SKALE CRASH COURSE FOR A TYPICAL BEGINNER
This crash course is intended to present a clear understanding of Skale to not only people who are new to skale, but also people who are new to the crypto space wish to have an in-depth knowledge cryptocurrency in general.
That being said, if you are already familiar with the cryptocurrency space, you wish to explore new crypto networks and opportunities and somehow you happen to have picked interest in the skale network, you can skip the introduction 2 cryptocurrency below and go directly to the skale network
But if you are new to the crypto space, you seem to know very little about cryptocurrency and you wish to know these zeroes and heroes, A to Z, and the in and outs of all that’s obtainable in the crypto world, in the introduction to cryptocurrency below is best suitable for you to start.
Let’s start right away!
Table Of Content
1. Introduction to cryptocurrency
2. An overview of the SKALE Network
3. The Challenges encountered in the crypto space
4. The uniqueness of the SKALE Network
5. The key features of the SKALE Network
6. SKALE Ambassador Gamez
7. Creating and using a SKALE Elastic sidechain
8. Security incident responds
Introduction to cryptocurrency…..
In the days of old long long time ago win money as a medium of exchange was pretty much non-existent, people or participants would exchange their goods and services for other goods and services, this was the medium of exchange and this system of exchange was called trade by barter or just barter.
This was quite different from gift economies in that Barca fixtures immediate reciprocal exchange without any time delay and in most cases takes place on a bilateral basis.
As Time passed, human need and transactions became more and more complex, consequently giving rise to the need for a more general and stable medium of exchange, and so money was created.
Historically, it is believed that early Civilizations used metals as money as far back as 5000 BC, with China being the first to create paper money.
With continuous development and the Invention of the internet, financial transactions became more robust could be carried out between people or organizations situated very far from each other conveniently. Now even more so, one can send money to his or her loved ones through electronic commerce companies such as PayPal, Pay stack, and their likes.
Money ( Fiat currencies) has certain disadvantages ranging from having a centralized system ( meaning that its operations are governed by a central authority such as central Banks), requiring users’ identities for every transaction (no privacy), slow transaction speed, and the need to visit Banks or other financial institutions to send out cash as well as withdraw, not to talk of the high transaction charges.
The existence of all these cons lead to the Creation of the first cryptocurrency… The Bitcoin.
This leads us to the question what is a cryptocurrency?
A cryptocurrency is a virtual or intangible non-physical currency which can be used as a medium of exchange. The first cryptocurrency ( Bitcoin) was introduced in 2009 by an anonymous programmer or group of programmers identified as satoshi nakamoto and the technology behind all cryptocurrencies is called the blockchain which is a peer-to-peer distributed Ledger ( registry or log or records) containing time stamp transactions or affairs.
The blockchain together which cryptocurrencies made up the various disadvantages presented by Fiat currencies in the following ways…
- cryptocurrencies decentralized in nature… This means that there is no need 4 any central authority or governing body to run and take control over the operations and affairs of cryptocurrencies and the blockchain.
2. cryptocurrencies provide and ensure the privacy and security of users identity…. While performing or executing transactions involving Fiat currencies, identities of both parties must be provided ( including the name, address, contact information, and lots more) before that transaction can be authorized. This is quite the opposite when it comes to cryptocurrencies the personal information of both parties involved I kept anonymous. The only information required is the wallet address of both parties involved, these wallet addresses can also be used to track and identify every transaction or affairs which has been completed within the block chain network.
3. the accessibility and ease of use when it comes to cryptocurrencies is top notch….. Cryptocurrencies utilize and are stored in digital or virtual or non physical or intangible wallets in which day are observed or kept track of, top top, and extended ( used to transact). This wallet can easily be installed on personal computers or smartphones and other devices therefore making it within reach and easy to use. At any point in time and almost any location, transactions involving cryptocurrencies can be carried out, eliminating the need to visit Banks and other financial institutions to perform transactions.
4. the speed of crypto transactions is increased…… Factors such as the amount, the location, and the means of dispatch all have a significant effect on the speed of transactions with respect to Fiat. Crypto transactions are available 24/7 and can be executed in almost a second due to the fact that uses only need to access their virtual wallet and provide the necessary items required to proceed with the transaction as opposed to banks and other money transfer service providers which are always likely to encounter some sort of delay crossed by the aforementioned factors.
5. which crypto currencies the chargers transactions are reduced….Transactions involving Fiat currencies always make use of intermediaries and third parties, this gives rise two additional fees or charges placed upon each transaction or transfer processing. This isn’t the same with crypto transactions because the use of digital wallets completely eliminate the need for third party financial service providers to interfere. Digital wallets can transact directly with banks, reducing the fees or remittances of transactions.
6. investing in cryptocurrencies is very awesome….. There are several cryptocurrencies available today with Bitcoin being the biggest in market value. Bitcoin also happens to be an extremely unpredictable and unstable asset. Like every other asset, it increases and reduces in value, continuously experiencing unexpected highs and lows. Surprisingly, this particular characteristic is the primary reason why this ingenious technology is appealing to market investors and moguls in the financial and tech space.
In 2010 when 1 Bitcoin what’s valued at $0.003, a man named Laszlo Hanyecz needed to purchase pizzas which cost about $30, he practically needed 10,000 bitcoins to pay for them….blimey!
Today 1 Bitcoin is valued at about $41,250. I guess it’s safe to say that Henyecz would have been $411,250,000 rich today if he hadn’t made such a mistake although at the time it wasn’t actually a mistake but no one knew that the Bitcoin would have such appreciation today.
As a beginner, most of the terms you would come across in this crash course might be new to you, most of which you might not understand. Because of this, all the unfamiliar words would be explained so that you would comfortably understand what is skale network is all about. By doing this, the aim and purpose of this crash course will not be defeated.
An overview of skale network?
As we discussed previously in the introduction to cryptocurrency above, it was understood that blockchain or blockchain technology is a peer-to-peer distributed Ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
This blockchain technology is the technology which enables the existence of cryptocurrencies. Imagine you have an app on your smartphone, say Facebook, and this app needs to run on an OS, say Android, as it relates to blockchain and cryptocurrencies, the Android OS (blockchain)is the technology which enables the existence of the Facebook app (crypto) on that smartphone.
There are different types of blockchain ranging from the public blockchain, to the private blockchain, and the hybrid blockchain. For the purpose of this crash course, we will Focus more on the public blockchain.
The public blockchain is so called because of its open source, participation as users, miners, developers and community members are allowed, and the transactions and affairs carried out on this block chain are transparent and public in nature. Examples of cryptocurrencies making use of the public blockchain technology include the Bitcoin and Ethereum.
Over the years, there has been an establishment of various platforms which are respectively connected to either public or private or hybrid blockchains so as to provide better crypto-related services to developers and other participants and the skale network is one of such platforms. SKALE NETWORK
The skale network is simply a platform ( execution layer) or elastic block chain which seamlessly identifies with Ethereum. The term elastic block chain basically means that the Skale network is flexible and adaptable and is able to encompass much variety and change, and since it identifies or is connected with ethereum, it therefore means that the skale network is also a public or decentralized blockchain network.
As stated earlier, various platforms which are connected to individual block chains have been established with the purpose of rendering better crypto related services to developers and community members alike. Hence, skale network creates an atmosphere for developers to build their projects at an increased rate while achieving a fantastic performance.
The skale network is made up of what we call skale nodes and the skale manager.
The skale nodes or nodes for short are more like computers which contain or store relevant information such as transaction history of the blockchain, they form the base or framework of the block chain. These nodes are permissionless in nature obviously because the network is decentralized.
While the skale manager is a contract which is situated on the Ethereum main network (mainnet) whose Duty is to serve as the entry point of all smart commitments or agreements within the skale environment.
The challenges encountered in the crypto space today;
In the introduction to crypto currencies above, we discussed the various disadvantages that Fiat currencies presented. These included transactions being carried out within a centralized system where the operations we are being governed by a central authority such as central Banks, users’ identities being required before performing every transaction (no privacy), slow transaction speed, the need to visit banks or other financial institutions send out cash, and high transaction charges. These problems where mitigated through the use of cryptocurrencies.
But this doesn’t mean this is no longer exist, as a matter of fact they still do.
Today the crypto space is still faced with the challenges of Speed, security, ecosystem interaction or interoperability, and Swift transactions (transactions per second). The Skale network solves these problems by scaling not only transaction output, but also scaling the user experience ( improving transaction per second, as well as reducing the total round trip or latency, improving cost effectiveness, improving the connectivity to API-based wallets, and improving the seamlessness of messaging between Chains, among others). you can click Here to learn more .
** API means Application Programming Interface and is designed to simplify communication or interaction with a software**
** Latency means the delay between a user’s action and a web applications response to that action**
The Skale Network can easily be configured and it is made up of elastic or adjustable sidechains that aid high output, and reduced latency transactions of course without the enormous transaction fees usually encountered in public mainnets (main network).
The Skale Network presents increased storage capabilities together with an inbuilt ability to carry out interchain with the Ethereum mainnet. A scalable, efficient, and corrosion-resistant pooled transaction validation and security model makes all the above possible.
** A sidechain is a difference blockchain which is linked all connected to its parent original blockchain by means of a two-way peg. The interchangeability of asset at a pre-agreed rate between the original blockchain and the sidechain is made possible because of this two-way peg**
Subsequently, the users of the skale network will gain or benefit an almost zero gas cost ( fees), very speedy commit times, and much better transaction output. Speedy commit times leads to reduced latency which further Translates to better user experience.
Both developers and users would enjoy the much reduced gas cost consequently paving the way former acceptance frictionlessly.
The uniqueness of the skale network
The skale network can be seen as a very complex vessel coordination mechanism ( a system that orchestrates or coordinates sophisticated vessels all containers) mixed with system of payment- with the sole purpose of Performing efficiently and effectively elastic blockchain. This high-level and dynamic combination of processing or refining potential with payment administration is endorsed or made possible by means of a Skale token which corresponds to the skale protocol.
The Skale Network protects each of its independent sidechains using the resources (a pooled validation model) in its entire network. Unlike other traditional sidechains that gain performance and reduced latency by risking transaction integrity due to the usage of a minimized number of validator notes ( based on the theory that collution and bribery are much more associated with the use of smaller sets of nodes).
**validator node or a validator for short is someone for a computer that is solely responsible for carrying out the verification of transactions within the blockchain**
Again, each validator is required and expected to provide a significant stake into the network by means of Skale token, this is to ensure for the security on the network. Users also resource and equip the sidechain by means of a subscription model which also makes use of the skale token.
SKALE Network Validators
become an early validator Here
In the SKALE Network, inflation and monthly payouts to validators, monitoring of node performance and delivery of penalties in situations of misconduct are manage by smart contracts on the mainnet. The tokens which we’re staked by each validator our stasked into the Ethereum mainnet which happens to also be controlled by these same smart contracts.
While the skale network utilises the Ethereum mainnet for staking and for several other vital operations or executions in such a way that it offers a much better accommodation for the design of a powerful and completely decentralized security and layer of operation, under Layer 2 models seek to use mainnet interactions to perform verification and fraud proofs.
** Layer 1 is the underlying main blockchain structure, while Layer 2 the overlaying network which is lying on top of the underlying blockchain. For instance, Ethereum in this case is the underlying network, while the skale network is the Layer 2**
Key features of the Skale Network:
There are certain features or attributes in the skale network which makes it attractive as well as appealing. These features are as follows:
- With the Skale Network, developers are equipped with a fast and comfortable way of developing cost-effective high performance sidechains effective for running full-state smart contracts due to the elastic nature the Skale Network. The Skale network is also capable of Supporting thousands of independent blockchains, sidechains, storage chains and several other types of subchains, all linked to to the Ethereum public mainnet.
Again, due to the pool validator model which is utilised by the Skale Network to ensure the security forward affairs and transactions in the entire system as we discussed in the previous section, the entire network functions in a fully all completely decentralized manner.
Hence, the Skale Network is fast, secure, and totally decentralized.
- The integrity of transactions performed within each chain in the Skale Network is preserved using what is called Random Rotation Incentive Scaling. This means that the combination of random node assignments to each chain along with frequent rotation of nodes among a validator set is used to offer security to the network.
- The performance optionality for decentralized application developers on the Skale Network is innovative industry-graded. A single node can house as many as 128 virtual subnodes thereby increasing the network’s flexibility and enhancing its performance.
-The Skale Network’s consensus model which is used to create and commit blocks for each elastic sidechain is a form of Binary Byzantine Agreement (ABBA) protocol. This means that the skale network will benefit the robustness presented by the ABBA in times of subnode downtime.
- Developers won’t need to pass through the stress of learning a new language or protocol since the skale network utilises Solidity as its contract language. Solidity is an object-oriented high-level language for writing smart contracts and is utilised by the Ethereum Virtual Machine (EVM).
This means the SKALE Network is completely compatible with Solidity and the Ethereum Ecosystem. Therefore the same tools can be used by developers when working in the Ethereum mainnet.
- Developers as well as end users will enjoy a seamless and frictionless user experience due to replacement of multi-confirmation sequences, high gas fees, and overstretched commit times with flawless interactions which are in conformity with current user expectations.
Skale Ambassador Gamez:
If you are not new to the crypto space, then chances are you participated or you know someone who has participated in a contest for two organised by a platform or network which utilizes a blockchain.
This section of the crash course will be used to discuss one of such contests that has a very promising and mouth-watering reward. Let us begin shall we?The SKALE Ambassador Gamez
The Skale network not so recently launched what is called the SKALE Ambassador Gamez which is described as an “interplanetary adventure” meant for the category of people who intend to join or be a part of the skale ambassador crew, and drive protocol education in their Society or community.
The winners of the Ambassador games ( A/Gz) will carry out or undertake three collaborative missions. The purpose of these missions to help skale discover top Ambassador talent in all countries and all languages. These winners will be invited to join the skale ambassador crew. It turns out that 2 of the 3 collaborative missions mentioned above with $SKL.
** $SKL is the traditional token used in the skale network **
It is important to note this is the first-ever wave of the Ambassador Games, hence it is called “wave 1”. Moving forward skale intends to to organise this Gamez 2 times a year as this is aimed at growing or increasing the Ambassador crew and to drive protocol education.
At the end of the ambassador games, the emerging winners ( the SKALE Ambassadors) will promote protocol education globally and in their native languages by providing content, performing community management and administration, coordinating events, and assistant in spreading the word about the growth and development of the SKALE Network ( SKALE Network is intended to make Ethereum available to over a billion users), ecosystem growth, relevant code releases and so much more.
As an individual who is new to skale and maybe also new to the world of cryptocurrency, you might be wondering you’re asking yourself “who can or should join”? Well……
Provided that you are a steadfast SKALE and Ethereum believer and an advocate of decentralization, plus you also happen to be very skilled and quite knowledgeable in any of the following areas: Crypto educator, community manager, builder or developer, content creator, content writer, innovator, event organizer, crypto-savvy translator, technical documentation writer, meme master, an influencer, then you should definitely participate in the Ambassador Gamez.
One of the missions of the Ambassador Gamez is to ensure that SKALE ambassadors are spread globally and to make sure that everyone everywhere and anywhere, speaking any kind of language is able to secure a spot in the SKALE global community.
The registration of the Ambassador games commenced on the 8th of December 2020, it would surprise you to know that as at the time that this crash course who was prepared and uploaded, the Ambassador Gamez was ongoing and was at the 2nd mission.
In fact this crash course is/ was the 2nd MISSION titled: Crash course translation.
Maybe one day, you reading this crash course would be privileged to participate in one of the Ambassador Gamez and possibly immerge as one of the SKALE Ambassadors. More information about the Ambassador Gamez can be gotten from the link below Here
Creating and using a SKALE elastic sidechain:
Developers are able to select the chain size, virtual machine, consensus protocol, additional security measures, and parent or original blockchain because the elastic sidechain begin the SKALE network exceptionally configurable.
During the process of creating a sidechain, the developer first uses a decentralized interface to configure their chain before any payment in the form of SKALE tokens is remitted to the network.
Sidechains of various sizes exist, the same goes for the duration of time needed the sponsor network resources.
The use of a set of validator nodes (16 nodes by default) is randomly assigned to each elastic subchain, this number is also configurable. The number of virtualized subnodes a chain will use is specified by the size of the chain. The SKALE Network ultimately gives room for users to specify the number and size of the virtualized subnodes together with some augmented capabilities, and number of signers.
The same tools that developers use when working on the Ethereum mainnet can also be employed the SKALE Network because the SKALE Network is Ethereum Virtual Machine-compatible or adaptable.
Interchain messaging is also offered as a native capability on the SKALE Network.
Virtualized subnodes responsible for enabling this interchain messaging, and of course these visualised subnodes a capable of validating get a transaction was signed and pledged or committed but the subnodes in another chain making use of Boneh Lynn Shacham (BLS).
- *Boneh Lynn Shacham is digital or cryptographic that enables a user to verify the authenticity of a signer***
Security Incident Response
In all aspects of life, the issue of security still remains the highest necessity. Correspondingly in the crypto space, this is a key requirement as it relates to decentralized systems. Unfortunately 100% security can never be achieved despite all the progress and development achieved in cryptography and computer science. It is for this reason Architects need to focus on boosting the standard as much as possible for the quantity of resources and money required to break the system.
Because Elastic sidechains are the basis of the SKALE architecture, any compromise to the security of SKALE will unavoidably involve the compromise of a particular elastic sidechain.
Consider the following illustration; the Linux karnel which is the main component of the Linux Operating System and also is the core interface between the computer’s hardware and its processes, the presence of a bug in this key component will subsequently effect a significant number of nodes in the SKALE Network.
In situations such as this, the default steps to follow include:
1. A request to the Ethereum SKALE manager contract will be issued by Elastic sidechain owners who suspect a security compromise.
2 . The Elastic sidechain will be suspended by the SKALE Manager.
3 . A notification will be sent by the SKALE Manager to uncompromised virtual subnodes instructing them to freeze your operation.
4. Clients of the Elastic sidechain we have all their requests to the Elastic sidechain rejected as they will be notified of the suspension.
5. N.O.D.E. Foundation Security Incident Response Team (SIRT) will be consulted by the Elastic Sidechain creator in order to iron out the issue.
** N.O.D.E. Foundation is a non-profit entity instituted to carry out the mission of rendering to the SKALE Network open source project***
**SIRT members basically community security experts who has been nominated and elected by the SKALE stakeholders, they will receive a modest compensation from N.O.D.E. Foundation once elected***
Below typical incident response carried out by the Security Incident Response Team: An uncompromised node will be identified and it’s Elastic Sidechain content will be cloned to a new uncompromised elastic Sidechain. The consensus operation will be restarted immediately a new Elastic Sidechain has been established and the clients the Elastic sidechain will be informed or notified. The Security Incident Response Team will be given the power to slice the security deposits of offending nodes once the investigation is concluded.
This is quite interesting as it can be seen that the standard Security incident response that is carried out by the SKALE Network is A-graded and of an intelligently high standard. This is one of the numerous ways that the challenge of security is taken care of within the SKALE Network.
So far so good we have looked at the introduction to cryptocurrencies, we have seen how times have changed and how transactions have evolved from exchanging goods and services for other goods and services to using Fiat currencies and now cryptocurrencies.
We discussed the challenges presented during the course of carrying out transactions involving Fiat currencies and how cryptocurrencies helped tackle these challenges.
We have talked about the SKALE Network and how it relates to the public blockchain as well as the challenges normally encountered with the crypto space. We have seen the specific properties responsible for the overly unique nature of the SKALE Network and the key features that make the SKALE Network very attractive and appealing to both users and developers.
The SKALE Elastic sidechain was discussed including how it can be created and how it can be used.
We threw some light on the Ambassador games and why it makes a lot of sense for you to participate in it, we saw the security incident response and the steps involved in its execution, as well as those involved during this execution.
Now you have a pretty much basic knowledge and understanding of the SKALE Network and what it takes to be a part of the SKALE community. The SKALE Network presents to the world a list of endless opportunities which of course you can now be a part of.