Zilliqa offers higher speeds due to sharding. It has many decentralized applications on the platform. Faster transactions and high throughput improves the scalability. It uses the proof-of-work algorithm to develop shards. Its consensus protocol is protected by elliptic curve cryptography.
This public blockchain platform was launched in 2017. It is crafted to scale thousands of transactions per second. The blockchain misses mainstream adoption because of their inability to scale transactions at speed. To cover this lacking, sharding is included.
Zilliqa aims to satisfy the global scaling demand by launching the first public blockchain sharding architecture. For smart contracts safety, a programming language Scilla is used.
ZIL is the native token of the network and is used to execute programs and encourage users to support the network. It facilitates easy and fast transactions. The token is used to pay for transaction processing and have smart contracts executed. Hence, ZIL plays a key role in maintaining and operating its network. The holders of the token gain the ability to vote on network upgrades.
Founders of Zilliqa
Zilliqa has a growing team of more than 50 employees which includes scientists, engineers, creators, and experts. They believe in developing the scalability and sustainability of blockchain technology.
The Chairman of the Board is Mark Hemsley. Previously, Mark was the Executive Vice President of Cboe Global Markets and President of Cboe Europe.
Matt Dyer is the CEO of Zilliqa. He has 20 years of enterprise experience to manage the company’s operations. Richard Watts is the Chief Technology Officer; he holds a PhD. in Computer Science. The investment strategies and strategic partnerships are led by Adrien Gheur as the Director of Investments.
Unique Features of Zilliqa
Network Sharding: Zilliqa uses sharding to scale the transaction rates. The network is divided into many shards. The shards process the transactions in parallel. The shards communicate with each other to finalize the transactions confirming the overall consistency and security of the network. This structure allows Zilliqa to achieve high transaction rates and also maintain security.
Smart Contract Language: With scalability as the main goal of the network, Zilliqa uses Scilla as the new smart contract language. This language will run efficiently on blockchain architecture sharding.
Profitable Mining: Zilliqa uses proof of work only to establish the identities and to prevent Sybil attacks. It does not use it to reach a consensus on blocks. This has two advantages.
The first one is that once the identities are developed the PoW reaches consensus on several blocks which is different from consensus on Bitcoin and Ethereum where to reach consensus on every new block a new PoW solution is required. Hence, the energy cost per block on Zilliqa is low.
The second is that the miners can reach the consensus on multiple blocks and they are guaranteed more stable rewards with low variance.
ZIL Coins in Circulation and Network Security
ZIL has a maximum supply of 21 Billion and a total supply of 18,248,092,528 ZIL. It has a market cap of $335,287,436. ZIL is available at Huobi, Bitfinex, Bithumb, etc.
It has robust network security. Broadly, each shard runs an algorithm called practical Byzantine Fault Tolerance (pBFT) consensus protocol to achieve consensus on the state of blockchain at any point.
Zilliqa’s Benefits and Use Cases
Zilliqa has many benefits like high scalability, robust security, ease of development, and energy efficiency. It can make thousands of transactions per second which makes it suitable for exchanges and payment systems.
It uses Scilla language, which is a secure smart contract language that makes it easy for the development of decentralized applications. As compared to other blockchain platforms this blockchain is energy efficient due to its design.
Zilliqa has potential use cases in different industries like finance, supply chain management, and gaming. Some remarkable projects on Zilliqa include Xfers, Mindshare, and Hg Exchange. Xfers is a payment processing platform in SouthEast Asia that allows consumers to make payments. It uses Zilliqa to make the payments faster.
Mindshare is a game that uses Zilliqa for no lagging in the game so that players can engage in real-time battles. Hg exchange is a blockchain-based exchange that uses Zilliqa for higher scalability and strong security.
The blockchain has some advantages and disadvantages associated with it. It uses sharding technology that increases scalability. Transactions are processed fast and it uses PoW to secure the network. Zilliqa supports the use of smart contracts by using Scilla.
On the other hand, one of the disadvantages associated with this is that there is no limit on transactions in theory but in practice there is a limit on the number of nodes. The major obstacle in the development of Zilliqa has been the inclusion of smart contracts because it uses sharding technology.
Summary
Zilliqa is a public blockchain platform that utilizes sharding to increase the scalability and transaction rate. It also uses the smart contract language Scilla which facilitates the easy development of dApps. The security of the network is enhanced with PoW.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/12/how-zilliqa-uses-sharding-to-scale-up-transactions-rate/