Answer from Binance SKALE (SKL) Learn & Earn

Binance SKALE (SKL) Learn & Earn answers, here I will provide answers to the Binance quiz theme which will be held on July 21, 2022, remember that below are questions and answers that may be asked later.

List of questions and answers on Skale Binance learn and earn

Q: How much are gas fees on the SKALE Network? A: zero Q: What type of blockchain is the SKALE Network? A: Modular Layer1/Layer2 Hybrid Q: What types of decentralized applications run on SKALE? A: All are correct Q: How does SKALE improve User Experience? A: All are correct Q: The SKALE network supports thousands of independent blockchains, multi-chains, and storage chains with zero gas fees, faster commit times, and increased transaction throughput. True or False? A: true Q: How does SKALE increase the supply of SKALE Chains? A: Incentivizing SKALE chain creation through surge pricing. Q: SKALE is Ethereum compatible. True or false? A: true Q: How many Elastic Sidechains can be created in the SKALE ecosystem? A: An unlimited amount Earn Passive Income on Binance Q: “Locked staking” refers to the process of locking your digital assets on a _ for a certain period of time. A: Proof of Stake blockchain Q: With Binance Locked Staking, redemption doesn’t require a certain unlocking period. True or false? A: false Q: What can you NOT do on Binance Earn? A: Conduct leveraged trading to amply the returns Q: Which of the following is a form of passive income? A: Alice stakes her crypto holdings Q: What can you do with Binance Earn? A: Select different products to grow your crypto holdings Q: What is NOT staking? A: Generate returns by trading your coins Q: Once you subscribe to the Locked Staking, interests will be calculated from the following day, and are distributed to your Spot Wallet every day. True or false? A: true Q: When the Locked Staking process is complete, the staked assets will be automatically redeemed and returned to your _. A: spot wallets Q: Binance Locked Staking’s locking period for different products is the same. True or false? A: false

Material

What is SCALE?

SKALE is a modular layer-1 and layer-2 hybrid network made up of scalable, interconnected blockchains. It enables developers to migrate their projects from the Ethereum network onto one of the SKALE-administered blockchains to achieve high throughput with minimal gas fees. Its vision is to make blockchain applications fast, easy and free for all users.

How does SKALE work?

SKALE operates in an integrated manner with Ethereum while running its own consensus mechanism. This design takes advantage of ETH’s proof-of-stake (PoS) network and combines it with SKALE’s to offer high-speed, secure, and low-to-zero gas fee transactions. It also benefits Web3 and DeFi applications in terms of cost and performance, contributing to Ethereum’s ability to scale for mass adoption.

Is SKALE multichain network?

Yes, SKALE is a multichain network, there can be a potentially unlimited number of SKALE chains that can operate as independent blockchains. SKALE multichain has also modified the existing EVM functionality to allow for more smart contract use cases. On SKALE, each blockchain is highly configurable. Users can choose the chain size, consensus protocol, virtual machine, parent blockchain, and additional security measures according to their needs. To use a SKALE chain, developers need to pay a network subscription fee, which is delivered through a smart contract on Ethereum.

What is SKALE network?

SKALE utilizes a network of decentralized nodes to create a pooled security system. The SKALE network consists of SKALE Manager and SKALE Nodes. SKALE Manager exists on the Ethereum mainnet. SKALE Nodes are run by users that stake a predetermined amount of SKL tokens on Ethereum and fulfill the network hardware requirements. SKALE Nodes use a virtualized subnode architecture to allow each node to run multiple SKALE chains simultaneously.

What is SKL?

SKL is the native cryptocurrency and utility token of SKALE. It has a total supply of 4.27 billion tokens. SKL is an ERC-777 token that is backward-compatible with the ERC-20 standard. It supports token-level delegation, a secure way of non-custodial staking. The SKALE token is used for payments on the network, including SKALE chain subscriptions. In addition, SKL gives token holders the right to participate in the governance of the SKALE network. Also read Answers from Binance PAX Gold Learn & Earn maybe you need it! Those are the questions and answers from the SKALE quiz Binance, I will update this article when I have found a definite answer, guys, stay tuned!