SKALE Price Prediction: Is it a good investment?

NFTs are booming, and they have crossed the chasm into mainstream adoption. However, there are issues that affect the NFT market, such as decentralized immutability and the high fees involved when minting NFTs on the Ethereum MainNet. This is what Skale wants to solve. Skale announced it will dive into the NFT space with the aim of solving the problems in the NFT space. At the moment, SKALE can connect to marketplaces such as Rarible, NFT Gateway, and OpenSea. This allows NFTs on SKALE to interact across marketplaces.  

With that in mind, Skale is starting the new year 2022 with decentralized apps, NFT, and Defi launches, by partnering with CurioDAO. However, this is part of CurioDAO’s larger strategy to offer end-to-end solutions for tokenizing and launching real-world assets via the RollApp, a real-world asset NFT Launchpad.

Skale also partnered with Voyager, a cryptocurrency investing app for iOS and Android, which helps connect you to more than a dozen crypto exchanges for more than 50 digital currencies. Through these partnerships, everyone can now buy and trade $SKL tokens on Voyager.

Skale Overview

SKALE Network is a blockchain network designed to be elastic and operates with Ethereum. This Network’s first and foremost use case will be for elastic sidechains solely for Ethereum Blockchain. In this sense, it is referred to as an “Elastic Sidechain Network.” Even though this initiative is young and relatively undiscovered, the technologies utilized by this Network are seen to be very promising and are backed by industry leaders at all levels.

SKALE Networks’s modular protocol is one of the first of its kind to allow developers to easily provision highly configurable blockchains, which provide the benefits of decentralization without compromising computation, storage, or security.

SKALE is a relatively new participant in the crypto space that is worth keeping an eye on. As dApp development gets momentum, the SKALE Network is likely to expand to meet demand. The SKALE network gives developers access to a decentralized Ethereum compatible blockchain with sub-second finality and no gas fees once in the SKALE network.

How does Skale work?

One of the significant unknowns that would either significantly affect SKALE (or at the very least contribute significantly to the program’s future) is the forthcoming Proof-of-Stake based consensus acceptance by Ethereum, on which SKALE is based: it will bring down the cost of participating in the system, which would either influence the Network to fizzle out, force it to adapt or entice more blockchain builders to the project.

Another item to keep an eye on is how the SKALE team handles their marketing and network strategy in the long term and how necessary rewards get the word out about their undoubtedly up–and–coming technical solutions.

Sidechains on this system are overseen by a collection of virtual subnodes chosen from a fraction of network nodes and operate on all or a portion (multitenancy) of every node’s compute and storage abilities. Every sidechain is exceptionally customizable, with every user can select the chain’s volume, consensus mechanism, virtual mechanism, parent blockchain, and other safety procedures.

Skale Network  cryptocurrency token

The SKALE coin works as well as a utility token. To function in the Network, nodes will have to execute the SKALE daemon and invest a defined number of SKL coins on the Ethereum mainnet via the SKALE Manager, a sequence of smart contracts.

Once a node is confirmed on the Network, 24 peers should be chosen randomly to evaluate its reliability and latency; these statistics will be reported routinely via SKALE Manager and will impact a node’s incentives for partaking in the Network.

Each network is given bounties depending on its performance (as judged by its peer nodes) after each networking period, provided they continue to engage in their allocated Elastic Sidechains. When an Elastic Sidechain reaches the end of its life cycle, its virtual subnodes’ assets (computation, storage) are released, allowing them to participate in freshly created Elastic Sidechains.

SKALE Overview

SKALE Overview

CoinSymbolPriceMarketcapChangeLast 24hSupplyVolume (24h)
SKL$ 0.165450$ 526.51 M6.39%3.18 B$ 21.44 M