Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3
SKALE – an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network – has started to roll out the first phase of its mainnet.
The Web 3.0 centered startup has been in the development mode for years with backing from the likes of Arrington Capital, Winklevoss Capital, Consensys, and more.
The main goal of the startup is to help decentralized applications (DApps) on the Ethereum network to scale better. The startup offers an elastic validator which can be utilized by developers and is fully compatible with the second-largest blockchain by market cap. In the first phase of the rollout, SKALE promises 2,000 transactions per second along with sub-second block time and also offers smart contract compatibility.
The second-phase rollout would see the addition of new features such as bounty and staking rewards facilitated via the Consensys Activate Platform. In contrast, the third and final phase rollout would see the removal of all kinds of transfer and exchange restrictions.
Jack O'Holleran, CEO of SKALE labs, commented on the first-phase rollout of SKALE protocol and how it would save a ton of cost and time by offering dapp scaling solutions. He said:
“SKALE pricing supports Ethereum by giving dapps their blockchain with a charge for the amount of server space over some time, rather than by transaction. On SKALE, it will be thousands of times less expensive to run transactions while not losing sync with Ethereum.”
The Second and Third Phase Rollout Will Coincide With Consensys Activate Platform Launch
Consensys is all set to launch a token sale platform called Consensys Activate which, would be a more structured and secure form of fundraising platform as an alternative to the scam ridden ICO boom in 2017. The phase two and three rollouts of SKALE protocol will coincide with the launch of the Consensys fundraising platform.
The ICO boom of 2017 saw many new projects and tokens being launched with millions and billions in raised funds. However, a majority of those projects turned out to be a scam that never made it to any exchange.
Consensys Activate platform would eliminate the fraudulent factor associated with the ICOs, where the platform would require strict identity verification and would require investors to have at least a basic knowledge of the project they are investing in.
Consensys Activate also aims to eradicate the technical complexities involved with buying and managing a new token. The platform promises to bring a simplified user interface for its platform allowing users to stake tokens and interact with the protocol easily.
O'Holleran while talking about the upcoming Activate platform explained what would be new with the platform saying:
“We have been working towards this moment for over two and a half years and, we could not have gotten to this point without such an amazing team, community, and supporters. The best thing about a network launch is that it marks not the end, but the end of the beginning.”