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SKALE Network Reaches Major Milestone in Solving Ethereum’s Scalability Problem

It’s reported that SKALE Network, the multichain network of unlimited Ethereum blockchains for powering Web3, is to publish the first live dApps on the Mainnet.

The term Mainnet is used to describe a blockchain protocol that is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified, and recorded on a distributed ledger technology; such as the blockchain.

SKALE is a multichain network composed of an unlimited number of secure, decentralised, high-performance Ethereum Blockchains purpose-built to bring Web3 to billions of users. Web3, in the context of Ethereum, refers to decentralised apps that run on the blockchain. These are apps that allow anyone to participate without monetising their personal data.

SKALE’s pooled security model enables speed, security, and decentralisation to work in harmony, allowing developers to deliver a user experience to end-users that is void of any gas fees or latency.

The release of the SKALE IMA bridge now enables applications to leverage the speed, security, and performance of SKALE in concert with Ethereum. The first dApps were hand-selected by SKALE out of hundreds based on merit, performance, and their specific use cases.

These applications will pave the way for the many that are already signed up in the SKALE Innovator Programme to go live over the coming months. The initial launch partners include Boot.Finance, Covey, CurioDAO, HUMAN Protocol, Ivy, and Minds; all of which will be releasing their dApps and protocols onto SKALE chains this summer.

These new dApps are projected to increase SKALE’s user base across the globe. Each of the dApps and protocols will be using their own specific SKALE chains, giving life to the first truly decentraliAed internet of blockchains.

Speaking on the launch through the SKALE Network, Boot.Finance said, “We are very excited to partner and launch on Skale Network and see it as one of the most innovative and powerful L2 scaling solutions in the current ecosystem. The technology is further ahead than anything else we have seen in the market, and the team seems to have been focussed on building and staying focussed under the radar vs making a lot of unnecessary noise.”

Brooker Belcourt, Founder, Covey
Brooker Belcourt, Founder, Covey

Brooker Belcourt, the Founder of Covey, adding to this by sharing, “To find the best investors, Covey records trade data for every investor on an immutable ledger open to anyone, we started on Ethereum but high transaction costs made this unfeasible.

‘We knew we needed a scalability solution and SKALE offered us precisely what we needed at a reasonable cost, with remarkable speed, and a connection back to Ethereum. We’re very excited to go live, join our covey.io/open community to create a virtual portfolio, share your performance, and record your ideas on the SKALE blockchain today!”

Harjyot Singh, Technology and Crypto Director, HUMAN Protocol
Harjyot Singh, Technology and Crypto Director, HUMAN Protocol

“Using blockchain technology, HUMAN Protocol is able to advance to the next level of automation, especially when it comes to training AI and ML algorithms,” said Harjyot Singh, Technology and Crypto Director, HUMAN Protocol. “In order to achieve this, we have explored the capabilities of layer 1 and layer 2 solutions that can streamline the end to end processes for job creation and verification within a decentralised marketplace — this encompasses payments, work verification, utilising on-chain data, and integrating with a host of data labeling tools. Among them, SKALE offers higher throughput, transactional capacity, and low latency, and the backward compatibility with Ethereum makes integration a breeze.”

Fernando Verboonen, the co-founder of CurioDAO, concludes with, “We believe CurioDAO is the most efficient way to get exposure to next-gen real-world asset tokenisation in blockchain and wanted to make sure investors have the best experience possible.

“That’s precisely why utilising SKALE is so important. It will reduce gas fees bringing exchange or farming gas fees to almost zero utilising Ethereum only when necessary, and it does this with high-speed throughput and fast block finality. Key pieces to making an amazing end-user experience.”

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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