Ethereum Compatible Skale Network’s Native Token Set to Launch on ConsenSys’ Codefi Activate on August 17, 2020

Activate, by ConsenSys Codefi, is reportedly the first platform developed specifically for creating decentralized networks and allowing users to purchase, manage, and use their digital tokens through a single application.

Leading Ethereum development studio ConsenSys announced on July 16, 2020, that the SKALE Network’s SKALE token (SKL) will be available for purchase via a three-day Dutch auction on the platform, beginning on August 17, 2020, at 12:00PM EST.

Announced in February 2020, the SKALE Network is reportedly the first initiative to launch with Activate, which has been accepting registrations from other blockchain projects to participate.

As mentioned in a release shared with CI, the SKALE token has been designed to support activities on the SKALE Network, which is an open-source “elastic” blockchain network designed for scaling Ethereum (ETH), the world’s largest smart contract platform.

SKALE aims to increase transaction speeds, lower transaction costs, and create “seamless” workflows for both end-users and developers who are interested in creating applications on Ethereum (ETH) – which will be transitioning from proof of work-based consensus to proof of stake when Eth2 goes live. Ethereum 2.0 or Eth2 is a major system-wide upgrade planned for Ethereum, the world’s second-largest blockchain network (after Bitcoin).

As confirmed in the release, the SKALE Network’s mainnet has been live since June 30, 2020.

The announcement explained:

“Each application using the SKALE Network gets its own chain for executing transactions at sub-second block times, with over 2,000 transactions-per-second. In addition to running full-state smart contracts, SKALE chains offer decentralized storage and can execute machine learning in smart contracts.” 

There are reportedly more than 40 decentralized applications (dApps) that are being developed on SKALE. They mainly include gaming and decentralized finance (DeFi) apps, and also streaming audio software.

The SKALE team claims:

“The combination of SKALE and Ethereum is a truly decentralized cloud that allows Web 3.0 applications to compete with Web 2 on both a cost and performance basis.”

Lex Sokolin, Global Co-Head of ConsenSys Codefi, stated:

“ConsenSys Codefi is designed to enable the builders of our ecosystem with modular tools for commerce and finance, including the applied use of tokens. SKALE is a major step forward for the operating progress of the Ethereum economy, and we are thrilled to support the team.”

Collin Myers, Token Strategy Lead at ConsenSys Codefi, noted:

“Our goal has been to build a vertically integrated platform that enables a robust network launch and on-going use  — where people can purchase and put their tokens to work as they’re intended. On Activate, after users purchase SKL tokens, they can start contributing to the security and scalability of the network through staking, starting from genesis.”

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