By Jamie - Crypto expert - 06-08-2021
In recent news, Ethereum (ETH) has invested in a solution to solve its problems with scalability. Ethereum’s latest integration is with the SKALE Network. The SKALE Network is a Layer-2, Ethereum-compatible scaling solution that fast-tracks developers past the congestion and traffic within the Ethereum mainnet. Ethereum has reported that the SKALE Network will soon release the first set of live Decentralised Applications (DApps) in the Ether blockchain. The now Ethereum-integrated scaling solution is a multichain network that is made up of multiple other decentralised blockchains. The purpose of the SKALE Network is to help bring about Web3 to the world. The DApps that the SKALE Network will be providing will allow anyone to use Web3 without needing to monetise their data. SKALE will first publish the SKALE IMA Bridge to improve Ethereum’s Speed and security.
SKALE’s native cryptocurrency SKL is used to power the network and is represented as a “right to work” validator within the system. Users of the network can buy SKL which they can then use to stake their tokens to validators. Users are also buying SKL to use as a payment method to purchase their subscription access to the Elastic blockchain. Anyone who has been buying crypto token SKL and holds the cryptocurrency can also vote in the platform and take part in governance. Overall, SKL is a huge part of the network which not only helps to build the platforms security but helps run the system as the network helps Ethereum’s scalability.
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