HomeCoinsCardano (ADA)Ethereum scaling project SKALE now live with Phase 2 mainnet

Ethereum scaling project SKALE now live with Phase 2 mainnet

- Advertisement -


Scaling project SKALE Network, which aimed to ease traffic and lower transaction costs on the Ethereum blockchain, today announced the launch of its Phase 2 mainnet according to a release emailed to AMBCrypto. The mainnet has an estimated capacity of over 1,000 decentralized elastic SKALE chains, each with a throughput of the entire ETH Blockchain and subsecond blocktimes, the release stated. The blockchain network will allow token holders to earn rewards by backing network security pools. It goes live with  $78 Million USD in Total Value Locked.

Given the high demands of consumers, especially from the gaming sector, dApps developers have been complaining about Ethereum’s slowness. Other entities have even found alternatives. For instance, SingularityNet had complained about the slowness of the Ethereum network and the blockchain’s high gas fees. Citing the reasons, SingularityNet had decided to migrate some of its network onto the Cardano blockchain.

CEO and co-founder of SKALE, Jack O’Holleran, also said that Ethereum gas fees were “at all-time highs” but network congestion that created the need for solutions to mitigate these problems has “grown exponentially.” He added:

Validators and delegators alike have real incentives to participate as SKALE’s economic model pools security in a similar manner to how DeFi projects pool liquidity.

In fact, there have been other projects that proposed to scale Ethereum, in the past, which would allow the network to handle higher transaction speeds. Some projects had their own unique takes to the Ethereum’s scalability issues. In March 2017 Truebit proposed to scale Ethereum smart contracts which are often said to be limited in computation capacity. Even Raiden, a self-claimed “work in progress” and off-chain scaling solution proposed to have incentivized payment channels on Ethereum.



Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,495FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 42,255.00
ethereum
Ethereum (ETH) $ 2,873.27
tether
Tether (USDT) $ 0.998903
bitcoin-cash
Bitcoin Cash (BCH) $ 508.62
litecoin
Litecoin (LTC) $ 149.57
eos
EOS (EOS) $ 3.97
okb
OKB (OKB) $ 12.95
tezos
Tezos (XTZ) $ 7.06
leo-token
LEO Token (LEO) $ 2.89
cardano
Cardano (ADA) $ 2.36
monero
Monero (XMR) $ 236.95
stellar
Stellar (XLM) $ 0.276236
chainlink
Chainlink (LINK) $ 22.56
huobi-token
Huobi Token (HT) $ 9.17
tron
TRON (TRX) $ 0.090313
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 164.16
neo
NEO (NEO) $ 38.94
iota
IOTA (MIOTA) $ 1.22
nem
NEM (XEM) $ 0.147589
zcash
Zcash (ZEC) $ 109.47
maker
Maker (MKR) $ 2,242.92
paxos-standard
Pax Dollar (USDP) $ 0.998569
ethereum-classic
Ethereum Classic (ETC) $ 46.74
vechain
VeChain (VET) $ 0.091281
true-usd
TrueUSD (TUSD) $ 0.996102
ftx-token
FTX Token (FTT) $ 51.31
kucoin-shares
KuCoin Token (KCS) $ 10.55
waves
Waves (WAVES) $ 24.37