder
* Content Creator
* Digital Marketer
* Event Organizer
* Meme Master
* Technical Documentation Writer
* Thought Leader and Influencer
I hope the reader enjoys this crash course on SKALE network, though it was a brief one and couldn't cover the whole development and news happening around SKALE network, but with this course you can be able to know the technology, fundamentals and the mission of SKALE network. The course has links embedded incase you want to research further, it will be of great help