What is Zilliqa?
Zilliqa is the first public blockchain designed for sharding, enabling linear scaling as the blockchain increases in size.
To date, the scalability of emerging blockchain technologies has been a challenge.
Right now, Bitcoin is unable to process all its network demand, and transaction fees have risen as a result.
The same applies to Ethereum.
Zilliqa comes to play here.
Zilliqa has the potential to solve the blockchain’s scalability problem.
They have put sharding theory into their network to perform transactions at a much faster rate.
In networks like bitcoin, each node holds the blockchain’s complete information, but in the case of Zilliqa, the nodes would be split into several fragments, meaning that each node would have only a small portion of the blockchain’s information.
Zilliqa is described as a “next-gen, high-performance blockchain platform” on its website, but what does that mean?
Zilliqa is, to put it simply, a cheaper, more sophisticated blockchain.
Bitcoin was the first generation of cryptocurrency, the second and newer platforms such as IOTA and Zilliqa were platforms such as Ethereum, the third.
Having launched the mainnet in late January 2019, the team tirelessly build what they call a complete blockchain with a strong backbone for dApps.
What is Sharding?
Zilliqa seeks to overcome the scaling limitations of blockchain by using sharding, which splits blockchain networks into fragments, allowing multiple transactions to be processed simultaneously, not only improving scalability, but also increasing the massive amount of computing power.
How does this scalability achieve Zilliqa?
The protocol of Zilliqa divides the number of mining nodes on the network into 600 node groups.
Each group is referred to as a shard.
Simultaneously with other fragments, these shards validate ‘ microblocks, ‘ and the microblocks are then merged to create a single block on the blockchain.
This is intended to increase the transaction processing speed of the blockchain1.
Such fragments are each responsible for processing a fraction of the transactions of the network.
The nodes of mining are divided into groups of 600.
The more shards there are, the more they split the load of consensus.
Shards handle transactions separately rather than as a group.
This allows the processing of many more transactions.
It also means that the network will process transactions faster as they grow.
The more shards there are, the more transactions they can process.
With smart contracts and Dapps running on a sharded blockchain, however, this can not be said.
A smart contract often relies on data, functions, and other variables from outside sources.
How Does Zilliqa Mining Work?
Because of Zilliqas specific design involving PoW, sharding and pBFT, mining on Zilliqa requires a different setup compared to mining on Bitcoin or Ethereum.
The mining network is divided into several consensus groups, each of which is able to simultaneously process transactions.
As the network grows, sharding makes it possible to maintain a constant value for the cost per transaction.
The graphics card is engaged for some relatively small intervals, and will be idle for the rest of the time.
For one, compared to other PoW-based blockchains, it is a more energy-efficient way to mine. Collectively, approximately 12 hours of PoW is needed every month.
This form of mining is much more environmentally friendly than conventional methods, and also reduces the electricity bill significantly.
The team has been very quick to launch updates on the network with the only real delays due to team testing and making the improvements safer.
Zilliqa doesn’t like taking chances and doing a complete release of the software just to exploit it or fail it.
The delay in the mainnet and bootstrap phases was to ensure that the network was 100% secure and no bugs would cause any delays or malfunctions in the system.
Zilliqa is now becoming one of small group of projects that have successfully completed every target outlined in its roadmap – and in just two years.
Interim ERC-20 tokens were created and distributed to different parties, including ICO donors, before Zilliqa main-net went live.
These Interim ERC-20 tokens were distributed to the initial owners within 2 weeks of ICO completion.
In 2018, they were scheduled to move to the main-net of Zilliqa as ZIL tokens.
Zilliqa tokens (AKA ZIL) are a value for interaction with blockchain services on the Zilliqa platform (e.g. start-up nodes, smart contract provision, etc.).
The tokens will also enable individuals or organizations to be rewarded for network consensus on an open market to run public or private nodes.
There are a total of 12.6 billion ZIL tokens, with as of November 2019, just over 8 billion in circulation.
Where to Buy and Sell Zil
You can get ZIL at a variety of crypto exchanges, these being: Binance and Bitrue.
At these exchanges, the liquidity is well spread, meaning that trading is not dependent on one exchange.
On each of the exchange order books, you also have decent levels of liquidity.
It means that with very little slippage, you can get quick execution for your orders.
Where to store Zil
If you purchased ZIL before the token swap in Q2 2019, you can store it in any wallet compliant with Ethereum ERC-20.
As always, we suggest cold storage in a hardware wallet like the Ledger Nano S.
The Zilliqa team
The group of Zilliqa is made up of highly educated people with PhDs in computer science.
For two years now, the Zilliqa platform has been going on, during which time the team made significant progress.
The team consists of a diverse group of experts in fields such as networking and distributed networks, high-quality software, cybersecurity and cryptography.
Xinshu Dong (CEO) is an expert in cyber security with a Ph.D. in computer science, just like his colleague Amrit Kumar, who was responsible for studying and overseeing the Zilliqa project crypto section.
The venture, also included Yaoqi Jia as its engineering head, was led by Prateek Saxena as the chief technical advisor.
The Zilliqa ICO
By the end of 2017, Zilliqa had secured 20 million US dollars worth of private funding, which meant that they had no need to use the initial coin offering (ICO) to develop the platform.
Investors were able to buy Zilliqa tokens at a cost of $0.0038 during the ICO in January.
Nevertheless, its price quickly increased to 13 cents as soon as the coin appeared on cryptocurrency exchanges.
At the start of the 2018, Zilliqa’s market capitalization was $22 million.
Zilliqa has a number of prominent partners including DMM, Mindshare, LayerX, and Asteria. Project Proton can form the most exciting of Zilliqa’s partnerships.
It is a major partnership between Zilliqa, Mindshare global media planning and procurement company, and several other firms.
The goal of this project is to find opportunities for blockchain implementation in programmatic advertisements
They also have a number of other projects (see belwo)
Unstoppable Domains constructs blockchain domains.
The project is sponsored by both the Zilliqa Foundation and the Ethereum Foundation in providing both .zil and .eth domains.
BOLT is one of the most exciting projects on the Zilliqa network, featuring a web streaming app, an Android app, and having more than 3 million users on their database using live TV and short-form video on the platform.
The HG Exchange
The HG Exchange aims to be the one-stop shop for token issuers, buyers and sellers offering users access to privately held securities and security tokens with the exchange aimed at combining traditional markets with crypto space markets.
Future Plans for Zilliqa
Zilliqa Research’s emphasis is on leading the platform’s research and development from an initial implementation to a full public blockchain platform.
Zilliqa’s goal will remain to further improve the scalability of the blockchain and dApps running it over today’s public blockchain networks to achieve 100x to 1000x.
A long journey of innovation and development is needed to achieve this.
Zilliqa’s future is bright.
Future updates will add privacy features via zkSNARKs, allow high-level programming languages to communicate, support more cryptocurrency wallets, more services, and essential blockchain partnerships.
Scalability for blockchain and distributed ledger technology will continue to be a problem.
And tackling the whole blockchain scalability project with a very direct approach, Zilliqa has the potential to revolutionize the concept of blockchain.
Better yet, we might even see the breakthroughs in sharding technology trickle down to other future projects.
In conclusion, Zilliqa’s team is living up to their promises when they announced the Mainnet launch postponement.
They execute the tasks they promised to do in preparation for producing a superior product.
Therefore, as we approach the end of the year, all eyes are on Zilliqa.
Although Zilliqa may not yet have the ultimate solution, it is sure to be an important step in blockchain technology, and it is likely that its sharding technology development will come into play in many future blockchain ventures.
I tingle with excitement in anticipation of the creation of new companies since Zilliqa exists today!
|Disclaimer: This information should not be interpreted as a cryptocurrency endorsement or any particular provider, service or offer. With cryptocurrencies, nothing is assured. Please do your own homework before you spend and never commit more money than you’re willing to lose comfortably.|