News
Skale Labs Launches Version 3.0 to Improve Blockchain Scalability
Skale Labs has introduced the third iteration of its blockchain, aiming to significantly improve scalability and efficiency. The latest version, dubbed Pacifica, represents a major technical improvement for the Skale network. Skale Labs CEO and co-founder Jack O’Holleran said that this update positions Skale as the blockchain with the highest capacity available. He noted that the new version offers substantial improvements in terms of throughput and block finality, marking a significant technical advance.
Development and evolution
The development of Skale 3.0 has been a long-term project. The initial version, Skale 1.0, was launched in October 2020, followed by version 2.0 in June 2022. The latest version, Pacifica, is set to accelerate block mining speeds by 108% and increase transaction throughput by 122%. Skale operates as a sidechain network compatible with Ethereum, allowing it to offer these advanced features.
O’Holleran highlighted the substantial impact of this update, not only in terms of technical sequencing but also in terms of user reach. He noted that the 2.0 launch affected tens of thousands of wallets, while the current update has millions. On any given day, several major blockchain games operate on the Skale network, demonstrating its growing influence.
Network Performance and Adoption
According to Skale Labs, the network boasts over 5 million active wallets and handles an average of 50 million transactions per month. O’Holleran noted Skale’s growing popularity in the gaming industry, with Web3 games such as “World of Dypians,” “CopyCat Killer,” and “MotoDEX” using the Skale network. This trend reflects the network’s ability to support high-performance applications, especially in the gaming industry.
Investments and growth
Skale Labs, responsible for the development of the Skale blockchain, secured $17 million in a funding round in 2019. This funding came from major venture capital firms, including Winklevoss Capital, Arrington XRP Capital, ConsenSys Labs, and Multicoin Capital. This investment has facilitated the continued development and enhancement of the Skale network, allowing it to reach its current level of performance and scalability.
Future perspectives
The launch of Skale 3.0 marks a pivotal moment for the network, promising to deliver significant benefits to users and developers. By improving block mining speed and transaction throughput, Skale 3.0 is expected to attract a wider range of applications and increase its adoption across various industries. The network’s growing popularity in the gaming industry highlights its potential to support demanding, high-volume applications.
In conclusion, Skale Labs’ introduction of version 3.0, Pacifica, represents a substantial improvement in the blockchain’s capabilities. With improved scalability, efficiency, and user reach, Skale is well-positioned to continue its growth and influence in the blockchain space. The support of major venture capital firms underscores the potential of the network and the confidence investors have in its future prospects. As the Skale network evolves, it is poised to provide improved performance and scalability, benefiting a wide range of users and applications.