Skale (SKL)

Scalability and Speed

Skale uses elastic sidechains to help Ethereum dApps run faster and handle more transactions at once. This means developers can create apps that work smoothly without delays or high fees.

Gas-Free Transactions

Skale offers zero gas fees for users, making it cheaper and easier to use dApps. Developers pay chain fees instead of users paying for each transaction.

Customizable Blockchains

Developers can deploy their own configurable blockchains (called SKALE chains) tailored to their app’s needs, including features like file storage, AI/ML smart contracts, and interchain messaging.

Support for Various dApps

Skale supports many types of decentralized apps such as games, DeFi platforms, NFTs, social apps, and marketplaces by providing fast, secure, and scalable infrastructure.

Network Participation

Token holders can stake or delegate SKL tokens to help secure the network, or developers can use SKL to rent and deploy SKALE chains for their projects.

Ecosystem Growth

Skale enables a growing ecosystem of dApps and partners, helping bring Web3 and decentralized finance to more users with better performance and user experience.

Pros of Skale

• Zero Gas Fees: Skale offers zero gas fees for users, making transactions and dApp interactions cheaper.
• High Performance: It provides fast transaction speeds and high throughput, suitable for gaming, DeFi, and NFTs.
• Scalability: Skale uses elastic sidechains that scale Ethereum dApps efficiently without congestion.
• Developer Friendly: Developers can deploy configurable, Ethereum-compatible blockchains quickly with lower costs.
• Security: Uses Proof of Stake and pooled security with Byzantine fault tolerance to keep the network secure.
• Interoperability: Supports cross-chain swaps and messaging, connecting with multiple blockchains.
• Staking Rewards: Token holders can stake or delegate SKL tokens to validators and earn rewards.
• Decentralized and Open Source: Community-owned network with transparent governance and voting.

Cons of Skale

• Market Volatility: Like most cryptocurrencies, SKL’s price can be volatile and influenced by market trends.
• Smaller Market Cap: Compared to major cryptocurrencies, Skale has a smaller market size, which can lead to price swings.
• Competition: Faces competition from other Ethereum scaling solutions and Layer 2 networks.
• Complexity for New Users: Setting up and using sidechains or staking may require some technical knowledge.
• Not a Full Layer 2: Skale is not a traditional Layer 2 but a multichain network with its own security model, which might affect adoption preferences.

For more details, visit the official Skale website at skale.space.

Founders of Skale

Skale was founded by Jack O'Holleran and Stan Kladko. Jack O'Holleran is the CEO and a technology entrepreneur with experience in blockchain and decentralized systems. Stan Kladko is the co-founder and CTO, known for his work on blockchain scalability solutions.

Major Investors in Skale

• Multicoin Capital: Led an $8.68 million funding round and is a key early investor.
• Hashed: A major investor known for strategic value, especially in the South Korean gaming market.
• Consensys Mesh: Part of the investor group supporting Skale.
• Recruit Holdings: Included among the investors backing Skale.
• Winklevoss Capital: Also invested in Skale during early funding rounds.
• Arrington XRP Capital and Blockchange: Participated in recent financing rounds.
• HashKey: Another investor involved in funding Skale.

Additional Notes

• Skale has raised over $120 million in total funding.
• The project has more than 40 investors supporting its development and growth.
• Investors include venture capital firms and blockchain-focused funds.

For more details, visit the official Skale website or their investor relations pages.

Halal Status of Skale

• Yes, Skale is considered halal.
• It is an open-source blockchain network with a decentralized architecture designed to scale Web3 applications.
• The SKL token has utility that complies with Shariah principles, used for staking, governance, and network security.
• The reward mechanism for staking does not involve interest (riba), excessive uncertainty (gharar), or gambling (maisir).
• Islamic finance experts and halal crypto monitoring offices have screened Skale and found it Shariah-compliant.