SKALE: The Penny Crypto No One Is Talking About (But Everyone Should Be)
Let’s be honest: when you have the opportunity to earn free cryptocurrency, you take it. And when you can get it through Coinbase, one of the most trusted crypto exchanges in the world, earning the free crypto is a no-brainer.
That’s why Coinbase’s “Learn and earn” feature is so incredibly popular among investors. You can earn free cryptocurrency for watching educational videos and answering a couple of questions. The courses usually take less than five minutes of your time, and they couldn’t be easier.
The cryptos you can earn rotate in and out on a regular basis, with recent options including notable cryptos like Ethereum (ETH), Fetch.ai (FET), and Stellar (XLM), among others.
But more often than not, you’ll find relative unknowns that are trying to get their coins in front of investors – and that means many of you likely own cryptos that you otherwise may not have heard of.
One of those is SKALE Network (SKL), which was available to earn through Coinbase last month. You might even have SKL in your portfolio today without realizing its real potential.
Our philosophy at American Institute for Crypto Investors is that you should always understand what you’re investing in – and SKALE is an impressive project with a lot of potential.
We’ll give you an inside look at SKALE today and show you why this is one crypto you need to be paying attention to.
Even if you didn’t earn that free SKALE from Coinbase, at only $0.19, you might decide you want to buy some after you read this…
SKALE Network (SKL) at a Glance
SKL Price*: $0.194 | Market Rank*: 103 | Market Cap*: $675.92M
Circulating Supply*: 3.74B SKL | Max Supply: 7B SKL
*as of April 14, 2022
What to Know About SKALE
SKALE is an open-source security and execution Ethereum (ETH) Layer 2 scaling solution that relies on elastic sidechains to divert processing off the mainnet.
The decentralized project looks to diminish response time and confirm that payments can be made as inexpensively as possible while also boosting transaction capacity.
The SKALE Network consists of high-performance sidechains executing sub-second block times, running up to 2,000 transactions per second (TPS) per chain. It offers speed/functionality without flexible security or decentralization and can sustain thousands upon thousands of independent blockchains of all subtypes.
According to SKALE, those who build on its platform can run Solidity (an object-oriented programming language) smart contracts countless times faster at a percentage of the mainnet cost. The SKL token grants a right to take part as a network authenticator, stake as an authorizer, or access a share of the network’s budget as a developer.
Video games and content streaming services are among the projects that are already taking advantage of SKALE’s infrastructure.
The Utility of SKALE
A crypto’s utility is one of the major indicators of whether an asset has staying power. Those with staying power have a much greater chance of increasing in value and therefore making investors more money.
With SKALE, its worth is decided as a result of its use cases and technology – and that often does not match up with its market price. The asset value of SKALE depends on the volatility, and can be impacted by the activity of the dev team, upgrades, changes, alliances, unions, and other notable events.
The true value of the SKALE Network comes down to its technology, technological capability, utility, and widespread use and adoption.
SKALE uses technology that employs elastic sidechains, which users and developers can modify to custom specifications that will suit the growth process for building specific dApps (decentralized applications), which will be essential in the next phase of the Internet – Web3.
SKALE also draws its value from the fact that Ethereum still does not have the required volume to support high traffic fees on the network, which increases gas rates throughout cycles of saturation and makes dApp creation and arraying less sustainable.
There are currently 3.74B SKL in circulation. SKALE Network has a limited total supply, which acts as an anti-inflation mechanism. Unless it is voted otherwise in the future through its decentralized governance model, no new SKL will be minted once the total supply is exhausted.
SKALE’s max supply is 7,000,000,000 SKL. At the time of writing, SKALE is trading at $0.194 and is available to buy and trade on Coinbase. (Need to set up your Coinbase account? We’ll walk you through the steps here.)
Now that you’ve been introduced to the basics of SKALE, you’re ready to put it to the test. Access Chief Crypto Strategist Nick Black’s Five Ts of Crypto Investing framework right here.
Even better – for two penny cryptos that have already been vetted by our board of experts and deemed top buying opportunities for American Institute for Crypto Investors readers, go here now. (These picks have the potential to deliver 10X-plus gains in a year for those who act today.)
The American Institute for Crypto Investors Research Team
Up Next: Check out our last featured penny crypto analysis on Hedera (HBAR) by clicking here.