The native token set of the Ethereum Compatible Skale Network will be launched on August 17, 2020 with ConsenSys Codefi Activate
Activate by ConsenSys Codefiis reportedly the first platform specifically designed for creating decentralized networks, allowing users to buy, manage and use their digital tokens through a single application.
Leading Ethereum development studio ConsenSys announced on July 16, 2020 that the SKALE network’s SKALE token (SKL) will be available from August 17, 2020 at 12:00 PM EST via a three-day Dutch auction on the platform.
The SKALE network announced in February 2020 is reportedly the first initiative launched with Activate. The company has accepted registrations from other blockchain projects for participation.
As mentioned in a version shared with CI, the SKALE token was developed to support activities in the SKALE network, an open source blockchain network designed to scale Ethereum (ETH), the world’s largest platform for intelligent Contracts, was developed.
SKALE aims to increase transaction speed, reduce transaction costs and create “seamless” workflows for end users and developers interested in building applications on Ethereum (ETH). These will move from evidence of work-related consensus to evidence of transition deployment when Eth2 goes live. Ethereum 2.0 or Eth2 is a major system-wide upgrade planned for Ethereum, the second largest blockchain network in the world (after Bitcoin).
As confirmed in the publication, the mainnet of the SKALE network has been active since June 30, 2020.
The announcement stated:
“Every application using the SKALE network has its own chain for executing transactions at block times of less than one second with over 2,000 transactions per second. SKALE chains not only offer smart contracts with full status, but also decentralized storage and can perform machine learning in smart contracts. ”
According to reports, more than 40 decentralized applications (dApps) are being developed on SKALE. These mainly include apps for games and decentralized finance (DeFi) as well as streaming audio software.
The SKALE team claims:
“The combination of SKALE and Ethereum is a truly decentralized cloud that allows Web 3.0 applications to compete with Web 2 on both a cost and a performance basis.”
Lex Sokolin, ConsenSys Codefi global co-head, stated:
“ConsenSys Codefi was designed to enable the developers of our ecosystem to have modular trading and finance tools, including applied token use. SKALE is an important step forward in the operational advancement of the Ethereum economy, and we look forward to supporting the team. “
Collin Myers, Token Strategy Lead at ConsenSys Codefi, noted:
“Our goal was to build a vertically integrated platform that would allow a robust network start and continued use. This is where users can buy their tokens and use them as intended. When activated, after purchasing SKL tokens, users can contribute to the security and scalability of the network by staking them out. “
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