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SKALE functions alongside the Ethereum blockchain and is composed of an almost infinite number of blockchains, referred to as SKALE Chains. By moving their DApps to their own SKALE chain, developers may take advantage of Ethereum’s security and achieve high throughput with no gas fees. In this blog, let’s learn more about Skale crypto and how you can buy SKL tokens in India in 2023.
About Skale Network (SKL)
Skale Network (SKL) is a Layer-2 scaling solution designed to alleviate congestion on the Ethereum network. It offers a sidechain environment where developers can create Decentralized Applications (Dapps) using SKALE elastic sidechains rather than the Ethereum mainnet.
Users have the flexibility to customize their sidechains by selecting protocols, sidechain size, virtual machine, parent blockchain, and security measures. This allows them to create configurable Elastic Chains tailored to their Dapp’s requirements.
SKALE Network establishes a highly scalable and interoperable infrastructure compatible with Ethereum. It forms a network of Elastic Sidechains, and Dapp developers subscribe to these sidechains on a monthly basis. This innovative approach enhances Dapp’s performance on the Ethereum network by reducing latency and increasing throughput, enabling faster transactions across the ecosystem of sidechains. SKALE Network represents a significant step forward in addressing scalability challenges in the world of blockchain and decentralized applications.
Key Features of Skale Network
Skale Network (SKL) offers simplifying smart contract development and execution while facilitating efficient crypto asset transfers across Elastic Sidechains. Let’s check out some key features:
- EVM Compatibility
One of Skale’s fundamental objectives is to maintain full Ethereum compatibility. Developers can deploy existing Ethereum-based smart contracts directly on Skale, eliminating the need to learn new programming languages. This smooth integration ensures a seamless transition to the Skale network.
- Delegated Staking
Skale allows anyone to earn rewards by actively participating in blockchain security. Users can delegate their tokens to Validators and receive SKL token rewards, which are proportional to their staked amount and the duration of the lock-up period.
- Better Network Security
Skale (SKL) employs a robust security framework, including an enterprise-level byzantine fault-tolerant protocol, to ensure the safety of your crypto holdings. Notably, the platform supports non-custodial delegated staking, a significant improvement over other DPoS networks that require users to entrust their tokens to a network smart contract. With Skale, delegators can securely stake their tokens directly from their wallet.
- Highly Flexible
Skale stands out for its developer-friendly approach, offering a highly configurable network. Developers can customize essential network parameters, including chain size, consensus protocol, virtual machine, parent blockchain, storage, and additional security measures to tailor their Dapp’s requirements.
Let’s quickly see how you can buy SKL tokens in India in 2023.
How to Choose a Good Crypto Exchange in India?
You need to do thorough research when using a crypto exchange to invest or for crypto trading in India. You must research the legitimacy of the platform and the credibility of the team behind it before deciding on an exchange to invest in Skale (SKL) crypto in India.
You should also ensure the platform provides the following before investing in an SKL token:
- The exchange’s website/app has a simple user interface and is easy to use.
- The exchange supports Skale (SKL) trading pairs.
- The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
- The exchange offers reasonable trading fees to buy crypto in India.
So, here’s how you can buy SKL in India in 5 easy steps.
Buying SKL in India in 5 Easy Steps
Below are a few simple steps you can follow and buy the SKL tokens in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy SKL tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy SKL using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling SKL, you are required to create an account on the WazirX platform by signing up. Also, you can directly login if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy SKL on WazirX.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the SKL Coins you purchased in your WazirX wallet.
Happy Trading!Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.