SKALE Network Coin: A High-Performance, Decentralized Blockchain Solution

Posted by BH NEWS 12 months ago

SKALE Network Coin: A High-Performance, Decentralized Blockchain Solution

SKALE Network Coin is the native cryptocurrency of SKALE, an open-source elastic blockchain network that provides high-configurable and fully decentralized chains to developers. SKALE utilizes the SKL coin, a hybrid utility token representing the right to work as a validator, participate, or earn a share from its resources.

Deeply integrated with Ethereum and serving as a security and execution layer, SKALE is evolving to support thousands of independent blockchains (elastic sidechains), file storage chains, and other types of subchains. All of these chains operate seamlessly within the Ethereum ecosystem.

SKALE Network is designed to facilitate three main functions: Security and Staking, Fee Payments for developers to purchase subscriptions to elastic blockchains (S-chains), and Voting and Governance to control all economic parameters of the SKALE Network.

Built on the ERC-777 token standard, SKALE offers representation authority at the token level. ERC-777 is supported within the Ethereum ecosystem due to its full backward compatibility with ERC-20.

In addition to creating high-performance, decentralized, customizable, and Ethereum-compatible chains using the latest innovations in modern cryptography, SKALE provides developers with computation, storage, and security benefits without compromising on decentralization advantages.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.