Activate, a blockchain-based token management platform from Consensys Codefi, today announced that its first customer will be Skale Network, a decentralized ledger blockchain platform for securely scaling up Ethereum-based distributed applications.
Announced in October, Activate allows for any business or service to bootstrap utility token purchase, distribution and utilization rapidly. The platform is designed to ensure that participants cannot immediately sell or flip tokens for speculative purposes. Instead, it requires them to use their tokens for their intended purpose.
In the case of Skale Network, Activate will make certain that token holders contribute to network security and scalability by requiring users to serve as validators or delegate to validators. Token holders will also receive rewards for this sort of proof of stake. The goal is to ensure a robust base of token holders who are inclined, and in fact required, to use their tokens for their intended purpose on the network.
Skale Network also announced that its “mainnet,” which is a blockchain that carries out the functions of transferring digital currency from senders to recipients, will launch during the second quarter of 2020. By partnering with Activate and being the platform’s first partner, the platform believes, it will create a more stable and efficient launch at that time.
“Layer-two scalability solutions are bringing lightning-fast high-transaction throughput and more flexibility to Ethereum,” said Joseph Lubin, founder of ConsenSys and co-creator of Ethereum. “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.”
Skale Network raised $17.1 million in funding in October to build an elastic, scalable blockchain network that gives developers the tools to provision highly configurable chains that are compatible with Ethereum. Skale blockchains are fast and efficient and can execute over 2,000 transactions per second, run full-state smart contracts, provide decentralized storage and deliver machine learning.
“Skale was really a project born out of a passion for scaling the Ethereum ecosystem to 1 billion-plus people,” said Jack O’Holleran, co-founder of Skale Network. “After talking to the Activate team, it quickly became clear that their approach to managing a network launch was aligned with our core values of putting developers and the health of the network first.”
Users who choose to participate in the upcoming Skale token launch on the Activate platform will first complete the verification and bidding process to purchase tokens. Verified customers will use Activate’s built-in tools to purchase, manage and stake tokens through third-party validators responsible for confirming Skale Network transactions.
Token holders who stake their tokens will become part of securing and scaling the Skale Network and will receive rewards for their participation.
“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,” said Lubin.
Image: Pixabay
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