The Internet, Blockchain technology, Cryptocurrency and SKALE Network!

5 min readApr 20, 2023

The Internet

The internet today has evolved into a robust entity globally, this global network of computer is a major source of information to many across the globe and has served as a means of communication over decades, till date. Most individuals and businesses leverage the internet to promote their craft to drive success.

The internet is a worldwide system of computer networks rich in information and highly resourceful to users, many see the internet as a go-to source for information. The internet has grown incredibly by the creation and growth of the social media ecosystem. Today, one of the major largest use of the internet is e-commerce, buying and selling has become seamless with the use of the net.

Other benefits of the internet include :

Bank of information, knowledge and education accessible to everyone.
A smooth medium for communication, connection and sharing of resources.
A source of employment, facilitating remote job opportunities and enhancing global workforce.
A platform for all sizes of businesses and source of income to many.
Medium of entertainment, home for movies, games, music and videos.
Providing a platform for increased reach of news and information, enabling wider audience availability.
Encouraging creativity and amplifying great ideas.
Providing a means for data storage and sharing of files.
Empowering users for monitoring of personal accounts in banks and other financial institutions.

Blockchain and Cryptocurrency

The Blockchain Network was birthed about a decade ago and has grown exponentially, driving mainstream adoption and utilization all over the world.

Blockchain is said to be a shared immutable ledger that is capable of facilitating the process of transactions recording and assets tracking in a business network. It is an advanced transparent network that stores data and information on-chain for optimal safety, data are stored in blocks and linked together in chain.

Some major elements of blockchain technology include;

Distributed ledger technology :

Access to distributed ledger and immutable transaction records is granted to all network participants. Transactions are only recorded once and duplication of efforts is completely eliminatated.

Record Immutability :

After a transaction has been recorded, it cannot be tampered with by any user, if there is an error in a transaction, a new one has be initiated to cancel the error. Records of both transaction are kept.

Smart contracts :

Smart contract are programs stored on the blockchain that is executed automatically. They automate execution of agreements to affirm a certin outcome with no third party.

Cryptocurrency

Cryptocurrency is any form of digital or virtual currency secured by cryptography and designed to be used on the internet. The use of encryption algorithm is employed in crypto and assets can not be counterfeit or double-spent.

Crypto assets are designed to work as a medium of exchange through the internet and do not rely on any central authority like the government and banks. Decentralization is a major feature of cryptocurrency, and traditional intermediaries are eliminated. Crptocurrency is based on blockchain technology and enables peer-to-peer transactions.

Some of the well-known cryptocurrency today are; Bitcoin, Ethereum, USDT, USDC, SKL and thousands of others. cryptocurrencies are stored on blockchain and are accessed through crypto wallets and exchanges.

SKALE Network

SKALE Network is the blockchain network of the future!

SKALE is a network of interconnected blockchains built on ethereum to bring speed, decentralization, and securityto create Invisible
Web3 Experiences. SKALE multichain network has the ability to run an unlimited amount of interoperable SKALE chains which are Ethereum native.

The major pros of the SKALE ecosystem are; Modular, Zero gas fees and ethereum native. SKALE blockchain network runs unlimited number of fast, on-demand, pooled-security Blockchains with zero gas fees to end users — this feature makes the SKALE ecosystem stands out among all other blockchain networks. SKALE is a fully decentralized, open source, and community owned project.

Developers are able to deploy their own interoperable EVM blockchain swiftly without having to sacrifice security or decentralization.

Features of SKALE Network

Ethereum native
Modular and linear scaling
Collusion-resistant
Eco-friendly
On-chain file storage
Instant finality

Ethereum Native

SKALE is interoperable and also built in an integrated manner with Ethereum, bring about security and reliability to the SKALE Network even as it creates a shared revenue stream with Ethereum that brings value to these two networks.

Modular and Linear Scaling

SKALE’s capacity is infinite. Capacity inceases s as new nodes join the network. SKALE’s modular architecture is structured in a way that, 100 SKALE Chains can process 39,770 TPS, while 1000 Chains can process 397,700 TPS.

Collusion-Resistant

SKALE as a multichain network, is made up of many chains that pool security. Security is shared across validators by SKALE chains but performance is not shared. Each validator node can run concurrently on 8 chains. In a bit to to create optimal collusion resistance, nodes are randomly assigned and rotated.

Eco-Friendly

It is safe to say that SKALE is the most eco-friendly and green blockchain that can operate on a global scale. Modern containerization and Proof-of-Stake consensus provide optimal resource allocation for SKALE computation, ensuring that energy is always used efficiently.

On-chain File Storage

Files are stored locally on-chain in SKALE Network, this facilitates an unprecedented use case for web3. Full websites, applications, and AI/ML technology can be integrated on-chain directly and seamlessly. NFTs can also be on-chain.

Instant Finality

On SKALE chains, blocks have instant finality, removing any issues from MEV, time bandit attacks, and chain re-orgs which limited blockchains of the genesis generation and made latency and slow finality a struggle for them.

SKALE has a wide range of expanding use cases, they include; games, DeFi, web3, dE-commerce, DAOs and NFTs. Ethereum-based applications, ranging from games to decentralized finance to productivity, media applications, and others can be built and scaled effectively on SKALE Network!

Conclusion :

SKALE Network is a leading blockchsin network which is Ethereum native and modular, It is composed of high-throughput, low-latency blockchains optimized to give Web3 users the best blockchain experience.

End-users enjoy zero gas fees on SKALE chains, advanced features are also accessible to give seamless experience on the network, this includes;