This allows for more use cases for smart contracts that were previously impossible to run in a cost-effective or performant manner.įor 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. At the same time, an increased gas limit lifts the computation and storage limitations of the Ethereum mainnet EVM. 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.ĮVM compatibility within Elastic Sidechains allows consumers to directly deploy existing Ethereum-based smart contracts. 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. These metrics will be submitted routinely to the SKL Manager and affect a node’s rewards for engaging in the SKALE Network. After a node has been admitted to the Network, it will randomly select 24 peer nodes to audit latency and uptime. To have the right to work in the SKALE Network, nodes must run the SKL daemon and stake a pre-decided amount of SKALE tokens on the ETH mainnet through a range of smart contracts called the SKALE Manager. The SKALE token is a usage and work token. 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. Each sidechain is exceptionally configurable, where users can choose their parent blockchain, consensus protocol, chain size, virtual machine, and extra security measures. They are run on all or a subset of every node’s storage and computation resources. Sidechains in the SKL Network are adopted by a class of virtualized subnodes chosen from a subset of nodes. The initial and primary use was in the form of flexible side chains for the ETH blockchain. In simpler terms, it is a flexible network that can bring scalability to Ethereum. SKALE Network is a low latency, elastic blockchain, high throughput, and configurable byzantine fault-tolerant network made interoperative with the ETH ecosystem.
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