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SKALE Network Coin is the native cryptocurrency of the SKALE network, an open-source elastic blockchain network that provides developers with easy access to highly configurable and fully decentralized chains. SKALE utilizes the SKL coin, a hybrid utility token that represents the right to work as a validator on the network, participate in staking, or access a share of its resources.
SKALE acts as a security and execution layer connected and deeply integrated with Ethereum. The network is evolving to support thousands of independent blockchains (elastic sidechains), file storage chains, and other types of sub-chains, all connected to the Ethereum mainnet and fully compatible with the entire Ethereum ecosystem.
SKALE Network (SKL)
SKALE Network (SKL) Prometeus (PROM) is a hybrid utility token. According to the platform’s descriptions, the SKALE Network Coin serves to facilitate three main functions:
- Security and Staking: SKL token holders (delegators) assign their tokens to validators who operate nodes on the SKALE network, performing block validation, executing smart contracts, and securing the network. They are rewarded with SKL tokens for their efforts.
- Fee Payments: Developers use SKL tokens to purchase subscription access to elastic blockchains (S-chains).
- Governance and Voting: SKL tokens will be used for on-chain voting to control all economic parameters of the SKALE Network.
Additionally, SKALE is built on an innovative ERC-777 token standard that supports token-level delegation. ERC-777 is fully backward compatible with ERC-20, meaning it is supported across the Ethereum ecosystem with ERC-20 compatibility.
Furthermore, according to announcements, SKALE Networks’ modular protocol allows developers to easily deploy highly configurable blockchains that provide the benefits of decentralization without compromising on computation, storage, or security.
Elastic blockchains use the latest innovations in modern cryptography to provide high performance, decentralized, configurable, Ethereum-compatible chains with provable security:
- Byzantine Fault Tolerant: A security standard in distributed systems, BFT ensures the network can reach consensus even if one-third of participants are malicious.
- Asynchronous Protocol: Following the Internet model, this protocol recognizes delays in nodes and the network, allowing a brief time for message delivery.
- Threshold Signatures: BLS Threshold Signatures enable efficient cross-chain communication and support randomness in node distribution.
- Leaderless Consensus: Leaderlessness reduces the possibility of collusion among network participants, giving each an equal chance to propose and process new blocks successfully.
SKL Coin Review
Despite being relatively new in the market, the SKL coin is charting an upward trajectory, attracting investor attention. Reviews of SKL coin, especially post its listing on major exchanges like Binance, highlight its attention-grabbing price movements and positive feedback.
For a clearer assessment of investor opinions, examining SKALE Coin’s price movements could be beneficial.
As per CoinMarketCap data at the time of writing, SKL Coin is trading at 0.1332 USD against the dollar and 0.00000700 BTC against Bitcoin. It’s worth noting that SKL Coin hit its highest level at 0.1634 USD on December 4, 2020, and its lowest on November 30, 2020.
Additionally, it is announced that the total supply of SKALE Coin will be 4,072,194,681 SKALE Network Coins.
How to Buy SKALE Network Coin?
You can quickly and securely purchase Siacoin through Binance, the largest cryptocurrency exchange by market capitalization. It is worth mentioning that SKALE Network (SKL) was listed on Binance on December 1, 2020. Binance users can trade in SKL/BTC, SKL/BUSD, and SKL/USDT pairs on the exchange.
