Ethereum Scaling Altcoin Soars 102% in Matter of Days Amid Imminent Launch of New Crypto Product
An interoperable layer-2 Ethereum (ETH) scaling solution is surging after an announcement of upgrades to its mainnet.
According to a new blog post penned by vice president of product Chadwick Strange, decentralized application protocol Skale (SKL) has launched four version 2.0 staging chains that will be part of its latest testing net, also known as a testnet.
Skale is designed to help Web 3.0 developers sidestep congestion on the ETH blockchain, and Strange says that the testnet will run for about two weeks before Skale gets its 2.0 mainnet upgrade.
Strange also notes that it may take several days for validators, or participants of the blockchain responsible for verifying transactions, to fully update Skale due to the blockchain’s highly decentralized nature.
“Unlike a traditional software release, this is a decentralized effort across 46 Validator organizations running 150+ nodes. That means that upgrading the network takes place over several days as validators often run different hardware configurations and different software.
It’s one of the costs of running a decentralized network over other solutions that only have a partially decentralized (or effectively centralized) network that can get up and running more quickly.”
According to Skale, its testnet serves as a way to familiarize validators with concepts such as random node selection and frequent node rotation, which are crucial to the protocol’s security.
In response to the announcement, Skale went from a seven-day low of $0.138 to $0.322, a staggering 102% increase.
Skale has since stabilized and is exchanging hands at $0.265 at time of writing.
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