No matter how much Blockchain is popular and growing every day, it still has issues when it comes to scalability or capability to process more transactions in lesser time. To overcome the scalability issue, many projects are currently working on it through different methods. One of the method to resolve the issue is Zilliqa. So, let’s understand what’s Zilliqa and how does it work!
Zilliqa is “The Next Generation, High Throughput Blockchain” that is also considered as a solution to the problem of scalability of Blockchains that begins from the consensus layer itself. It works on the concept of Sharding and pBFT protocol.
It is capable of achieving thousands of transactions each second and the number will grow with the number of Zilliqa nodes. It is based on the Zilliqa native cryptocurrency -ZIL to compute the token economics of the Blockchain, which is powered by the Zilliqa Blockchain.
In short, it is a great project that has been brought in with the aim to handle the issue of scalability by revolutionizing the technology following sharding.
How Does It Work?
Just like Ethereum is powered by ETH similarly the Zilliqa network is powered by ZILs, which means ZILs are used to pay for fees to the network nodes wherein sharding lets the network procedure dealings and transactions in similar. For instance, if your one shard can process hundred traded each second and your network has three shards that reflect the network can process 300 transactions each second.
In fact, it reflects when the number of shards will grow the number of nodes will automatically grow with it.
Number of nodes and number of shards are proportional to each other, As former increases, the latter increases too. This in turn allows the Zilliqa network to scale perpetually on the basis of popularity of the network.
History of Zilliqa
Zilliqa is created by PhD students of Computer Science department after the hard-work and dedication of two years of research in National University of Singapore. It has an effective and positive ICO from December 27th, 2017 and it is still growing.
The Zilliqa Token
The ZIL has a token policy for its ecosystem just like other Apps platforms such as NEO and Ethereum. ZIL token works on gas for contract execution, mining incentive and pay transaction amounts.
In the beginning, ZIL was an ERC-20 token based on the Ethereum Blockchain, it is because at that time Zilliqa public main net wasn’t introduced. However, after the launch, ERC-20 token can be easily exchangeable for Zilliqa-native tokens.
In a private funding event held towards the end of last year, Zilliqa successfully raised money equivalent of $12 million in ETH. The fund raised was worth $12 million but shortly valued at the project’s hard cap of $20 million.
ZIL token is available on numerous exchanges such as gate.io, Idex, EtherDelta, Huobi and many more.
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Community of Zilliqa
It is supported by plenty of online platforms. Twitter, Reddit, Telegram, GitHub, and Slack are some of them.
As Zilliqa is a potential crypto and has promising future, it has huge partners list such as Talenta, Signum Capital, FBG capital, DHVC, Bitcoin Suisse, HyperChain capital, Kenetic capital, Linklaters, and many more.
Zilliqa team is a bunch of well-educated developers, cryptographers, and marketers who work hard to bring this crypto for you.
Zilliqa team has a very powerful peer-reviewed model and theory sharding is used on the platform for getting safety, security and high throughput.
The bottom Line:
Undoubtedly, this crypto had a very powerful and effective beginning and with the performance of Zilliqa so far, it seems like it’s a worth to keep a tab on it for future. As Zilliqa sees itself as a new Blockchain platform and comes with Blockchain scalability project that shows it has a potential to revolutionize the concept of the Blockchain.
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