Hi Readers!!!

Here is a Recap of the SKALE Network AMA that happened in the Binance Nigerian Group on the 16th of April at 5:30PM WAT.

They were 4 people available from the SKALE Team for the AMA, they are:

• Marcos Sanchez, Head of Communications at SKALE
• Solene Feuillu, Marketing and Events.
• Bee, Nigerian SKALE Ambassador
• Donald, Nigerian SKALE Ambassador

The AMA has three(3) segments;

• Segment 1 - Introduction, Questions, and Answers (Binance to SKALE team)

• Segment 2 - Questions and Answers (Audience to SKALE team)

• Segment 3 - AMA quizzes.

Members are expected to get the following things ready to be able to participate in Segment 3;

• Telegram username
• Binance ID
• Binance Email

Segment 1 - Introduction, Questions, and Answers (Binance to SKALE team)

The Binance Angel asked the SKALE Team to Introduce themselves and here is the introduction from the team.

Binance Angel - Before we move to the main questions. Can you briefly introduce yourself and give us insight into SKALE project and its major aim?

Solene - Introduction

Hello all!!
Very happy to be here. So excited. Nigeria is such a beautiful place

Bee - Introduction

My name is Balqees from the Western Part of the Country.
I'm popularly known as Bee in the crypto space and an ambassador for SKALE Network.
My people, how una dey?

Donald - Introduction

Hello All
I'm Donald from the South-Eastern part of Nigeria

Marcos - Introduction

Yes, I'm the head of global communications for SKALE Labs, I've been working in the Tech industry in silicon valley for 25 years, mostly at Startups, and I've been on several founding teams before joining SKALE. I'm a true believer and started focusing on crypto about 2.5 years ago, and I joined the SKALE team 1.5 years ago.

Marcos proceeded to give insight into SKALE project and its major aim as asked by the Binance Angel,

Question 1

• SKALE Network is an open-source, decentralized "elastic" blockchain network designed to scale Ethereum Web3 applications. What that means is, developers who are creating Ethereum applications can use SKALE to “rent” their own private, Ethereum compatible blockchain (SKALE chain) to run their Dapp on. By doing that, they get all the functionality of Ethereum without the congestion and fees, yet still, connect up to the Ethereum Mainnet whenever necessary. In combination with Ethereum, SKALE Network aims to allow Web3 apps to compete with traditional apps on a cost and performance basis.

Question 2

• Binance Angel - Can you give the 3- 5 year vision for SKALE Network?

• Marcos - SKALE is trying to bring the power of Ethereum to billions of users over the next few years and it is going to take time, effort, persistence, and belief in order to make that happen. We’re going to do this by providing the platform on which to build a fully decentralized internet of blockchains that will become the basis for Web 3.0.

  A SKALE plus Ethereum solution offers developers their own dApp specific blockchains with the throughput, scalability, and cost efficiencies necessary to build fully decentralized businesses, using all the familiar tools they use today. Utilizing SKALE, developers will be able to forget many of the typical infrastructure problems they have today, and focus on building and creating the world of tomorrow.

Question 3

• Binance Angel - What are the biggest 3 use cases you see for SKALE?.

• Donald - There are so many, so I’ll briefly describe a few. Defi is an incredibly obvious use case and will be one that will take advantage of gasless transactions and increased throughput right away, so we can talk about some of the others. We think the ownership economy is going to be a huge category as we go into 2022. There’s been more and more written about the ownership economy and how it’s driving a new generation of permissionless platforms that will tap into the massive global talent pool. Another area is games, which will quickly become an important driver of blockchain adoption, acting as the gateway to crypto for many consumers.

  Lastly, with Social media companies gaining so much control over the content and its consumption it’s clear that there’s a need for new decentralized alternatives. These are all areas that SKALE can help with, not only because it allows developers to have their own app-specific blockchain, but because it does this in conjunction with Ethereum which is the clear leader from both an adoption and developer user base perspective.

Question 4

• Binance Angel - Will SKALE work when ETH2 once it’s released?.

• Bee - Yes! Unfortunately, ETH 2 doesn't get to the level of scale required to get to mass adoption on its own. Maybe 100-160 TPS(Transaction Per Seconds) which is an improvement but still nowhere near scalable to Millions of people or more. There’s also the root problem that each dApp must share a back end with other dApps.

  SKALE is designed to work with ETH 1 and ETH 2 and the goal is to bring Ethereum to billions of users if ETH2 and SKALE collaborate.

  SKALE has focused on dApp specific blockchains that connect to the Ethereum Mainnet. When every app has its own backend it doesn't get impacted by the usage of other dApps. Imagine if your email cost more to use and was slower due to high search volume on Google! SKALE’s unique advantage is it gives dApps the power and efficiency of having a smaller validator set while maintaining the security that comes with having a larger validator set.

Question 5

• Binance Angel - What’s the status of the network upgrade?

• Marcos - We’ve moved the network upgrade to align with the Ethereum Berlin hard fork which just happened. Because this is such a decentralized network, with 153 nodes across 46 validator orgs, we have to all agree on a specific timing to do any kind of network upgrade.

  After conversations with the community, it was decided that it made the most sense to first deploy the Ethereum Berlin hard fork, and then rapidly thereafter deploy the SKALE upgrade. The process has begun, look to see an announcement next week.

Segment 2 - Questions and Answers (Audience to SKALE team)

Segment 2 started and the group was opened for members to ask questions, the team only picked the best 4 questions to answer, the best answers were given to those question, here are the question;

Question 1

• Member 1 - Are there currently DApps that are using SKALE?

• Answer by Donald - We recently went through our use case marathon with over 18 partners and dApps that have been announced. We wanted to show the Dapps and partners that are doing amazing things using SKALE, highlighting all that will be done and the potential that exists. Expect more over the coming months. Some notable folks include Chainlink, Minds (4 million users in the leading decentralized social media platform), BrainTrust (already at $1Million in monthly revenues), CryptoCrusades (the first all on-chain gameplay game), MetaMask, and more. These represent a fraction of the 130 dApps that are currently part of our SKALE Innovator Program. Check out our blog if you want more of the details http://skale.network/blog.

Question 2

• Member 2 - Can I trade NFT with $SKALE, What rewards do I get for staking and mining $SKALE TOKEN

• Answer by Marcos - Yes, SKALE will have support for NFT's, also, if you want to stake your SKALE you can already do it through the ConsenSys Activate platform here: https://activate.codefi.network/staking/skale/validators you can also do research here: https://www.stakingrewards.com/earn/skale

Question 3

• Member 3 - Which projects are your closest competitors? For example, do you accept Uniswap, Curve, or Balancer as your competitors? How will you take it to the next level?

• Answer by Bee - SKALE plus Ethereum will mainly compete with other Layer 1 solutions. We believe the Ethereum ecosystem is thriving and has a lot of developer traction and ecosystem growth. We haven’t seen developers that choose to build on Ethereum move over to "faster" chains for lots of good reasons. By building SKALE on Ethereum every Eth-based dApp can use SKALE out of the box and all of the tooling and wallets that work on Ethereum as well. That’s a powerful combination and will be hard for the “Eth killers” to beat.

Question 4

• Member 4 - What are the utilities of the $SKL token in the Skale network?

• Answer by Marcos - The SKALE Network token ($SKL), is what we call a utility token and has four main purposes. First, it secures the network through staking. 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. Second, it can be used by developers to purchase subscriptions for Ethereum compatible, dApp specific SKALE blockchains. Third, it’s used as rewards for validators and delegators. Rewards are accumulated monthly, based on fees paid by developers for chains and monthly inflation of tokens into the network. Last, it’s used for Governance and voting. SKL tokens will be used for on-chain voting, which will control all economic parameters of the SKALE Network. You can read more about the SKL token here: https://skale.network/token/.

This is the end of Segment 2 and SKALE Network team shared useful links and resources of the SKALE Project including the SKALE AFRICA Offical Telegram Link.

Join the community & follow SKALE:

▶️Check out SKALE’s Website: skale.network/
▶️Follow SKALE on Twitter: https://twitter.com/SkaleNetwork
▶️Follow SKALE Africa on Twitter: https://twitter.com/skaleafrica

• Build on SKALE

💥SKALE is always looking for great devs using its tech💥: Join the discord if you want to talk to the tech team at skale.chat

• Resources

🎥 Check out SKALE’s past events & explainer videos on Youtube:

https://www.youtube.com/skale

• 🌏 Community Channels:

  🔹 SKALE English Telegram: https://t.me/skaleofficial

  🔹 SKALE Africa Telegram: https://t.me/SKALE_Africa

Segment 3 is the AMA Quizzes and it happened in the SKALE Africa group

Thanks for Reading

I am Bee 🐝

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