Blockchain Startup SKALE Launches Mainnet

Announcements, Blockchain, News | June 30, 2020 By:

Blockchain startup SKALE Network has announced the launch of its mainnet.

SKALE is an Ethereum-compatible, fully permissionless, open-source Web3 platform that was founded to bring speed and configurability to blockchain. Built on an elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum, SKALE chains claims to execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts in addition to decentralized storage, execute Rollups, and machine learning in EVM.

After a stellar year, in which they announced a $17.1 miilion funding round, an upcoming token sale with Consensys Activate, and involvement from over 48 Daaps and over 25 validators, SKALE is embarking on a 3-phase roll-out plan to mainnet.

“The SKALE mainnet will take a software-first approach to launching, and encourages development over-speculation, community over individual gains and will roll-out in a three-phase approach that will occur over the next 80 days,” the startup said. “Following Phase 1 of Mainnet, the SKL token will also launch in a novel manner optimizing for Network Health via Proof of Use launch through the ConsenSys Activate Platform.”

The SKALE mainnet roll-out plan will proceed as follows:

  • Phase 1: A restricted Mainnet that does not have staking or transfers enabled. Live on June 30th.
  • Phase 2: A Proof of Use Mainnet with staking and bounty enabled, but transfers and exchange listings not active for a 90 Day period. Target early Q3. ConsenSys will announce the date their platform will be ready which is required for Phase 2.
  • Phase 3: Restrictions come off the network and unlocked tokens can be transferred. This will be 90 days after the Phase 2 Launch.

“As a way of celebrating I’ve put together some interesting numbers,” said Jack O’Holleran, CEO of Skale Labs. “939 is the number of days since Stan (Kladko co-fonder) and I started working on SKALE in 2017, 35 is the number of repositories in the SKALE Network Github, 93,750 Estimated number of engineering hours put into thinking, calculating, and coding up the SKALE Network, and $1.57 The USD peg price of the most recent Ethereum transaction I completed. SKALE pricing supports Ethereum by giving dApps their own blockchain with a charge for the amount of server space over a period of time rather than by transaction. So on SKALE it will be thousands of times less expensive to run transactions while not losing sync with Ethereum. There is also 0 The amount of tokens liquid for SAFT purchasers and the core team at network launch and past the Proof of Use Period, 48 The number of dApps signed up in the SKALE Innovator Program, and 25 The number of Validators who participated in onboarding, training, TestNet, and have completed qualifications to run in the Phase 1 and 2 Mainnet.”