Ethereum Layer 2 Scaling Solution SKALE Network To Launch On June 30

Another Ethereum layer 2 solution SKALE Network is all set to open its doors on June30. The launch has been divided into three phases. The first phase will focus on initial security strengthening and decentralization(which will be continued throughout Phase 2 also), being in restricted access mode without any issuance, transfers and bounty in the network. It will be restricted to validators who have run the testnet and passed the onboarding process.

The Phase 2 will include dutch style auction and distribution of tokens via Codefi Activate, among buyers who would be required to stake the tokens on the network. The network will run in a delegated state, with issuance and bounty distribution to token holders who are running the network. However, the tokens can’t still be transferred or sold. It will be a Proof Of Use period, a core pillar of Codefi Activate token launch standards. The Phase 2 will increase network participation and security. 

After 3 months have passed for the Phase 2 network operations, the network will turn to an open state where tokens can be unlocked and transferred. The tokens allowed for sale would be the ones purchased during Activate launch those awarded for staking, during the Proof of Use period. The network will achieve full functionality in this phase.

About SKALE Network

The SKALE network is an open source security and execution Ethereum Layer 2 scaling solution, which relies on elastic side chains to divert processing off the mainnet. The developers and users can take advantage of the high performance side chains executing sub-second block times, running up to 2,000 TPS per chain that run full-state smart contracts, decentralized storage, execute Rollups, and machine learning in EVM. They offer speed/functionality without compromising security or decentralization.

It can support thousand thousands of independent blockchains of all sub types, tied to the Ethereum mainnet, fully compatible with Solidity and while maintaining full compatibility with the Ethereum eco-system. It is a collusion resistant leaderless network with mathematically provable secure ABBA-based consensus. The Layer 2 scaling solution features a friction user experience for both the developer and the end user.

About Layer 2 Scaling Solutions

The Layer 2 scaling solutions are decentralized protocols applied to increase the processing capacity of a blockchain (hence scaling) and as a result relieve congestion on the network. They work by delegating the network processing “off-chain” to their own chain, processing it there, before settling the final balances on the base layer mainnet.

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Posted By

Taha Zafar

Blockchain Expert. DeFi Enthusiast. Skilled in Fundamental Analysis and All Things Crypto.

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