Skale Network (SKL) is a network of interconnected and scalable blockchains that provides developers with the ability to attain high throughput and eliminate gas fees by migrating their projects from Ethereum. Established in 2018 by Jack O’Holleran and Stan Kladko, Skale Network is designed to support the development of NFTs, games, and decentralized applications with EVM-compatible blockchains. It is integrated with Ethereum, utilizing its own consensus mechanism and pooled security model to deliver fast, secure, and gas-free transactions. This piece will address two frequently asked questions: what is Skale Network (SKL) and how to purchase Skale Network (SKL) using TRY.
What is Skale Network (SKL)?
Skale Network is a network of interconnected blockchains that are scalable and intended to help developers achieve high throughput and zero gas fees by moving their projects from Ethereum. Established in 2018 by Jack O’Holleran and Stan Kladko, Skale Network is committed to enhancing the overall user experience in the blockchain industry by making blockchain applications fast, convenient, and free for all users. It creates a rapid, gas-free environment that supports the growth of EVM-compatible blockchains, NFTs, games, decentralized applications (dApps), and more. For the latest financial and business news, visit COINTURK FINANCE.
Skale Network operates its own consensus mechanism while working in collaboration with Ethereum. This framework leverages Ethereum’s Proof of Stake (PoS) network and combines it with Skale Network’s pooled security model to offer high-speed, secure, and gas-free transactions. This structure is particularly advantageous for Web3 and gaming applications. It improves cost efficiency and performance, contributing to Ethereum’s scalability for mass adoption.
Skale Network is a modular, multi-blockchain network with potentially unlimited independent, interoperable, and EVM-compatible blockchains. Users can deploy their existing Ethereum-based smart contracts directly on the Skale Network blockchain, benefiting from high throughput and low latency. Skale Network’s blockchains can execute smart contracts, decentralize storage, perform aggregation contracts, and more. Altered EVM functionality allows for various smart contract use cases, such as storing larger files on network nodes via the FileStorage smart contract. Inter-blockchain communication facilitates token and NFT transfers between different Skale Network blockchains.
Each blockchain on Skale Network is highly configurable, allowing users to select their consensus protocols, virtual machines, and security measures tailored to their specific needs. Developers can opt to have their own Skale Network blockchain or join a community blockchain. To utilize a Skale Network blockchain, developers pay a network subscription fee via a smart contract called Skale Network Manager on Ethereum. This fee-sharing model between validators and delegators enables Skale Network to offer zero gas fees to end users.
The project employs a decentralized node network to establish a pooled security system. Nodes provide resources to multiple Skale Network blockchains, including storage and latency, allowing node owners to manage the native utility token SKL. Skale Network includes the Skale Network Manager and Skale Network Nodes. The SKALE Manager operates on the Ethereum mainnet and supports the creation and destruction of Skale Network blockchains. Validators running Skale Network Nodes stake SKL tokens on Ethereum and support multiple Skale Network blockchains by meeting hardware requirements. Nodes are audited by peer validators to ensure decentralization and are rewarded with SKL tokens based on their performance.
How to Buy Skale Network (SKL) with TRY?
Binance TR is the most appropriate cryptocurrency exchange for investors in Turkey looking to purchase Skale Network (SKL). At Binance TR, which allows for quick account creation, more than 100 cryptocurrencies, including SKL, can be bought and sold. To purchase Skale Network (SKL) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is a straightforward process. To do so, go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be prompted to input basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, email/sms verification will be conducted to confirm the information. Upon completing this process, you will advance to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a crucial security procedure that must be completed before commencing cryptocurrency trading and during account creation. This process is essential to safeguard both the user and the cryptocurrency exchange. You can perform the verification process from your phone or via the official Binance TR website. Keep in mind that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” Following this step, you will be required to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you are unable to scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.
Upon entering the address on your phone or scanning the QR code, a screen similar to the one below will open on your phone. From here, proceed by tapping the “Identity” option first.
Subsequently, a screen similar to the one below will appear. To continue the verification process, first select the document type that best suits you.
After selecting the document type, continue by tapping “Upload Front Side.” After taking a photo of the front side of the document based on the document type you selected, tap “Upload Back Side” and take a photo of the back side of the document and upload it. Ensure that the images are clear and that the information in the photo you took is easily readable when capturing photos of the front and back sides of your ID card or driver’s license.
Then proceed by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will be required to scan your face. Upon opening the camera, ensure that your face fills the camera area as much as possible.
Upon correctly and completely completing all these steps, your identity verification process will be finalized in a short amount of time.
How to Deposit TRY on Binance TR?
You can conveniently deposit TRY into your Binance TR account from all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TRY 24/7 with FAST. Deposits over 50,000 TRY from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click “Deposit” from the drop-down menu.
Subsequently, a page similar to the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank has not yet been integrated with Binance TR, you should proceed by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank. However, the process is the same for all other banks. Upon clicking on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do is utilize the information displayed on your preferred bank’s page to transfer the amount you wish to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will be automatically reflected in your wallet in your Binance TR account.
How to Buy SKL Coin with TRY on Binance TR?
After completing the deposit process, you can proceed to the step of purchasing SKL coin with TRY by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
Upon clicking this option, the page below will open. By typing “SKL” in the search section on the right side of this page, you can navigate to the SKL purchase page with TRY by clicking on the SKL/TRY option from the results.
The SKL trading page below will then open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy SKL in the first box and the number of SKL you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SKL” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users supported by Binance’s core functionalities can access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
