How SKALE Network harnesses the power of blockchain technology
Welcome to this new edition of blockchain and SKALE Network!
Introduction
In this article, we will be discussing how SKALE leverages the power of blockchain to provide solutions to some underlying issues. Since its inception in 2018, SKALE has been at the forefront of provision of possibilities leveraging the power of blockchain, which is why lots of projects are building on the network today. It is no more news that SKALE Network is the fastest blockchain and one of the rapidly growing network in the space today.
Stay glued as we learn about blockchain technology and all that concerns it.
Blockchain Explained
Blockchain is a technique for storing data in a manner that makes it difficult or impossible for the system to be altered, hacked, or otherwise abused. A blockchain is a type of distributed ledger that distributes and copies transactions among the network of computers involved.
Blockchain technology is an organizational framework that maintains public transactional information, also known as the “block,” in several databases, also known as the “chain,” in a network connected by peer-to-peer nodes. This type of storage is frequently referred to as a “digital ledger.”
Transactions in this ledger are validated and protected against fraud by the owner’s digital signature, which also serves to authenticate the transaction. As a result, the data in the digital ledger is safe.
The digital ledger may be described as a network of computers sharing a Google spreadsheet where transactional data are kept according to real purchases. The intriguing aspect is that while everyone may view the data, it cannot be altered.
Consider sending money from your bank account to your relatives or friends. By utilizing their account number, you would connect into online banking and transfer the money to the other individual. Your bank updates the transaction records after the transaction is complete. It looks to be rather easy, right? A potential problem exists, but most of us ignore it.
These kinds of transactions are easily manipulated. People who are aware of this reality are frequently reluctant to use these kinds of transactions, which is why third-party payment programs have developed over the past few years. But the main motivation behind the development of Blockchain technology was this weakness.
In terms of technology, Blockchain is a digital ledger that has recently attracted a lot of interest. But why has it gained such a following? So let’s investigate it to fully understand the idea.
Data and transaction recording is an essential component of business. It takes time, money, or both for the business when this information is handled internally or transferred through a third party like brokers, bankers, or attorneys. Fortunately, Blockchain eliminates this drawn-out procedure and enables the transaction to proceed more quickly, saving both time and money.
The majority of people believe Bitcoin and Blockchain may be used interchangeably, however that is not the case. However, Bitcoin is a currency that depends on Blockchain technology to be safe. Blockchain technology is capable of enabling different applications connected toation multiple sectors including banking, supply chain, manufacturing, etc.
Some features of blockchain
- Decentralization
- High Security
- Automation
Decentralization
Decentralization is the practice of dispersing authority, power, and information rather than concentrating them in a single body. The phrase is used across a wide range of businesses and sectors, including retail, government, and information technology. Additionally, it indicates a system with several information flow routes.
In the past, transactions required the permission of regulatory bodies like a government or bank; but, with Blockchain, transactions are completed by user consensus, resulting in smoother, safer, and quicker transactions.
High Security
Blockchain employs a digital signature function to execute fraud-free transactions, making it difficult for other users without a specific digital signature to damage or edit an individual’s data.
Data structures created by blockchain technology include built-in security features. It is founded on cryptographic, decentralized, and consensus concepts that guarantee the integrity of transactions. The data is organized into blocks in the majority of blockchains or distributed ledger technology (DLT), and each block comprises a transaction or collection of transactions. In a cryptographic chain, each new block is connected to all the blocks that came before it in a way that makes tampering with it almost difficult. A consensus mechanism verifies and accepts each transaction included inside the blocks, guaranteeing that each transaction is accurate and truthful.
Automation
When the trigger’s requirements are satisfied, the blockchain can be programmed to automatically create a series of activities, events, and payments.
The need of middlemen to enforce contracts, validate transactions, or do background checks is no longer necessary thanks to blockchain technology and smart contracts. This indicates that BPM software can handle new technologies integrated into business processes and automate business operations to a greater extent.
SKALE as the blockchain Network of the future
SKALE Network is built to facilitate speed, decentralization and security to web3 applications and improving users experience. Through the years, SKALE has run unlimited number of fast, on-demand, pooled-security Blockchains and has since provided end users with gasless transactions.
SKALE is highly effective for building and scaling Ethereum-based applications of diverse range, which includes; games, decentralized finance, productivity, media applications, and NFts.
The capacity of the network has seen significant growth as many projects are leveraging SKALE,s unique features and its invisible blockchain experiences.
SKALE is Ethereum native and it is a modular blockchain network which is composed of high-throughput, low-latency blockchains, optimized for Web3 user experience. SKALE chains have advanced features like ;
- on-chain file storage
- Interchain messaging
- Zero-cost minting
- ML/AI smart contracts
- Enhanced security features
Also, the SKALE network enables developers to deploy their own EVM blockchain swiftly and still enjoy speed, security, and decentralization.
In the month of may, quite a number of web3 protocols and games went live on SKALE, and a couple more started building on SKALE Newtwork.
Some of which are ; Untitled platformer, NFTb, Flight Force 4, OIX, and host of others.
The SKALE network is here to stay and will roll out more solutions consequently, stay connected :
