SKALE Storage Launches at the ETHNew York Hackathon

NEW YORK, May 17, 2019 /PRNewswire/ -- SKALE Labs is pleased to today announce the launch of SKALE Storage, a cost-effective and native decentralized storage solution for Ethereum-based applications, powered by its Elastic Sidechains.

Today, storing items directly on the Ethereum blockchain is cumbersome and prohibitively expensive. Storing just 1GB of data would take roughly 8,000 blocks and cost on the order of 1250 ETH. Alternative options such as IPFS add additional complexity and can be cumbersome to manage on an ongoing basis.

Additionally, most notable projects intended to provide a decentralized storage solution leveraging IPFS have yet to fully launch, leading to dApp developers being forced to make significant concessions to efficiency over decentralization, including relying on Amazon Web Services (AWS) to host the data for their theoretically decentralized app.

"Scaling decentralized systems is at this point as much a user experience problem as it is a technology problem. At SKALE, we're obsessed with creating a phenomenal user experience for the people out there actually building. SKALE Storage turns storage into a seamless experience for developers as they can leverage solidity and Ethereum Virtual Machine to store and call within the SKALE Chain," said Stan Kladko, SKALE CTO.

SKALE Storage leverages its Elastic Sidechain architecture for Ethereum apps to provide a native storage experience without relying on AWS or any other third party decentralized app service. Each SKALE node comes with a modified Ethereum Virtual Machine - supporting storage for files of up to 100MB with just a few lines of code for setup. SKALE storage is thousands of times cheaper than storing direct to the Ethereum blockchain and requires just a couple lines of code to upload files or data.

"Data storage is a fundamental requirement of any application - decentralized or otherwise," said SKALE Labs CEO Jack O'Holleran. "Up until now, decentralized storage solutions haven't been able to incentivize networks to ensure data is stored reliably, leaving dApp developers to make uncomfortable tradeoffs. With SKALE Storage, Ethereum-powered dApps have a cost-effective and native storage solution without sacrificing decentralization."

SKALE Storage is being launched in advance of the ETHNew York Hackathon.

In conjunction with the product launch, SKALE will commence the application process for the third cohort of the SKALE Innovator Program which is an exclusive partner program where dApps gain early access, engineering support, and other benefits as part of the program. Additional information and the application form can be found here.

More information about SKALE Storage and SKALE's Elastic Sidechains are available via the SKALE Website and Medium Page: https://www.skalelabs.com/ and www.medium.com/skale

About SKALE Labs:

SKALE's mission is to help developers scale Decentralized Applications (dApps) in an easy, fast
and secure manner. Decentralized Systems need greater throughput and lower transaction fees
in order to meet the requirements of dApps. Currently dApps with high frequency transactions are unusable due to latency and high transaction fees. SKALE acts as Layer 2 for high speed consensus and empowers dApps to run smart contracts at the rate of millions per second with platforms such as Ethereum. The SKALE Network is a fully decentralized, open-source P2P network that is run using the SKALE utility token and is supported by SKALE Validators.

SOURCE SKALE Labs

Related Links

http://www.skalelabs.com