SKALE Network

The SKALE Network is governed by the SKALE DAO and is managed in a fully open and decentralized manner. There are over 50 unique companies, business entities, organizations, and DAOs that work to support, run, and govern the SKALE Network. In addition, there are thousands of active community members supporting the project in many ways including open-source code contribution. All core smart contract changes require a decentralized multisig approval held by numerous unique entities and contributors. Onchain voting will commence in Q1 2023.

The network is also supported by two entities, the N.O.D.E. Foundation, and SKALE Labs. SKALE Labs is the core team involved in proposing technical specs, supporting with open source code contributions, and educating the public on the technical elements of the SKALE Network. The N.O.D.E. Foundation is located in Vaduz, Liechtenstein, and SKALE Labs is headquartered in San Francisco, California.

SKALE is described as an elastic network that’s designed to bring scalability to Ethereum. As well as boosting transaction capacity, the decentralized project aims to reduce latency and ensure that payments can be made as cheaply as possible.

The project’s website says it wants to enable people to build and run DApps in a “decentralized modular cloud built for real-world needs and configured for your requirements.” This emphasis on decentralization isn’t at the expense of security.

According to SKALE, those who build on this platform can run Solidity smart contracts “thousands of times faster at a fraction of the mainnet cost” — with games and content streaming services among the projects that already take advantage of its infrastructure.

The SKALE Network is a high-throughput, low-latency, configurable byzantine fault tolerant, elastic blockchain network built interoperably with Ethereum. The initial and primary use case for this network will be in form of elastic sidechains for the Ethereum Blockchain. In this context it can be described as an ‘Elastic Sidechain Network’.

The SKALE token is a work and usage token. To have the right to work in the network, nodes must run the SKALE daemon and stake a predetermined amount of SKALE tokens on the Ethereum mainnet via a series of smart contracts known as the SKALE Manager. Once a node has been admitted to the network, 24 peer nodes will be randomly selected to audit its uptime and latency - these metrics will be submitted regularly to the 1 SKALE Manager and will affect a node’s rewards for participating in the network.