What is governance ZIL?
Governance ZIL (gZIL) is the governance token used for the Zilliqa network, which is a public blockchain network that aims to make blockchain technology more secure, scalable, and sustainable. Zilliqa provides a portal to the blockchain space, enabling users to create user-friendly decentralized applications (Dapps) easily. With its high scalability, the platform can process thousands of transactions every second.
The Zilliqa network's whitepaper suggests that existing cryptocurrency and smart contract face scalability issues, limiting the number of transactions processing every second. To solve this problem, Zilliqa presents a blockchain network that uses sharding, dividing the mining network into small parts capable of processing transactions in parallel. As a result, the transaction rate increases with the surge in the number of miners on the network.
The Zilliqa network's blockchain technology revolves around transparency, trust, and efficiency of Web3.0, a platform built to facilitate decentralization, greater user utility, and openness. The Zilliqa network is one of the few blockchain networks that use sharding on the mainnet to deliver high-performance growth for Dapps and enterprises. Moreover, the dataflow programming style of the innovative smart contract language makes it easier to run large-scale computations simultaneously.
The platform operates with two tokens, gZIL and ZIL. gZIL is the network's governance token that allows users to participate in the ecosystem. Each gZIL token represents one vote, giving users more voting power as they acquire more gZIL tokens. gZIL holders can propose changes in the network through voting, helping the network sustain gZIL's value. Early adopters received gZIL as a reward, and long-term token holders received gZIL as an incentive. Additionally, gZIL holders can swap it for ZIL or contribute to liquidity pools to receive rewards.
Meanwhile, ZIL is the native cryptocurrency of the platform created to scale decentralized apps, from NFT marketplaces to financial services. With ZIL, users can pay for services and products, trade-in NFTs, and engage in every Dapp built on the platform's blockchain.
The gZIL token was launched on October 14, 2020, with a maximum token supply of 559,969. However, the Zilliqa platform was officially launched in June 2017. The technical whitepaper of the Zilliqa network was published on August 10, 2017. The leadership team includes Dr. Ben Livshits as CEO, Dr. Amrit Kumar as President and Chief Scientific Officer, Mihee Park as CFO Officer, and Matt Dyer as Head of Sales and Marketing.
In conclusion, Zilliqa provides a secure and sustainable platform for creating user-friendly Dapps that scale thousands of transactions every second. The innovative sharding technology, combined with the dataflow programming style of the smart contract language, delivers high-performance growth for Dapps and enterprises. The gZIL token, as the governance token, allows users to participate in the ecosystem, propose changes, and sustain its value. The ZIL native cryptocurrency enables users to pay for services, trade-in NFTs, and engage in every Dapp built on the platform's blockchain.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free