The scalability project for the Ethereum network, SKALE Network, has just announced the launch of its Phase 2, which represents a great achievement for the construction of truly decentralized and distributed networks, according to its CEO Jack O'Holleran.
SKALE Network was born as a scalability solution to address the problems of blockchain de Ethereum, which constantly presents quite high Gas rates, which make interaction with various protocols that are developed in the chain difficult. The need to create a solution that mitigates these problems increases with the emergence of decentralized finance platforms (DeFi) and the development of a large number of decentralized applications (dApps), digital games and more, which demand the need for a network prepared for this exponential growth.
Thus, to strengthen its purpose, SKALE Network announced the launch and implementation of the second phase of its mainnet, SKALE Network Phase 2, which aims to further boost the adoption of Ethereum, which is currently very popular, but is also facing stagnation problems in the development of other blockchain networks due to the problems mentioned above.
SKALE Network seeks to provide developers of decentralized applications and protocols based on Ethereum with a solid development environment and the ability to scale to thousands of transactions per second at low cost, expanding the reach of Ethereum to a large number of users.
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$80 million in TVL and 4.000 users
The SKALE Network Phase 2 launch went live with over $80 million in total value locked (TVL), in addition to 4.000 users spread across over 90 countries. The SKALE Network Phase 2 network will also be secured by a total of 130 nodes running from 46 SKALE Network validation operators.
Jack O'Holleran, CEO of SKALE Network and co-founder of SKALE Labs, notes that the launch of this new phase is an incredible time to be part of the decentralized web. Likewise, the CEO of SKALE Network states that:
“We are at the beginning of something very big from an industry perspective. “It is amazing to see the SKALE network become part of this larger story with a truly decentralized and distributed network launch.”
In O'Holleran's opinion, with SKALE Network validators and delegates have real incentives to participate in the network, since SKALE's economic model surpasses that of DeFi, which simply provides incentives to liquidity providers. In SKALE, on the other hand, participants will receive rewards for staking their SKL tokens and providing security to the network. SKALE works under the participation protocol (Proof of Stake – PoS).
Decentralization, scalability and low cost
User and consumer demand for dApps, games and other Ethereum-based applications is growing at a rapid pace, so through SKALE Network, developers seek to facilitate traffic and reduce transaction costs on the Ethereum blockchain. In this way, developers will have the ability to design and implement applications “that meet the high demands of consumers,” says O'Holleran.
To date, SKALE Network represents one of the strongest and most successful decentralization and scalability efforts for Ethereum. In the past, other projects such as Truebit, presented proposals to scale various products of the Ethereum network, such as smart contracts. The proposals were born as a response to complaints from several users who lamented the network's high Gas commissions and its slowness in interacting with other protocols.
SKALE, which is designed to ensure scalability and decentralization on Ethereum while supporting its growth, will drive mass adoption of decentralized applications by facilitating traffic on the network and dramatically reducing transaction Gas fee costs.
About SKALE Network
The SKALE Network is a security and execution layer that connects to the Ethereum blockchain, allowing developers to have a suitable environment for building decentralized projects, protocols and applications faster and with better performance.
SKALE Network is characterized as an elastic and decentralized blockchain network, with the ability to support thousands of independent blockchains, side chains, storage chains and other types of subchains, linking all of these to the Ethereum main network. Currently, SKALE Network has an estimated capacity for more than 1.000 decentralized SKALE chains.
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