If you’re interested in purchasing SKALE Network (SKL), you will need to have Bitcoin (BTC) or Ethereum (ETH) to trade with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank account or credit card.
Step 1: Setting up your Binance account:
1.1 Go to Binance’s website (https://www.binance.com/en)
Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For security, make sure to bookmark the original site to avoid future mix-ups.
1.2 Complete the signup process
Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address you enter is the one you have access to and is your most secure email as this is how you will always sign in to your Binance account.
After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols, upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete the registration process.
1.3 Enable two-factor authentication (optional)
Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up 2FA because it’s very important!
With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your mobile phone in order to generate the code.
Step 2: Making your first purchase of Bitcoin
To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can use your debit/credit card. (In this section, we’ll focus on the credit card option).
Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees, and increased convenience.
As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the desired amount of SKALE Network (SKL).
Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make sure that you get it absolutely right.
- Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your currency, i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
- On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order amount. The total charge will be displayed according to the order amount and current market price (all fees are included). If you prefer, you can set the total charge first and the order amount will be calculated automatically.
- Next, you will be required to fill your credit card details along with your personal information. When you are done, click “Pay now” and wait for your card to be verified
- If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
- Next, you will be required to verify your identity using an official document. Please upload a picture of your document along with your personal data and click “Upload Document.”
- Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.
Step 3: Transfer Your Cryptos to an Altcoin Exchange
Now it’s time to purchase SKALE Network (SKL) using your investment from Binance.
Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that SKALE Network (SKL) can be traded. So I will guide you to MXC which is a well known exchange to trade altcoins. Use the link below to register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Deposit BTC to Exchange
Once you have your trading account setup at one of the exchanges that trades SKALE Network (SKL), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
Mouse over to “Assets” on the top right and click “My Assets”.
Find “BTC” from Token section and copy the given “Deposit Address”
This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.
Once you copy your unique BTC wallet address go back to Binance.
Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Search for BTC in the list and click on “Withdraw” on the right hand side.
Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s it, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade SKALE Network (SKL)
Now you can go back to MXC to buy SKALE Network (SKL) with the Bitcoins you sent.
Mousever “Exchange” and click “Standart” and then you will see trading menu.
In the right column make sure to select “BTC” pair and in the search bar type in “SKL”. Once you move your coin click on it and now you will see a price chart of SIF/BTC in the middle of the page. Choose the “Market” tab as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy SKL”. Now you own your SKL !
Other Exchanges to Buy
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SKALE Network (SKL) gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Safety Tips for Trading on Binance:
- Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading altcoins on Binance, safety is paramount. There are several ways you can protect yourself from hackers and thieves. Let’s take a look at the best ways.
- Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for the “secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact information found on its secure homepage.
- Always use two-factor authentication. While you will be allowed to complete setting up your Binance account without 2FA, I strongly advise that you don’t. It is a very important step in securing your account and it will help protect your account from hackers and scammers. Binance currently offers two options for 2FA: SMS and Google Authenticator. However, they recommend using Google Authenticator.
- Use a strong password for your Binance account and you can change it regularly.
- Always regularly check the list of devices that have been authorized to access your Binance account. If you see any devices that you don’t recognize or no longer use, simply remove them
- Allow withdrawals only to addresses you trust and check the whitelist regularly.
- Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Binance account are free from bugs and viruses.
Frequently Asked Questions
Can I buy SKALE Network (SKL) with cash?
There is no direct way to buy SKALE Network (SKL) with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any alternative platforms to buy SKALE Network (SKL) or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
What is the SKALE Network
SKALE is an open source elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains. It serves as a security and execution layer that connects with Ethereum and is deeply integrated into the Ethereum Network. The network grows linearly to support thousands of independent blockchains (elastic sidechains) file storage chains, and other types of sub chains – all tied to the Ethereum public mainnet and fully compatible with the entire Ethereum ecosystem. SKALE uses the $SKL token, a 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. SKALE chains can execute sub-second block times, run over 2,000 tps on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM.
Who Are the Founders of SKALE?
SKALE Network’s co-founders are Jack O’Holleran and Stan Klakdo.
Jack is a veteran entrepreneur with a deep background in machine learning, AI, security and blockchain. Prior to co-founding SKALE, Jack was a founder at multiple Silicon Valley based enterprise technology companies including IncentAlign, a digital currency platform, and Aktana, the leading Machine Learning Analytics platform for the Life Science Industry. He also held an executive role at Good Technology which was acquired by Motorola for ~$500M, and subsequently held executive positions in Motorola. Jack has been actively involved in cryptocurrencies and decentralization as an investor since early 2013 and began working full-time in the space in early 2017. Jack holds a BS from the University of Nebraska and calls the Bay Area his home
Linkedin profile: https://www.linkedin.com/in/oholleran/
Stan brings 19 years of experience in cryptography and enterprise infrastructure technologies. He has founded several Silicon Valley venture-backed startups including Galactic Exchange, a big data infrastructure company, and Cloudessa, a cloud security company which was acquired by the UK based Global Reach. Stan was a key early member of the Java Virtual Machine team, and was on the founding team of Ingrian Networks with Dan Boneh (co-creator of BLS signatures) in 2000. He founded and ran a US government certified crypto lab for 7 years, working with the NSA and other agencies. He has experience as a researcher at Stanford University and Los Alamos National Lab, where he was named Director’s Fellow. With a Ph.D. in Physics, he graduated Summa Cum Laude from the Max Planck Institute for Physics of Complex Systems, Germany and is a top contributor for Ethereum Foundation & Ethereum Research.
Linkedin profile: https://www.linkedin.com/in/konstantin-kladko-017249/
What Makes SKALE Unique
The primary benefits of SKALE’s elastic sidechains include increased transaction throughput, faster transaction finalization, and reduced transaction costs. These capabilities all translate into improved user experiences and a more sustainable economic model. Additional benefits of SKALE chains include increased storage capacity and greater transaction processing control. The use of sidechains can also aid the development process by accelerating app development and the introduction of new features.
Using an Execution Layer solution like the SKALE Network is highly effective for building and scaling Ethereum-based applications, opening up the potential for an ever-expanding spectrum of use cases – from games and decentralized finance to productivity and media applications and everything in between.
How Many SKALE (SKL) Coins Are There in Circulation?
The circulating supply at token unlock December 1, 2020 is 564,166,667 SKL. Tokens for the core team and early supporters are locked in a long term vesting schedule in order to incentivize a focus on creating a sustainable network. For more information on token supply, economics and lockups please view:
$SKL Token page https://skale.network/token
SKALE Tokenomics One Sheet https://skale.network/tokenomics
$SKL Token Unlock Schedule https://supply.skale.network/supply/index.html
$SKL Token Contract on Etherscan https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
When was SKALE Network Launched?
SKALE Network launched its phase 1 mainnet on June 30 after a successful incentivized testnet that ran with no downtime for 2 months. SKALE’s token was successfully launched in early September using ConsenSys’ Activate Platform as the first proof of use sale utilizing the Activate framework for launching highly compliant offerings. Nearly 4,000 participants from 90 countries participated in a 10X oversubscribed sale of $5 Million of SKL tokens. Phase 2 mainnet was launched with the SKALE Network genesis epoch October 1. Approximately 4,000 delegators staked tokens across 46 Validator Organizations creating $80 Million in Total Value Locked.
November 30, Binance, Huobi Global and UniSwap announced listing of the $SKL token on their respective exchanges. Phase 3 mainnet launched Dec 1 and restrictions were removed from the network, allowing tokens that completed the “proof of use” requirement to unlock into a transferable, liquid state. Validators and delegators also collected the first round of rewards for their staking activities.
## Where can I stake my $SKL tokens?
Token holders currently can stake $SKL tokens on the Activate platform https://activate.codefi.network/skale, more platforms will become available. For a full list of the current validators supporting the network visit https://skale.network/blog/validator-list-for-skale/
How Is the SKALE Network Secured?
Traditional sidechains gain performance and low latency by using a smaller number of validator nodes but at a potential risk to the transaction integrity (under the theory that smaller sets of nodes are more susceptible to collusion and bribery). The SKALE Network counteracts this security risk by using a pooled validation model. This model leverages the security advantages offered by a large number of validator nodes by combining random node assignments with frequent node rotation among the validator sets. Therefore each independent sidechain is protected with the resources of the entire network.
To further secure the network, each validator must stake a significant amount of value into the network via a SKALE token. Sidechains are also resourced and provisioned by users via a subscription model that also makes use of the SKALE token. These tokens are staked into the Ethereum mainnet and controlled by smart contracts there (see SKALE Network Whitepaper – SKALE Manager section for details). Smart contracts on the mainnet also manage the token inflation and the monthly payouts to validators (including proceeds from the inflation). These smart contracts also handle the monitoring of node performance as well as the provision of penalties in the event of any malfeasance by a node.
The SKALE Network is a custodial execution layer (Layer 2). Whereas non-custodial approaches use a system of fraud proofs to allow funds to move between chains, SKALE makes use of BLS signatures, deposit boxes within the Ethereum mainnet, and other mechanisms to allow for custodial ownership and use within the network (which allows it to leverage the security guarantees of the mainnet but gain the performance inherent in Layer 2). Whereas other Layer 2 models attempt to use mainnet interactions to run verification and/or fraud proofs, SKALE uses the Ethereum mainnet for staking and for other critical operations in a way that is better attuned for the creation of a robust and fully decentralized security and execution layer. The SKALE Network can also support non-custodial Layer 2 efforts via BLS Rollups and eventually will support other proven L2 solutions as they progress from research phase to production ready.
Where Can You Buy SKALE (SKL) Tokens?
There is a growing list of exchanges that are support the sale or purchase of $SKL tokens. The first to list are Huobi, Binance and Uniswap. For more information visit https://skale.network/blog/skl-exchange-listing-update .