Ethereum – SKALE Community and Ethereum – a compelling selection for builders – Blockchain know-how
Blockchain and cryptocurrency are undoubtedly one of the fundamental necessary improvements of the 21st century. Blockchain technology is in the spotlight, with many fans believing the technology is taking the world by storm. However, many faculties of thought are of the opinion that almost all of its proposed uses can simply be achieved with good databases.
In line with this long-term argument, Christine Perry, VP of SKALE Labs, explains in an extremely sensitive way why the SKALE community and the core Ethereum network are a viable alternative for builders. In a two-part collection of articles, he points out why builders want an EVM-compatible platform that is securely linked to the Ethereum mainnet blockchain. In a nutshell, it explains why builders want the Ethereum mainnet and SKALE elastic sidechain community connection.
Blockchain technology is certainly a progressive technology, however it still has an extensive solution to go through precise instances of use. The technology is expected to completely revolutionize high echelons such as finance, chain supply, mining, manufacturing, document authentication, gaming, forecasting, betting and others. Furthermore, decentralized technology is the driving force behind improvements such as tokenized properties, open finance, programmable properties, private and non-private keys, decentralized ledgers, and so on. Similar to the web, cell phones, WiFi, cloud computing and many more, completely remodeled core spheres, blockchain is set to do the same in the near future. For blockchain fans, Net Three is the next big factor and blockchain technology is expected to play a significant role in its improvement.
In anticipation of # ETH2 to launch @christineRPM wrote an article on instances of use for #Eth / # Eth2 execution level. There are many instances of use, within the collection we pay attention to a series of 👇
✅ Collectibles
✅ Streaming of content material
✅ Custody of knowledge
✅PrivatenessLearn at👇https: //t.co/FYcNA3pOZg
– SKALE community (@SkaleNetwork) November 19, 2020
Usage instances highlighted
Below are a number of usage instances eliminated by combining the SKALE Community and the Ethereum mainnet.
1. Decentralized Finance (DeFi)
The DeFi area is undoubtedly one of the great facets of the blockchain sphere. Apparently, 2020 has been dubbed the year of DeFi. Q3 2020 alone experienced a huge improvement of over 1000% within the full value locked in the DeFi protocols.
An ideal example of why the DeFI explosion went out is the switch from phone to SMS to WhatsApp, email, and different messaging techniques. In the 1990s, people could run perhaps a minute of a phone conversation for $ 1. The arrival of texting has dramatically lowered the price of conversations. So, for as little as 20 cents, people can send an SMS. This additional solution provided a solution to WhatsApp and a different communication technique, which brought communication prices mainly to zero. Now think about the transaction prices currently dropping at the SMS stage and even WhatsApp intervals. This is much less friction for post-zero prices. This is what the DeFi protocol intends to convey to life.
2. Collectible video games
Another major use case of the Ethereum mainnet and a sidechain is the world of trading card video games. Apparently, in addition to the world of digital games, collectible recreational playing cards have value in the real world as well. This is mainly due to their limited supply. The poorer a trading card, the higher its value. In December 2019, a Gods Unchained purchased card for 210 ETH, about $ 30,650 at the moment.
A developer is currently creating a recreation of the battle of angels on SKALE. Sports playing cards will have the ability to perform a wide range of functions along with new powers, armor, extra power and many more.
3. Play online
Blockchain know-how has revolutionized online gaming as we all know it. Most gaming platforms, however, should make the most of the level 2 options (elastic sidechains) just like the SKALE community. One of the many core video games in the SKALE community is a strategic battle game just like Remaining fantasy is World of Warcraft.
Using sidechains like SKALE will improve productivity and pace as well as lower fuel prices on the platform.
4. Streaming of content material
Another progressive use case for blockchain know-how is in content streaming. This is quite necessary due to the current distrust of centralized media streaming retailers. Streaming blockchain content material can also help content creators bypass censorship from international venues and various companies.
SKALE also boasts many manufacturers using its censorship-resistant platform to create music for listeners around the world.
5. Prediction sports and bets without confidence
Another rapidly growing use case of blockchain technology is the prediction market or the sphere of sports betting. This sphere can also be one of the many predominant customers of Ethereum’s elastic sidechains. In line with Perry, VP of SKALE Labs, as adoption and usage on a betting or forecasting platform will increase, there is often a worrying improvement in fuel costs. Due to excessive fuel costs, most betting and forecasting market platforms are expected to switch to a series of elastic side chains. These sidechains present these platforms with a number of benefits such as lower fuel costs and faster transaction opportunities.
6. Privacy and custody of knowledge
While information confidentiality is not a specific dApp, it is still a vital aspect of the decentralized technology area. It is one of the main differentiating functions of the centralized and decentralized technology area. An organization on SKALE is currently engaged in an enterprise aimed at facilitating the privacy and custody of information without trust. Making some information confidential and held on Ethereum is expensive and impractical. Therefore, the need for a sidechain like SKALE. The sidechain will ensure the confidentiality of the information and custody is convenient, fast and secure.
The usage instances listed above make the Ethereum mainnet and SKALE community a compelling alternative for builders. Collectively, they create a platform that can guide the creation of recent goals, protocols, activities, and many more.
Apparently, due to the scaling points, Ethereum has revealed that the Genesis Layer of its 2.zero replacement may remain on December 1, 2020.
Previously, we covered the SKALE mainnet launch on June 30, 2020.
ETH price
At the time of writing, ETH was buying and selling at $ 542.70, with a market cap of $ 61,463,117,098 and a 24-hour buy and sell amount of $ 15,480,844,419.
Learn more about the SKALE community on the Altcoin Buzz Youtube channel.
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