SKALE Network is an open source Web3 platform designed to meet the demands of NFT platforms, games, and Web3 applications. According to the project, SKALE chains can execute sub-second block times and run full-state smart contracts in addition to on-chain file storage and machine learning in EVM.
The SKALE token ($SKL) is an ERC-777 hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting a SKALE Chain for a period of time as a developer. Users pay $SKL in a subscription-based model to rent these resources (computation, storage, bandwidth) for a predetermined amount of time in the form of a SKALE chain. Validators stake $SKL into the network and then gain the right to run nodes and earn both fees and tokens via inflation. Delegators may delegate their tokens to validators and earn rewards.
