How To Buy SKALE (SKL)?

A common question you often see on social media from crypto beginners is “Where can I buy SKALE?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy SKALE on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports SKALE (SKL)

First, you will need to open an account on a cryptocurrency exchange that supports SKALE (SKL).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase SKALE (SKL) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy SKALE (SKL)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for SKALE (SKL) or SKALE (SKL) trading pairs. Look for the section that will allow you to buy SKALE (SKL), and enter the amount of the cryptocurrency that you want to spend for SKALE (SKL) or the amount of fiat currency that you want to spend towards buying SKALE (SKL). The exchange will then calculate the equivalent amount of SKALE (SKL) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of SKALE (SKL) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is SKALE (SKL)?

The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance. It is an elastic and decentralized blockchain network that supports thousands of independent blockchains, sidechains, storage chains, and other types of subchains – all tied to the Ethereum public mainnet. This network forms an execution layer in the form of high-performance chains that facilitate transactions based upon on-chain escrows. The SKALE Network will eventually be comprised of thousands of independent validator nodes which will offer the security guarantees of a Layer 1 blockchain network but use resources in a more efficient, performant, and versatile manner. One thousand validators in the SKALE Network, for example, can support 8,000 independent chains. These chains could range from the smallest of sidechains to very large public and private blockchains – each operating with faster commit times, lower transaction costs, and higher transaction throughput.

What problem does SKALE aim to solve?

To increase adoption of Ethereum-based applications – and decentralized solutions in general – the industry needs to scale not just transaction throughput but also the user experience. Scaling the user experience means solving for transactions per second as well as solving for latency, connectivity to API-based wallets, cost-effectiveness, seamless messaging between chains, and much more. The SKALE Network is an integral solution to blockchain scaling which addresses speed, security, ecosystem interoperability, AND transactions per second. It is a configurable network of elastic sidechains that supports high-throughput and low-latency transactions without the high transaction costs found in public mainnets. The network offers expanded storage capabilities along with embedded connectivity and interchain messaging with the Ethereum mainnet. All of this is performed using a pooled transaction validation and security model that is efficient, scalable, and collusion-resistant.

The primary benefits are near-zero gas costs, faster commit times, and increased transaction throughput. Faster commit times translate into lower latency, which allows for a better user experience. Reduced gas costs benefits both developers and users and removes friction to mass adoption. Elastic sidechains can also provide a significant amount of additional on-chain storage capacity for decentralized applications. Storing data on public chains is costly and limited whereas data storage within the SKALE Network is more extensive and economical thereby reducing the challenges app developers run into when addressing the storage needs of decentralized apps. Using an Execution Layer solution like the SKALE Network is highly effective for building and scaling Ethereum-based applications, opening up the potential for an ever-expanding spectrum of use cases – from games and decentralized finance to productivity and media applications and everything in between.

What makes SKALE unique?

The SKALE Network offers a decentralized cloud for the provisioning and deployment of high-throughput low-latency elastic sidechains. These elastic sidechains are compatible with the Ethereum Virtual Machine (EVM) and offer configurable resource settings that include network size, transaction throughput, storage capacity, and enhanced security features. Elastic sidechains in the SKALE Network are operated by a group of virtualized subnodes selected from the larger set of nodes in the network. The sidechains use the node’s computation and storage resources – ranging from a portion of the node resources to all of the resources depending on the size of the chain selected. Each chain makes use of an asynchronous byzantine fault tolerant protocol as its consensus mechanism and can message other chains via a secure interchain messaging protocol. In essence, the network can be viewed as a sophisticated container orchestration mechanism combined with a payment system – all in the service of running an elastic blockchain network. The SKALE protocol and a corresponding

SKALE token enable this powerful combination of processing potential with incentivized execution. Traditional sidechains gain performance and low latency by using a smaller number of validator nodes but at a potential risk to the transaction integrity (under the theory that smaller sets of nodes are more susceptible to collusion and bribery). The SKALE Network counteracts this security risk by using a pooled validation model. This model leverages the security advantages offered by a large number of validator nodes by combining random node assignments with frequent node rotation among the validator sets. Therefore, each independent sidechain is protected with the resources of the entire network.

To further secure the network, each validator must stake a significant amount of value into the network via a SKALE token. Sidechains are also resourced and provisioned by users via a subscription modelthat also makes use of the SKALE token. These tokens are staked into the Ethereum mainnet and controlled by smart contracts there. Smart contracts on the mainnet also manage the token inflation and the monthly payouts to validators (including proceeds from the inflation). These smart contracts also handle the monitoring of node performance as well as the provision of penalties in the event of any malfeasance by a node.

The SKALE Network is a custodial execution layer (Layer 2). Whereas non-custodial approaches use a system of fraud proofs to allow funds to move between chains, SKALE makes use of BLS signatures, deposit boxes within the Ethereum mainnet, and other mechanisms to allow for custodial ownership and use within the network (which allows it to leverage the security guarantees of the mainnet but gain the performance inherent in Layer 2). Whereas other Layer 2 models attempt to use mainnet interactions to run verification and/or fraud proofs, SKALE uses the Ethereum mainnet for staking and for other critical operations in a way thatis better attuned for the creation of a robust and fully decentralized security and execution layer. The SKALE Network can also support non-custodial Layer 2 efforts via BLS Rollups and eventually will support other proven L2 solutions as they progress from research phase to production ready.

What is the SKALE Token?

The SKALE Network token (SKL), is a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer.  

The SKALE Network token serves as the built-in instrument of transfer for facilitating these four main functions:

• Security of and staking in the network.SKL token holders (delegators) stake their SKL tokens to validators who run nodes that make the SKALE network function by validating blocks, executing smart contracts, and securing the network. They are rewarded with SKL tokens for their efforts.
• Payment method for SKALE Chain subscription fees.Developers purchase their subscription access to elastic blockchains (S-chains) using SKL tokens.
• Rewards for validators and delegators staking their tokens. Rewards are accumulated monthly, based on fees paid by developers for chains and a monthly inflation of tokens into the network.  
• Governance and voting.SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE Network

Skale development updates in 2023

Skale has made significant strides in 2023, focusing on technological advancements and updates to its network, enhancing its capabilities, and expanding its reach in the blockchain space. Here’s an overview of the most important developments:

• Engineering Updates and Protocol Enhancements:

  • SKALE 2.2 Release: In 2023, Skale made notable progress with the SKALE 2.2 release, which is in its final QA stages. This update concentrates on optimizing performance and improving the stability of dApps on the network. Key improvements include enhanced stability and memory usage for high-performance dApps, improved node rotation to minimize the risk of chain downtime, and IMA (Interchain Messaging Agent) optimizations for better dApp performance​​.
  • Development of SKALE 2.3 Release: The SKALE developer community has begun work on the SKALE 2.3 release. Its primary focus is updating compatibility with the Ethereum Virtual Machine JSON-RPC API, aiming for a more streamlined development and deployment process. This release will also bring improvements to validator services with an automated IP change protocol, expanded transaction broadcasting, and flexible contract deployment management​​.

• Metaport 2.0 Release:

  • The release of Metaport 2.0 marks a significant milestone for Skale. This update to the IMA Bridge’s UI layer introduces RainbowKit to streamline the account connection process and facilitate multichain transfers. Improvements include a unified account connection procedure, a revamped user interface, and technical refinements for increased stability and performance​​.

• Block Explorer Stabilization and SKALE Stats Collector Upgrade:

  • Skale addressed issues with its block explorer lagging in reporting blocks due to high transaction loads. The release of a more stable upgrade has enhanced the reliability of high-load chains. Additionally, the SKALE stats page now updates every 15 minutes, offering the community more precise on-chain metrics​​.

• Enhancements in Multi-Chain Functionality and Consensus Protocol:

  • BFT Consensus and Fraud Proofs: Skale employs a Byzantine Fault Tolerant (BFT) consensus mechanism with BLS threshold cryptography. The network has mechanisms to identify and penalize malicious or underperforming nodes. This approach helps in maintaining the integrity and performance of the network​​.
  • Scalability and Throughput: Skale’s modular architecture enables high transaction throughput, with capabilities to process vast numbers of transactions per second. This feature is particularly beneficial for scaling Ethereum-based decentralized applications (DApps)​​​​.
  • Security Measures and Real-world Applications: Skale has implemented a range of security measures to safeguard its network. The platform has found applications in sectors like Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and enterprise solutions due to its high throughput and zero gas fees​​.

• SKALE Network and SKL Token:

  • Network Features: SKALE is a network of scalable, interconnected, modular blockchains designed to support the growth of DApps on Ethereum. It operates its own consensus mechanism integrated with Ethereum, offering high-speed and secure transactions without gas fees​​.
  • SKL Token Utility: SKL is the native cryptocurrency and utility token of SKALE, used for payments, staking by validators and delegators, and participating in governance. SKL token holders can influence the future development of the SKALE network through on-chain voting​​.

In conclusion, Skale’s developments in 2023 reflect its commitment to enhancing performance, stability, and usability in the blockchain space. These advancements position Skale as a significant player in scaling Ethereum-based applications, with a focus on improving the overall user experience and expanding its functionality across various sectors. As the utilization of decentralized applications rises, Skale’s innovations are likely to propel its growth and adoption in the wider blockchain ecosystem.

Official website: https://skale.network/

Best cryptocurrency wallet for SKALE (SKL)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for SKALE (SKL)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).