- Overview of SKALE Network
- What is SKALE Network?
- SKALE Network Features
- SKALE Coin Overview
- SKALE Network Technical Analysis
- SKALE Network Price Predictions: 2023-2030
- SKALE Network Coin Price Prediction 2024
- SKALE Network Price Prediction 2025
- SKALE Network Forecast 2026
- SKALE Network Price Prediction 2027
- SKALE Network Price Prediction 2028
- SKL Price Prediction 2029
- SKALE Network Price Prediction 2030
- Frequently Asked Questions (FAQs)
Overview of SKALE Network
The cryptocurrency market is always coming up with new technologies, shaping the future with its promises of replacing existing technologies efficiently and sustainably. SKALE Network SKL is one such entry into the cryptocurrency market. The technology is promising, and the future looks bright to become a good option for developers to build their solutions on. The current market rank of the SKALE Network cryptocurrency is #141 in the market, with the SKALE Network price today near $0.08403 and a market cap of $433,343,348.
This article will explore the price of SKALE Network and analyze this crypto asset’s present and future to help you as a crypto investor. It also includes SKALE Network – SKL price prediction to assist you in trading bullish markets and help you make decisions like selling SKALE Network SKL or buying it. Let us take a glance and understand SKALE Network price prediction!
SKALE Network Overview
What is SKALE Network?
SKALE Network is a low latency, elastic blockchain, high throughput, and configurable byzantine fault-tolerant network made interoperative with the ETH ecosystem. In simpler terms, it is a flexible network that can bring scalability to Ethereum. The initial and primary use was in the form of flexible side chains for the ETH blockchain. Sidechains in the SKL Network are adopted by a class of virtualized subnodes chosen from a subset of nodes.
They are run on all or a subset of every node’s storage and computation resources. Each sidechain is exceptionally configurable, where users can choose their parent blockchain, consensus protocol, chain size, virtual machine, and extra security measures. The official website says that those who use their platform can run smart contracts 1000 times faster, emphasizing running them securely in a decentralized fashion at high performance.
When creating an Elastic Sidechain, consumers will specify their desired chain configuration and submit payment for the duration of renting network resources to run the chain. If the SKALE Network has enough bandwidth, nodes meeting computation and storage requirements specified in the chain’s configuration will be randomly assigned to participate as virtualized subnodes.
EVM compatibility within Elastic Sidechains allows consumers to directly deploy existing Ethereum-based smart contracts. At the same time, an increased gas limit lifts the computation and storage limitations of the Ethereum mainnet EVM. This allows for more use cases for smart contracts that were previously impossible to run in a cost-effective or performant manner.
For example, each Elastic Sidechain deploys with a FileStorage smart contract that allows the ability to store large files (up to 100MB) on nodes in the SKALE Network SKL, which would necessitate the filling of ~10,000 blocks to do on the Ethereum mainnet. Each Elastic Sidechain also supports BLS signatures in its consensus model – allowing for interchain messaging. Virtualized subnodes on each chain can validate that a transaction was signed and committed by virtualized subnodes on another chain using that chain’s group signature, which is available to all other chains on the Ethereum mainnet.
Such an extension of Elastic Sidechains supports the microservice model where each chain can perform a specific operation and feed their outputs as inputs to other Elastic Sidechains. Each node in the network participates in its assigned Elastic Sidechains; they are awarded bounties based upon their performance (as measured by their peer nodes) at the end of each network epoch. When an Elastic Sidechain has reached the end of its lifetime, the resources (computation, storage) of its virtualized subnodes will be freed so that they may participate in newly created Elastic Sidechains.
While the SKALE Network initially only supports the Ethereum Blockchain, the network will grow to support other Security Layer blockchains over time and serve as an execution and interoperability layer between disparate, decentralized technologies. With this network architecture and protocol, it can easily add several extensions to allow for greater functionality and utility of the network. The first two built include enhanced File storage within each node and a mechanism for relaying and executing messages between Elastic Sidechains.
SKALE Network has modified the existing EVM to expand potential use cases to allow much larger file-storing capabilities. The changes enabling this included the increase of block sizes (allowing for more data to be included in each block), as well as direct access to each node’s file system from a file-storage, precompiled smart contract.
Consumers in the network can now split files into 1 MB “chunks” and submit them to the file-storage smart contract to be stored on each node’s filesystem in a contiguous manner. They can also delete files in a rent-style fashion to ensure that the network can reallocate resources due to state bloat from additional storage capabilities.
The availability of Elastic Sidechains’ group signatures makes it possible for independent Elastic Sidechains to verify that a block has been signed and committed on another Elastic Sidechain, allowing for the execution of smart contracts as well as the transfer of crypto-assets across Elastic Sidechains. This mechanism is facilitated through a series of smart contracts located on the Ethereum mainnet, each Elastic Sidechain, and an agent running on each virtualized subnode responsible for facilitating these interchain messages.
Elastic Side chains each have an inbox and outbox. Messages sent to other chains are kept in the outbox until a randomly appointed agent picks them up. Agents then send the message to the appropriate recipient chain’s inbox. It also sends any additional metadata, and the chain requires validation that includes the transaction in the sending chain’s blockchain. Once proved on the recipient blockchain, the transaction will be forwarded to the destination address / smart contract through an on-chain messaging proxy. In the case of value transfer from a parent blockchain (ex: Ethereum mainnet), a DepositBox is used as a money caching mechanism and two-way peg. Whereby vouchers are issued against this pooled value on each Elastic Sidechain and exchanged freely amongst participants in the same manner as transactions.
When a value is exchanged between Elastic Sidechains, it is first destroyed on the sending chain before creating it on the receiving chain to eliminate the possibility of double-spend attacks. This process is also adhered to for redemption transactions sent to the Ethereum mainnet, which free-locked capital in the deposit box.
SKALE Network Features
The SKALE Network SKL allows decentralized applications to run faster and with very high performance without compromising security. The rapid development and deployment of dApps also attract developers to use this technology.
Byzantine Fault Tolerant
The standard for security, BFT, guarantees that the network can reach a consensus even when one-third of the network participants are malicious. This dramatically increases the reliability of SKALE. Among variations of BFT implementation, those that are asynchronous are the strongest. These account for the possibility that some messages between honest participants are delayed or undelivered to their intended recipients.
The protocol recognizes nodes and network latencies, allowing messages to take an indefinite time to deliver. Virtualized subnodes sending messages in the network do so with no immediate expectation of a response and implement an exponential backoff procedure. They attempt to redeliver messages that have not been responded to with longer intervals between them. The model accurately captures the current state of how the internet functions, where nodes in the network fail and messages are dropped all the time.
The BLS Threshold Signatures enable efficient interchain communication and support randomness in node allocation. A verifiable public key is stored and made publicly available on the SKALE Manager for signature verification purposes for each private key share.
In the event of collusion among network participants, this leaderlessness mitigates the possibility by ensuring that each participant has an equal chance to propose and commit new blocks successfully. The SKALE consensus protocol implements all virtualized subnodes that can propose blocks. Only those who receive a supermajority of threshold signatures are eligible to be accepted for potential commitment to the blockchain.
What Does SKALE Network do?
The SKALE Network uses its Skale coin to run governance mechanisms and provide incentives. The native token SKL facilitates the following functions on the platform.
SKALE token holders or delegators stake their tokens to validators. The validators perform the SKALE Network SKL by validating blocks, executing smart contracts, and securing the network.
The developers on the platform use the SKL tokens to pay for Elastic Sidechain subscriptions.
The validators and delegators both receive SKL token premiums derived from the subscription fee given by developers and the inflation of tokens into the network.
SKL tokens facilitate chain voting that controls all financial parameters on the SKALE Network.
The SKALE token is a hybrid use token representing the right to work in the SKALE network as a validator, stake as a delegator, or access a share of its resources by deploying and renting Elastic Sidechain as a developer. The users pay using Skale coin in a subscription model to rent resources such as computation, storage, or bandwidth for a predetermined amount of time. The validators stake SKALE tokens into the network and gain the right to run nodes and earn fees and tokens via inflation. Delegators may delegate their token to validators and earn rewards too.
The SKALE Network projects by the N.O.D.E. Foundation aim to bring scale, efficiency, and cost-effectiveness to decentralized applications. In the future, the execution layer will comprise hundreds and thousands of virtualized subnodes that can run in conjunction with the Ethereum ecosystem. Building this execution layer will ensure the long-term usage of blockchain technology and decentralized apps.
The SKALE team has Stan Kladko and Jack O’Holleran, co-founders, who are helping the development of Web3 technologies and making the decentralized web more user-friendly and accessible to developers, validators, and end-users.
SKALE Network Technical Analysis
It hasn’t been that long since the launch of SKALE. The beginning of the year 2021 saw a gradual increase in the price of SKALE Network over months, hitting the highest price in March and April 2021 on high volatility. Since April 2021, the SKALE Network price started to move in a sideways trending downtrend on high volatility. The current price of SKALE Network is below the 50-day exponential moving average.
The Bollinger Bands show that the most volatile period for SKALE Networks occurred in March 2021, when the SKL price continued to shoot past the resistance level of previous highs. A volatile downtrend again followed this dramatic average price increase till July 2021. The SKALE network price started to pick up its momentum at the beginning of 2022, but the SKL price drastically fell.
SKALE Network Price Predictions: 2024-2030
The SKL price forecast is combined with predictive data modeling algorithms based on historical prices for investment. The cryptocurrency price prediction models based on historical data show that the price of SKALE Network SKL may have a bullish trend. This SKL price prediction forecast should only be interpreted as a suggestion or a definite indicator of the future price of SKALE Network.
It is impossible to perfectly show the SKALE Network forecast for the upcoming years with the average trading value displayed along with valuations and intrinsic values. However, these serve as a tool that can help improve the decision-making process. Regardless, adhering to proper risk management is always good.
This is not financial advice, and any profitable investment system directly depends on risk exposure and various factors or SKALE network SKL price changes. Traders and investors should do their research before using any type of forecast system or trading the market cycles of the SKALE Network cryptocurrency.
SKALE Network Coin Price Prediction 2024
As per the data price prediction models, the minimum level of the SKALE Network coin price forecast will be $0.0744. The maximum price will be $0.18, with an average price of around $0.1272 throughout 2024, as per our SKALE Network coin prediction.
SKALE Network Price Prediction 2025
According to the technical analysis and SKL price prediction for 2025, the minimum SKALE Network SKL price will be $0.18, and the maximum price level will be $0.21. The average trade price will be $0.195 in 2025, based on our SKL price prediction.
SKALE Network Forecast 2026
The SKALE Network price prediction models show that the minimum price of the SKALE Network is expected to easily hit $0.24. The maximum price will be $0.30, maintaining an average trading price of $0.27 in the year 2026 based on our SKL crypto price prediction.
SKALE Network Price Prediction 2027
As per the SKL price prediction and technical analysis, the price of SKALE Network is predicted to reach a minimum level of $0.32. The SKALE Network price can reach a maximum level of $0.38. The average value throughout the year will be around $0.35 as per our SKALE Network coin forecast.
SKALE Network Price Prediction 2028
Based on the technical analysis and price fluctuations, SKL cryptocurrency may trade at an average price of $0.425 for 2028. While the minimum and maximum prices are anticipated to be $0.39 and $0.46.
SKL Price Prediction 2029
Based on the SKL forecast, the coin may have a potential high and potential low of $0.61 and $0.56, respectively. The average Skale Network price for the year 2029 is expected to be around $0.585.
SKALE Network Price Prediction 2030
According to our long-term forecast system, the future is bright for SKALE Network SKL currency. It might hit new highs in terms of price and market cap. The SKL crypto might hit an average price level of $0.84 as per SKL price prediction for 2030. The highest price of SKALE coin is predicted at around $0.87 by the end of 2030 as per SKALE Network price prediction 2030.