SKALE Network is an open-source protocol that aims to increase the scalability of Ethereum. Jack O’Holleran, a technology entrepreneur specializing in blockchain and decentralized systems, and Stan Kladko, co-founder of Galactic Exchange and Cloudessa, founded SKALE Network in December 2020.

SKALE Network can develop smart contracts, create decentralized applications in the “cloud,” and pay almost no transaction fees. SKALE Network aims to provide developers with a fast and functional experience while remaining secure and decentralized.

The SKALE Network token (SKL) is a utility token that is part of the SKALE Network network and operates on the Ethereum platform in accordance with ERC20 standards. It is used for the following purposes:

• Network security and staking: SKL holders can authorize and stake SKL for validators running nodes to ensure the network functions appropriately by validating blocks, executing smart contracts, and securing the network.
• Payment: Elastic blockchain subscriptions can be purchased with SKL by developers (S-chains).
• Governance: Users use SKL to participate in network governance, on-chain voting, and control all economic parameters.