Is Skale a protocol or a layer1 blockchain or network?

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SKALE

Soumra

Is Skale a protocol or a layer1 blockchain or network?

#cryptocurrency #english #skale

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22.02.2022

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Masfaii | SKALE · Accepted Answer

Hi, The SKALE Network token ($SKL), is a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer. The SKALE Network token serves as the built-in instrument of transfer for facilitating these four main functions: 1) Security of and staking in the network. SKL token holders (delegators) stake their SKL tokens to validators who run nodes that make the SKALE network function by validating blocks, executing smart contracts, and securing the network. They are rewarded with SKL tokens for their efforts. 2) Payment method for SKALE Chain subscription fees. Developers purchase their subscription access to elastic blockchains (S-chains) using SKL tokens. 3) Rewards for validators and delegators staking their tokens. Rewards are accumulated monthly, based on fees paid by developers for chains and a monthly inflation of tokens into the network. 4) Governance and voting. SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE Network.

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Is Skale a protocol or a layer1 blockchain or network?

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