ConsenSys Announces SKALE Network Token Launch on Codefi Platform
New York, NY and San Francisco, CA — Activate, by ConsenSys Codefi, is the first platform designed to launch decentralized networks and allow customers to purchase, manage, and use their tokens — all in one application. Today, Activate, along with its first customer, SKALE, announced the upcoming launch of the SKALE Network, a decentralized elastic blockchain platform for securely scaling Ethereum based dApps.
Activate, announced in October 2019, is setting the standard for the purchase, distribution and use of utility tokens to bootstrap early stage network utilization. Through its unique platform design, Activate requires networks to launch and be usable at or immediately after selling any tokens to launch participants. Moreover, Activate ensures that participants cannot simply flip tokens for passive speculative purposes, but rather requires them to use their tokens for their intended purpose.
In the case of the SKALE Network, token holders must contribute to the security and scalability of the network by delegating to or serving as validators on the network, thereby earning rewards. The goal is to create a strong base of token holders who are incentivized, and in fact, programmatically required, to use their tokens for their intended purpose which should in turn, yield a stronger mainnet launch in Q2 2020.
“Layer-two scalability solutions are bringing lightning-fast high transaction throughput and more flexibility to Ethereum. The SKALE Network is a state of the art solution, representing a configurable and low cost layer-two platform for developers to enable near instant execution of smart contracts. Activate is setting the standard for fair and maximally distributed token networks, while providing a seamless and consistent validator and user experience to ensure all participants interact meaningfully with the SKALE Network — and decentralized networks of the future,” said Joseph Lubin, Founder of ConsenSys and Co-Creator of Ethereum.
SKALE Network is an elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum. SKALE Chains can execute sub-second block times with over 2,000 transactions per second (tps) on every chain, and run full-state smart contracts, in addition to decentralized storage, and machine learning in EVM. Over 35 dApps are currently building on SKALE, ranging from games to DeFi to streaming audio and more.
“With a focus on building social impact dApps, we are especially sensitive to cost and speed to market because it means our dApps can do more good, for more people, faster. We met the SKALE team at a hackathon and were up and running in almost no time with sub second transactions at a gas cost that was a small fraction of what it was before,” said Jakub Wojciechowski, CTO of Alice.
By launching through Activate, the SKALE Network will further decentralize and distribute its security, which already boasts an impressive base of supporters who are committed to participating in the security of the network, including Blockchange, ConsenSys Labs, Galaxy Digital, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia Venture Partners, and Winklevoss Capital. Founded by two veteran startup software executives with multiple successful exits, Jack O’Holleran and Stan Kladko, the SKALE Network is supported by the N.O.D.E. Foundation.
Users who choose to participate in the upcoming token launch on the Activate platform will begin by completing the verification and bidding process to purchase tokens. Verified consumers utilize Activate’s built-in tools to purchase, manage, and stake their tokens through third-party validators responsible for confirming transactions on the SKALE Network. Token holders will then earn rewards as a network incentive for their participation as set by the SKALE Network. Activate offers a frictionless experience with intuitive interfaces that will allow users to utilize their token for their intended purpose.
“SKALE was really a project born out of a passion for scaling the Ethereum ecosystem to one billion-plus people,” said Jack O’Holleran, co-founder, SKALE Network. “After talking to the Activate team, it quickly became clear that their approach to managing a network launch was aligned with our core values of putting developers and the health of the network first. Whether that means great user experience for token holders, thorough team and technology vetting, or making sure that core-team incentives are aligned with overall network health. We’re excited to work with ConsenSys Codefi to show how a successful network launch can work to everyone’s benefit.”
How to Join the Waitlist
Pre-register for the SKALE token launch on Activate and create an account in a few seconds. Users will then be guided through a short on-boarding process where they will be required to perform KYC and ID verification. Upon successful verification they will be required to complete a short tutorial designed to test their understanding of the SKALE Network and the SKALE token. Once completing the prior steps, users will be eligible to participate in the SKALE token launch when it goes live.
Only eligible users who have successfully completed this process will be able to participate in the live token launch.
ConsenSys is one of the world’s largest blockchain companies, building the tools, infrastructure, and applications that power the Ethereum network. Since 2014, we have tokenized billions of dollars in digital assets, including a wide range of consumer products, stablecoins, real estate, and financial instruments, powering tens of billions of dollars in blockchain-based transactions. Through our applications, we have served hundreds of thousands of users, ranging from central banks and major financial institutions to developers and retail users of the Ethereum mainnet. ConsenSys has built and launched Codefi, an “operating system” comprised of tools and services to help anyone — from financial institutions and large enterprises, to entrepreneurs, developers, and decentralized networks — benefit from the digital transformation of the infrastructure, manufacturing, and distribution value chains in commerce and finance. Built on Ethereum, Codefi provides the ability to digitize business processes, payments, and assets such as equities, loans, and real estate.
SKALE is an elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum. SKALE chains can execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts in addition to decentralized storage, execute Rollups, and machine learning in EVM. The SKALE Network is an open source project with many contributors including SKALE Labs, Inc. whose offices are in San Francisco, CA and Kharkiv, Ukraine. The SKALE Network’s supporters include Blockchange, ConsenSys Labs, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia VP, and Winklevoss Capital. The SKALE Network is supported by top validators in the world including Blockware, ConsenSys, Certus.One, Chorus One, Dokia, Figment Networks, Hashed, Staked, StakewithUs, and Stake X, as well as key infrastructure player Bison Trails. For more information please visit www.skale.network, @SkaleNetwork on Twitter, and @skaleofficial on telegram.
ABOUT N.O.D.E. Foundation & Anstalt
The Network of Decentralized Economics (N.O.D.E.) Foundation is a non-profit entity based in Liechtenstein created to carry out the mission of supporting the SKALE Network open source project. The foundation is supported by the N.O.D.E. Anstalt, a subsidiary business arm of the Foundation. The Foundation is also supported by SKALE Labs, Inc. headquartered in San Francisco, CA. SKALE Labs provides support to the Network by contributing to the open source code, community growth, and other key efforts to facilitate the growth and adoption of the SKALE Network.