Ethereum-focused software development firm ConsenSys' product suite Codefi has announced that SKALE Network is the first project that will launch a token on the Activate platform.
Activate, announced last October, has been designed to launch decentralized networks and allow customers to purchase, manage, and use their tokens — all in one application. The token launch platform is setting the standard for the purchase, distribution and use of utility tokens to bootstrap early state network utilization.
Importantly, the platform will help ensure that participants use the tokens for their intended use. Activate's first customer is SKALE, which is going to launch SKALE Network — a blockchain platform that aims to help scale Ethereum based dApps in a secure manner.
SKALE Network was founded by two veteran startup software executives Jack O’Holleran and Stan Kladko, and is supported by the N.O.D.E. Foundation. It is an "elastic blockchain network" that allows developers to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum.
"SKALE Chains are capable of executing sub-second block times with over 2,000 transactions per second (tps) on every chain, and run full-state smart contracts, in addition to decentralized storage, and machine learning in EVM," according to a press release.
Currently, more than 35 dApps are building on SKALE, ranging from games to DeFi to streaming audio and more.
"By launching through Activate, the SKALE Network will further decentralize and distribute its security, which already boasts an impressive base of supporters who are committed to participating in the security of the network, including Blockchange, ConsenSys Labs, Galaxy Digital, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia Venture Partners, and Winklevoss Capital," the release said.
In the case of the SKALE Network, token holders are required to contribute to the security and scalability of the network by delegating to or serving as validators on the network, thereby earning rewards. The goal is to create a strong base of token holders who are not just incentivized but are also programmatically required to use their tokens for their intended purpose. All this targeted to yield a stronger mainnet launch in Q2 2020.
"The SKALE Network is a state of the art solution, representing a configurable and low cost layer-two platform for developers to enable near instant execution of smart contracts. Activate is setting the standard for fair and maximally distributed token networks, while providing a seamless and consistent validator and user experience to ensure all participants interact meaningfully with the SKALE Network — and decentralized networks of the future,” said Joseph Lubin, Founder of ConsenSys and Co-Creator of Ethereum.
Meanwhile, ConsenSys just announced that it cut down its workforce by 14%. The layoff comes on the heels of the company’s decision to shut down its operations in India and the Philippines.