What is Zilliqa (ZIL)?

Zilliqa (ZIL) is a new generation of a public blockchain technology platform designed to overcome the scalability and transaction processing speed of existing centralized payment transaction systems. Zilliqa is capable of processing tens of thousands or even hundreds of thousands of transactions per second. Zilliqa is a project researched and developed by the National University of Singapore in cooperation with large domestic investment funds such as FBG and EPFL, GBBL.

How does Zilliqa work?

To extend the protocol to a higher level, Zilliqa’s employees use a mechanism called “sharding,” whereby the amount of transaction information increases linearly with the network size. The Zilliqa protocol divides the number of mining nodes on the network into groups of 600 nodes. Each group is called a segment.

For example, when operating with 1,800 nodes, the testnet is divided into 3 shards. When operating with 3,600 nodes, there are 6 shards. When more nodes join the network, Zilliqa can split the network, creating more segments. Each shard handles a small portion of the network’s transactions. In simple terms, if there are 6 shards, each segment will process about 1/6 of the network’s transactions. The more fragments there are, the more the network divides the consensus load between the segments, keeping the computational needs at a relatively stable level.

Each shard processes its assigned transactions into a microblock in parallel with other shards. At the end of the parallel processing stage, called “DS epoch”, those microblock are combined into a full block added to the blockchain.

Features of Zilliqa

The Zilliqa platform completely solves the problems that Dapps decentralized applications require because of the huge amount of transactions that are beyond the capabilities of the current blockchain. In addition to providing its own blockchain platform, Zilliqa also provides features such as:

  • Sharding technology
  • Secure smart contract and model data stream
  • Low transaction costs and compatibility with Ethash
  • Quantitative security for DApps users with different budget levels
  • Use the new Scilla programming language
  • Stable payments to miners with low variance
  • Utilize PoW only for identity set to optimize power

Benefits in Zilliqa technology

The blockchain network will expand along the route as more nodes join the network.

Zilliqa uses a consensus algorithm called Practical Byzantine Fault Tolerance (PBFT), one of the most highly secure algorithms. In addition, Zilliqa uses the Proof Of Work (PoW) algorithm to identify the node’s identity and counteract Sybil attacks. This makes mine Zilliqa much more economical.

Trading fees are cheaper on the internet, thanks to a combination of PBFT and PoW algorithms.

Smart contracts and private smart contract languages ​​(Scilla).

Zilliqa will add identity security for transactions and connect to other blockchain networks in the near future.

Team

The Zilliqa team is a great combination of individuals with expertise in computer science, business and marcom. A team that values ​​excellence but with humility.

Amrit Kumar – President and Chief Scientific Officer

Amrit Kumar – President and Chief Scientific Officer
He is a PhD at Grenoble-Alpes University and an engineer from Ecole Polytechnique, France.

Kenneth Bok – Head of Growth and Strategy
He was FinTech CEO, thinking leader and entrepreneur with over 10 years of experience in technology & finance, identifying new innovative business models, strategies and promoting technical acceleration initiatives new number. He currently leads business development at Zilliqa, a blockchain company in Singapore.

Han Wen Chua – VP, Ecosystem Growth
A pragmatic liberalist is seeking to build an active community of developers and entrepreneurs in the APAC blockchain ecosystem.

Conclusion

Zilliqa is a project considered by many investors to be an altcoin with great potential in the future. With the base coins and dealing with transaction speed, scalability is always a project of community interest, because of the practical applicability of payments, transaction speed is very important. The weakness of most current Blockchain platforms is the scalability and processing speed of transactions.

You can check ZIL price here.

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