What Is Zilliqa Cryptocurrency?
Zilliqa (ZIL) is a public blockchain platform that is mainly focused on scalability being the first blockchain that is much more scalable than Ethereum. Zilliqa’s unique design allows developers and companies to run data-driven decentralized apps and invulnerable smart-contracts on its blockchain without being limited by scalability.
The main goal that modern cryptocurrencies strive for is scalability. Even successful projects like Bitcoin, Monero, and Ethereum have limited blockchain bandwidth. For this reason, it is difficult for them to compete with such systems as Western Union or SWIFT.
Today, the Bitcoin network is capable of accomplishing transactions at the speed of 10 TX/s, for VISA this figure reaches 8,000 TX/s. In order to fill such a significant gap, a tremendous amount of work needs to be done. This is exactly what Zilliqa is doing, which has so far managed to get close to 2,500 TX/s.
Zilliqa History Brief
Zilliqa originated from the concept of sharding that was proposed in 2015 by computer scientist Prateek Saxena. The concept was being evolved by Saxena and his team, which later turned into the Anquan Capital group of companies. The project’s development eventually led to Zilliqa's ICO as well as private funding. During the private funding round at the end of 2017, Zilliqa raised the equivalent of $12 million in ETH. Zilliqa’s ICO took place from December 27, 2017, to January 4, 2014; the project was able to raise an additional $22 million.
The mainnet started working only in January 2019, before that the blockchain was in test mode.
Almost immediately after a successful ICO token sale, Zilliqa started making its entrance into blockchain space. Since its launch in January 2018, Zilliqa has introduced a number of features and continued to attract the attention of the public.
The Key Features Of Zilliqa
What makes Zilliqa so unique is that the Zilliqa blockchain uses a technology known as sharding. It is no surprise that scalability is a major problem with many existing cryptocurrencies and smart contract platforms. For example, when Bitcoin was introduced to the crypto world, it could only handle 4 transactions per second at that time. As the use of public cryptocurrencies and smart contract platforms is increasing rapidly in the present day, the demand for processing transactions has become huge in the blockchain industry.
To that end, the Zilliqa blockchain implements sharding – it ensures that as the blockchain grows larger and its use increases, the blockchain can be scaled accordingly. Sharding can be viewed as a“database partitioning”; the nodes are divided into smaller, faster and easily maintainable shards (pieces). Every 600 nodes form a shard. All transactions are divided among those shards. For example, with 2400 active nodes, each shard processes 25% of the transactions. These processed transactions are then packaged into a microblock. Numerous microblocks are merged into one large block, which is then added to the blockchain. In this way, there is always enough space in the system for new nodes. The more nodes there are, the more shards, and the faster the transaction speed becomes. This ensures that network traffic is always free from congestion and prevents unnecessary waste of electricity and labor.
The most common consensus algorithms used by blockchains are Proof-of-Work (PoW) and Proof-of-Stake (PoS). However, Zilliqa has chosen to use a hybrid model: PoW plus a consensus mechanism Practical Byzantine Fault Tolerance. This combination ensures immediate procession of transactions and high transaction speed.
Where Can ZIL Be Used?
The functions of ZIL crypto can be compared to the functions of Ethers in Ethereum. For example, they can be used for mining rewards, to pay for the transactions and to run smart-contracts on the blockchain.
Zilliqa Coin Advavntages
- There’s an efficient development team behind the Zilliqa blockchain: at least 5 members have a Ph.D. from leading universities.
- The greatest advantage of Zilliqa is that it is a smart-contract platform designed to scale. There are many different approaches towards scaling a blockchain, but Zilliqa's solution seems to be pretty effective.
The founders of Zilliqa have developed a really high-quality project with great prospects and high chances to create a competitive environment between the leading blockchain cryptocurrencies.
ZIL Coin Future Plans
The Zilliqa roadmap presupposes further evolution of its protocol, including development of Scilla, its programming language, and support for other higher-level programming languages.
Where To Buy Zilliqa Coin?
Today ZIL price is 0.0613 USD. The best way to exchange your coins to Zilliqa is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in ZIL, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to ZIL.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your ZIL coins.