Zilliqa

Zilliqa

ZIL
$0.019380095%-2.39

Key Metrics

Price$0.019380095
Real Volume (24H)$17,176,442.98
Marketcap$358,694,370.26
Fully Diluted Valuation$100,000,000
ATH$0.255376
ATH Date5/6/2021, 8:33:45 PM
ATL$0.00239616
ATL Date3/13/2020, 5:22:55 AM
Circulating Supply17B
Total Supply21B
Popularity Rank163
Chart
What is Zilliqa?

Zilliqa (ZIL) is a blockchain platform designed to address scalability limitations faced by other blockchain networks. The platform utilizes a unique sharding architecture that enables concurrent chains to perform transactions in parallel, allowing the network to process thousands of transactions per second (tps) and increasing the overall capacity of the network. Zilliqa is the first public blockchain to have implemented sharding on its mainnet.

In addition to scalability, Zilliqa includes a smart contract layer that facilitates the creation of smart contracts using its native programming language, Scilla. The network uses a hybrid Proof of Work (PoW)/Practical Byzantine Fault Tolerance (PBFT) mechanism to achieve consensus on transactions and contract executions. ZIL is the native utility token for the Zilliqa blockchain.

Zilliqa was first conceived in 2016 by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Along with Xinshu Don and Amrit Kumar, Saxena created Zilliqa Research, which later became the Zilliqa network, in 2017. The team released its first testnet a few months later.

The primary goal of Zilliqa is to create a platform that can process smart contracts at scale without compromising key blockchain principles such as node management decentralization. In December 2017 and January 2018, Zilliqa held a public token sale on the Ethereum network, where participants were given ERC-20 tokens, known as ZILs. The project raised a total of $22 million.

Zilliqa employs a modified version of the PoW consensus protocol to organize and verify transactions and ensure security for completed transactions. The network also includes a proprietary programming language called Scilla, which enables developers to easily write and express smart contract conditions. This infrastructure is used to construct pilot and commercial applications in various fields such as security token offerings, gaming, domain registry services, financial services, and payment reconciliation in advertising.

Zilliqa was designed with scalability in mind, using a one-of-a-kind consensus mechanism with complex sharding protocols to handle thousands of transactions per second. By partitioning the network into smaller units (a process known as sharding), transactions are processed in parallel, resulting in faster transaction clearance. The platform can scale to match the size of its network.

The decentralized nature of the network enables users to have access to a censorship-resistant platform for conducting transactions. The platform can handle both large international value transfers and microtransactions, which enables developers to design more complex applications. Consumers can make everyday transactions without paying high fees.

Another critical issue that many blockchain networks are facing is energy consumption. PoW blockchains require a significant amount of processing power. Zilliqa addresses this issue by using a more cost-effective form of mining compared to other networks on the market.

In summary, Zilliqa is a blockchain platform designed to address scalability limitations faced by other blockchain networks. The platform utilizes a unique sharding architecture that enables concurrent chains to perform transactions in parallel, allowing the network to process thousands of transactions per second (tps) and increasing the overall capacity of the network. Zilliqa includes a smart contract layer that facilitates the creation of smart contracts using its native programming language, Scilla. The network uses a hybrid Proof of Work (PoW)/Practical Byzantine Fault Tolerance (PBFT) mechanism to achieve consensus on transactions and contract executions. ZIL is the native utility token for the Zilliqa blockchain.

Disclaimer

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.

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