What is Zilliqa?
Zilliqa is a decentralized blockchain network that attempts to boost user scalability by encouraging the development of a dispersed network of computers throughout the globe to host a blockchain platform.
Zilliza is among a number of rival blockchains, such as Ethereum, Tron, and EOS, all of which are attempting to develop an ecosystem of decentralized applications (dapps) and cryptocurrencies.
Zilliqa employs a sharding mechanism to separate itself from competitors, allowing the network to accommodate more transactions by breaking itself into multiple interlinked blockchains.
Zilliqa has also released Scilla, a language designed to enhance security and to aid in the creation of customizable blockchain applications for the sake of simulating real-world services.
How Does Zilliqa Work?
The project is most notable for being one of the first blockchains to adopt sharding, a scalability solution that splits validating nodes into smaller groups called “shards.”
The fact that these shards can both verify “microblocks” alongside other shards while still being able to be joined to form a single block on the blockchain means they fully validate “microblocks.” This is done in order to speed up transaction processing on the blockchain.
Zilliqa raised $22 million worth of ether in January 2018 in an initial coin offering (ICO). Zilliqa’s total supply is 22 billion ZILs (ZIL). During the introduction of the mainnet, in January 2019, the ZIL tokens were changed out for the ERC-20 tokens that the tokens initially debuted on the Ethereum network.
Zilliqa launched their mainnet in 2019, and within the first quarter of the year, transactions had commenced.
It also introduced the ability for developers to design and publish smart contracts on its platform in the second quarter.
By increasing the number of nodes, Zilliqa says that the transaction capacity of their blockchain improves proportionally. For example, the project estimates that while 1,800 nodes are operational, consumers would see around 1,218 transactions per second.
If the number of nodes doubles, that number would soar to around 2,488 transactions per second. It has, according to preliminary findings, performed 2,828 transactions per second on its testnet.
What is the History of Zilliqa?
Zilliqa was created by the University of Singapore scholars Amrit Kumar and Xinshu Don in June 2017. The network’s mainnet launched in January 2019.
In 2017, the project completed an Initial Coin Offering (ICO) that raised over $22 million in Ethereum.
Zilliqa has two sides, both of which are backed by the Zilliqa Research Company: one is the foundation, and the other is the expansion program known as ZILHive.
How Do I Hold Zilliqa?
ZIL can be held on multiple wallets, including Ledger, Trust Wallet, and Zillet.