Zilliqa (ZIL) is a high-performance, high-security blockchain platform that is designed to scale to thousands of transactions per second. The platform uses a unique sharding mechanism to achieve this scalability, which allows it to process transactions in parallel, as opposed to traditional blockchain platforms that process transactions in a linear, sequential manner.
Zilliqa Was Designed To Solve Pain Points in Bitcoin, Ethereum and other Blockchains
The idea behind Zilliqa was first proposed in a research paper published in 2016 by a group of researchers from the National University of Singapore. The team recognized the limitations of existing blockchain platforms, such as Bitcoin and Ethereum, in terms of their ability to scale to meet the demands of real-world applications. They proposed a new type of blockchain architecture called sharding, which would allow for greater scalability and faster transaction speeds.
Zilliqa’s sharding mechanism is based on the concept of dividing the network into smaller groups, or ‘shards,’ each of which can process transactions in parallel. This allows for a much larger number of transactions to be processed per second compared to traditional blockchain platforms. Additionally, Zilliqa uses a unique consensus mechanism called ‘practical Byzantine fault tolerance’ (PBFT), which allows for faster and more efficient consensus among the nodes in the network.
Zilliqa Uses the Scilla Programming Language
One of the key features of Zilliqa is its use of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Zilliqa’s smart contracts are written in a new programming language called Scilla, which is designed to be more secure and less prone to errors than other smart contract languages.
Another important aspect of Zilliqa is its focus on security. The platform uses a number of security features to protect against various types of attacks, such as the use of secure multiparty computation to protect against malicious actors and a secure key management system to protect against unauthorized access to private keys.
Zilliqa Has Bagged Several Partnerships and Collaborations
Zilliqa has a number of partnerships and collaborations in place to help drive the adoption of its platform. For example, it has partnered with Mindshare, one of the world’s largest media agencies, to explore the use of blockchain technology in the advertising industry. Additionally, it has collaborated with several other blockchain companies and organizations, such as ChainGuardian, to develop new solutions and services based on the Zilliqa platform.
ZIL is the Native Cryptocurrency on Zilliqa
Zilliqa’s native cryptocurrency is ZIL, which can be used to pay transaction fees on the platform, as well as to participate in the platform’s governance and decision-making processes. The total supply of ZIL is capped at 21 billion, and the currency is currently traded on a number of major cryptocurrency exchanges.
Summing it Up
Overall, Zilliqa is a highly ambitious project that aims to address some of the key challenges facing the blockchain industry today, such as scalability and security. By using sharding and PBFT, Zilliqa is able to achieve much higher transaction speeds and throughput than existing blockchain platforms while also providing a high level of security. Additionally, the platform’s focus on smart contracts and its partnerships with other companies and organizations make it well-positioned to become a major player in the blockchain space.
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