What is the SKALE token and how does it work
The SKALE Network token (SKL), is a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer.
It serves as the built-in instrument of transfer for facilitating three main functions:
Security of and staking in the network. SKL token holders (delegators) stake their SKL tokens to validators who run nodes that make the SKALE network function by validating blocks, executing smart contracts, and securing the network. They are rewarded with SKL tokens for their efforts.
Payment method for SKALE Chain subscription fees. Developers purchase their subscription access to elastic blockchains (S-chains) using SKL tokens.
Governance and voting. SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE Network. Additional information surrounding governance and the N.O.D.E Anstalt can be found here.
ERC-777 to Support Delegation on Token Level
SKALE is built on an innovative ERC-777 token standard which supports delegation on the token level. ERC-777 is fully backwards compatible with ERC-20, which means that it is supported by all participants of the Ethereum ecosystem with ERC-20 support.
One of the important functions of the SKL token in the SKALE Network is its ability to contribute to network security via delegation and staking. Unlike with ERC-20, with ERC-777, a delegator no longer needs to send the token to the delegation smart contract, but instead shares with the staking provider the secure delegation key while storing the tokens in the cold or hot wallet of their choice.
SKALE Token on ConsenSys Activate
The SKALE Network was chosen as the inaugural project to launch on the ConsenSys Activate platform. Activate makes it easy to use the token for staking and delegation, and is built to meet and develop the rigorous Proof-of-Use standards for network and token launches.
ConsenSys Activate will begin the SKL Dutch Auction on August 17, 2020 and it will last 3 days. More details can be found here.
SKL holders will also be able to use the ConsenSys Activate platform to delegate tokens in return for network rewards. Staking Rewards can be calculated using the rewards calculator on ConsenSys Activate platform.
SKALE Token Unlock Schedule
Interactive Token Unlock Schedule
SKALE Token Resources
Tokenomics One Pager
Validator and Delegator Economics