What is SKL?
SKL is the token of the Skale Network, an application that is designed for scalability on the Ethereum blockchain. It is essentially a web of cross-chain blockchains designed to increase the decentralised application scalability and user experience. The Skale Network is a DPoS network that employs an ABBA consensus method. SKL is the local utility token in the SKALE Network, with different applications and benefits including the staking and delegation of SKL tokens to Validators. Token holders are given the chance to delegate on the blockchain. More importantly, the token holders who validate the transactions on this network run nodes. That said, holders can safeguard the network, verify blocks and also execute the smart contracts. SKL tokens are also utilised for on-chain voting, which regulates all SKALE Network's economic characteristics. The SKALE Network seeks to provide developers with a low-cost and high-performance way to execute Ethereum applications. The project also offers application-specific blockchains, which enables each app to its own blockchain that can seamlessly connect to the Ethereum Mainnet while maintaining decentralisation and security.