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.