The blockchain and crypto sphere is arguably one of the crucial vital improvements of the 21st century. Blockchain tech is within the limelight, with many fanatics believing the tech is taking up the world. However, many colleges of thought are of the notion that almost all of its proposed use instances will be simply achieved with good databases.
In line with this long-term argument, Christine Perry, VP of SKALE Labs, throws extra mild on why SKALE Network and the Ethereum mainnet are a worthy alternative for builders. In a two-part article collection, she factors out why builders want an EVM-compatible platform that’s securely linked to the Ethereum mainnet blockchain. Simply put, she argues why builders want the Ethereum mainnet and SKALE elastic sidechain community connection.
Blockchain tech is certainly an modern tech, however it nonetheless has a protracted strategy to go by way of precise use instances. The tech is anticipated to fully revolutionize high spheres like finance, provide chains, mining, manufacturing, doc authentication, gaming, prediction, betting, and others. Furthermore, decentralized tech is the driving drive behind improvements like tokenized property, open finance, programmable property, private and non-private keys, decentralized ledgers, and so forth. Just just like the web, cellphones, WiFi, cloud computing, and many others, completely remodeled main spheres, blockchain is bound to do the identical within the close to future. To blockchain fanatics, Web Three is the following massive factor, and blockchain tech is anticipated to play a significant position in its improvement.
In anticipation of #ETH2 launch @christineRPM wrote an article on use instances for the #Eth / #Eth2 execution layer. There are a whole lot of use instances, within the collection we deal with a number of👇
— SKALE Network (@SkaleNetwork) November 19, 2020
Highlighted Use Cases
Below are a number of use instances delivered to life by combining SKALE Network and the Ethereum mainnet.
1. Decentralized Finance (DeFi)
The DeFi area is without doubt one of the high facets of the blockchain sphere. Interestingly, 2020 has been dubbed the 12 months of DeFi. 2020 Q3 alone recorded a large over 1000% improve within the complete worth locked in DeFi protocols.
An ideal illustration of why the DeFI explosion befell is the transition from phone to SMS to WhatsApp, e-mail, and different technique of messaging. In the 1990s, folks may perform possibly a minute of a phone dialog for $1. The introduction of SMS drove the price of conversing a lot decrease. So, with as little as 20 cents, folks may ship a SMS. This additional gave strategy to WhatsApp and different technique of communication, which principally drove communication prices right down to virtually zero. Now think about transaction prices as we speak dropping to the SMS degree and even right down to WhatsApp ranges. That is much less friction for subsequent to zero prices. This is what DeFi protocol goals to deliver to life.
2. Collectible Games
Another main use case of the Ethereum mainnet and a sidechain is the realm of collectible card games. Interestingly, past the digital gaming world, collectible sport playing cards have worth in the true world too. This is majorly resulting from their restricted provide. The extra scarce a collectible card is, the upper its worth. In December 2019, a Gods Unchained card offered for 210 ETH, roughly $30,650 at the moment.
A developer is at present creating an angel battle sport on SKALE. The sport playing cards will have the ability to perform a various array of capabilities together with new powers, armors, extra power, and many others.
3. Online Gaming
Blockchain know-how has revolutionized on-line gaming as we all know it. Most gaming platforms, nonetheless, should make the most of layer 2 options (elastic sidechains) just like the SKALE Network. One of the most important video games on the SKALE Network is a strategic battle sport fairly just like Final Fantasy and World of Warcraft.
Making use of sidechains like SKALE will enhance throughput and velocity in addition to lower gas costs on the platform.
4. Content Streaming
Another modern use case for blockchain know-how is in content material streaming. This is sort of vital due to the present mistrust related to centralized streaming media shops. Blockchain content material streaming may also assist content material creators bypass censorship by international locations and different businesses.
SKALE additionally boasts of quite a lot of builders making use of its censorship-resistant platform to create music for listeners worldwide.
5. Trustless Prediction and Betting Sports
Another fast-rising use case of blockchain tech is the prediction market or sports activities betting sphere. This sphere can be one of many foremost customers of Ethereum elastic sidechains. According to Perry, VP of SKALE Labs, as adoption and utilization on a betting or prediction platform will increase, there may be normally a troubling improve in gasoline costs. Due to excessive gasoline charges, most betting and prediction market platforms should transition to a number of elastic sidechains. These sidechains present these platforms with a number of advantages like lowered gasoline charges and sooner transaction occasions.
6. Privacy and Data Custody
Although information privateness isn’t a selected dApp, it’s, nonetheless, an important side of the decentralized tech area. It is a significant differentiating characteristic of the centralized and decentralized tech area. An organization on SKALE is at present engaged on a mission directed at facilitating privateness and trustless information custody. Ensuring information privateness and custody on Ethereum is pricey and impractical. Hence, the necessity for a sidechain like SKALE. The sidechain will guarantee information privateness and custody is cost-effective, quick, and safe.
The above-listed use instances make the Ethereum mainnet and the SKALE Network a compelling alternative for builders. Together, they create a platform that can drive the creation of latest functions, protocols, initiatives, and many others.
Interestingly, resulting from scalability points, Ethereum has disclosed that the Genesis Layer of its 2.zero replace may go stay on December 1, 2020.
Previously, we lined the SKALE mainnet launch on June 30, 2020.
At the time of writing, ETH was trading at $542.70, with a market cap of $61,463,117,098 and a 24-hour buying and selling quantity of $15,480,844,419.
Find out extra concerning the SKALE Network on the Altcoin Buzz YouTube channel.