Zilliqa is the high-throughput public blockchain platform

What Is Zilliqa (ZIL)?

Zilliqa was founded in 2017, the ticker is ZIL, and the market cap currently is around 1.2 billion, which put Zilliqa in 72 places in the crypto ranking. They have a circulating supply of 12 billion out of a maximum of 21 billion. So what does Zilliqa aim to do? They are trying to solve what is called the Blockchain Trilemma of scalability, security and speed. I would add transaction costs there as well. This means that they are trying to solve how to build a blockchain that can handle a high volume of transactions fast. While at the same time keeping decentralized and secure and maintaining low transaction fees for their users.

Solving this is a bit difficult in the blockchain space as we are now experiencing the pain of not solving this with ETH insane gas fees and Bitcoins long confirmation times. Zilliqa went live in January 2019 and had a utility token called Zilling. It is used as gas.

The main innovation of Zilliqa is something called sharding, which is their approach to increase the number of transactions, the network can handle.

Zilliqa was founded at the National University of Singapore by academics, Technologies and entrepreneurs. And they were very strong focused on Asia, which I think is important to know when we look at the potential of this coin.

If you look at Zilliqa white paper, it’s very clear that their idea is born out of the limitations with Ethereum. We know that e term network has evolved a lot since then. But it’s now at the breaking point Vitalik is very busy working on it ETH 2.0 to address the same issues that Zilliqa was addressing from the start.

The price of Zilliqa started to move up by the end of last year. So they launched our governance token, ZIL and their deck, ZilSwap, in Autumn 2020. ZilSwap is similar to UniSwap, and it provides a platform for trading and liquidity. Then they launched the governance portal in January this year.

And this is an important step for the centralization of the blockchain. And then, they continued on execution and delivered on the roadmap as they promised. Zil all-time high on May 6th this year, and then it has fallen back with the rest of the crypto market at the ongoing Bitcoin manipulation.

How Does Zilliqa Work?


The Zilliqa network offers many features common to other cryptocurrency networks such as smart contracting, transaction settlement, and token issuance.

Developers can use its proprietary language, Scilla, to run custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services.

While this system is complex in implementation, Zilliqa is ultimately designed to execute smart contracts and confirm network transactions in a scalable and efficient manner.

Sharding

Sharding is a structural technique that splits the network into several pieces, or shards, allowing nodes to only process a fraction of the network’s transactions.

Each shard acts as its own blockchain and allows nodes assigned to them to store data, process transactions and add new blocks to their specific shard chain, called microblocks. 

Microblocks are then combined into a transaction block by Directory Service Nodes (or DS nodes) to be added to the Zilliqa blockchain.

Of note, the shard nodes contain a specific subset of the Zilliqa blockchain, and do not have to store Zilliqa’s entire history.

Practical Byzantine Fault Tolerance (pBFT)

Central to Zilliqa is the Practical Byzantine Fault Tolerance (pBFT) governance mechanism that keeps the distributed network of computers in sync.

In order for nodes to power the blockchain and vote on changes, they must first stake ZIL, meaning that anyone who owns ZIL can help operate the network. Using pBFT, all nodes assigned to specific shards must agree before a microblock is finalized and combined into a transaction block. 

Each node is subsequently rewarded with a portion of the block reward for validating the transactions.

Zilliqa’s Scaling Solution: Blockchain Sharding

Zilliqa is a blockchain network designed specifically for performing complex computations and intensive throughput capacity, with particular utility for enterprise use cases. Founded in 2017 and driven by a dedicated team of researchers and academics associated with the National University of Singapore, the primary goal of the Zilliqa network is to solve the scalability problem that has challenged many of today’s leading blockchain networks like Bitcoin and Ethereum.

Instead of trying to be a jack-of-all-trades blockchain, Zilliqa’s blockchain is built specifically for computationally intensive tasks. The Zilliqa network is able to process a high throughput of transactions on its network through a process called parallelization via computational sharding. On a sharded blockchain network, the task of computing transactions is distributed across partitioned shards of a network. This is theoretically more speedy, efficient, and cost-effective than unsharded networks, where all transactions are processed linearly through one large chain.

The sharded structure of Zilliqa makes it an ideal blockchain for processing more complex computational tasks such as data mining and financial modeling. Zilliqa can also be used for training neural networks, machine learning (ML) applications, and data-based academic research. As industries like machine learning and the Internet of Things (IoT) continue to grow, the need for blockchain-enabled technologies that can scale will only increase, and Zilliqa’s complex blockchain structure is well suited to the task.

Tech Deep Dive: How Sharding Works On Zilliqa

Even by the complex standards of blockchain tech, Zilliqa operates with an intricate tech architecture. Although it runs a Proof-of-Work (PoW) network that relies on computational mining much like Bitcoin and Ethereum 1.0, Zilliqa distinguishes itself with its scalability thanks to its innovations in blockchain sharding. Sharding is a scaling solution that divides a decentralized blockchain network into smaller components called shards, which allows for faster processing. When Zilliqa’s mainnet went live in 2019, it was the first public blockchain to use network sharding as a scaling solution.

As the Zilliqa ecosystem grows and scalability demands increase, Zilliqa is designed to scale on demand through the onboarding of additional ZIL nodes and miners, which will allow for additional shards to be added to the network. ZIL is Zilliqa’s native ERC-20 token. According to its sharding model, if Zilliqa were to have 20,000 nodes, the network could be split up into 25 sub-networks with 800 nodes each that process data simultaneously and in parallel.

On a technical level, Zilliqa uses two types of blocks and consequently two blockchains that work in tandem. Zilliqa has transaction blocks (TX-Blocks) which contain the transactions sent by network users. It also uses directory service blocks (DS-Blocks) which contain data on the network miners who support and secure the network. The TX-blocks store the transaction data that was agreed on by the nodes of a DS-Block; further, every DS-Block links with several TX-blocks.

Zilliqa’s blockchain sharding is a two-part process. First, Directory Service (DS) Committee Nodes are elected, which then initiate the sharding process and assign nodes to each shard. Once transactions are verified in a shard, they can be verified by the full network and enter a global state that combines the transactions in all the shards to a single verifiable source of truth on the Zilliqa blockchain.

Zilliqa’s Bespoke Programming Language Scilla

Short for Smart Contract Intermediate-Level Language, Scilla is a programming language developed specifically for Zilliqa. Focused on being amenable to smart contract security, Zilliqa developed Scilla to verify the security of smart contracts and decentralized applications (dApps) deployed on its blockchain. Developers using Scilla can use mathematical proofs to verify that their smart contracts meet certain requirements. Beyond its security, the smart contract-focused Scilla was designed to fully utilize the scalability and sharding architecture of the Zilliqa network.

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What Makes Zilliqa Unique?

Zilliqa claims to be the world’s first public blockchain to rely entirely on a sharded network. This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.

Zilliqa seeks to become the blockchain of choice for large-scale enterprise use, including among the advertising, gaming, entertainment and financial services and payments industries. In its 2018 position paper, its team states that the platform “aims to rival traditional centralized payment methods such as VISA and MasterCard.”

Both Anquan Capital and Zilliqa Research, the company responsible for developing Zilliqa, hold significant reserves of ZIL.

As of 2021, the Zilliqa network is an active network that runs over millions of transactions each month. The blockchain has also been constantly scaling, going from averaging over 900 blocks produced a day when its main net launched to presently producing over 2500 blocks a day.

How Many Zilliqa (ZIL) Coins Are There in Circulation?

Zilliqa has a fixed maximum supply of 21 billion tokens. ZIL was first made available for sale as an ERC-20 token as a part of a token generation event that concluded in January 2018. The tokens were subsequently transferred to the Zilliqa mainnet in a token-swap event that concluded in February 2020.

Before launching, Zilliqa generated 60% of all tokens (12.6 billion ZIL) to be distributed at the token generation event, and the remaining 40% (8.4 billion ZIL) will be created through the mining process. Ten percent of all tokens (2.1 billion ZIL) were reserved for Anquan Capital, 12% (2.52 billion ZIL) for Zilliqa Research, and 5% for contemporary and future Zilliqa team members — all of which were announced to be distributed quarterly over a three-year period.

Zilliqa is designed such that all tokens will be mined within 10 years, with the block mining reward slowly decreasing. According to its whitepaper, the project aims to have 80% of the tokens (16.8 billion ZIL) mined within the first four years and 20% (4.2 billion ZIL) in the remaining six years.

How Is the Zilliqa Network Secured?

The Zilliqa network is secured through a practical Byzantine Fault Tolerance, or pBFT, consensus protocol, meaning that at least two-thirds of all nodes must agree that a record is accurate in order for it to be added to the blockchain. Each Zilliqa blockchain shard relies on a group of nodes to confirm a subsection of all the transactions, and once each shard has reached a consensus, a second group of nodes confirms the shards’ collective results and adds a new block to the blockchain.

The network uses elliptic-curve cryptography to secure its consensus protocol and allows for multisignatures. In addition to the pBFT consensus protocol that secures its transaction records, Zilliqa also uses a proof-of-work algorithm to assign node identities and generate shards.

Zilliqa developed a new language, Scilla, for its smart contracts. Short for Smart Contract Intermediate-Level Language, Scilla is a safety-focused language intended to automatically identify and eliminate security vulnerabilities at the language-level and make it easier to formally verify the safety of smart contracts through mathematical proofs.

Primary Features Of Zilliqa

Zilliqa is a smart contract blockchain. This means programmers can develop decentralized applications (dApps) that run on Zilliqa. 

The following is a list of Zilliqa features:

  • Low Cost – Sharding allows for a large number of transactions per second, so the cost of each transaction is low
  • Scalable – Sharding also means that as more people start to use the blockchain, its capacity can be increased by just increasing the sharding
  • Cost-effective mining – The unanimous agreement required by pBFT means that even lower-powered hardware can get a portion of the block reward. This makes mining ZIL more cost-effective because a node can get some reward, even if it never proposes a block first.

How To Use Zilliqa Coins

Zilliqa coins are used to pay for transactions on the Zilliqa blockchain. Just like every other cryptocurrency, you will need a Zilliqa-compatible crypto wallet to use Zilliqa coins. 

There are more than a dozen different software and hardware wallets you can use to store, transfer and even stake your ZIL. 

The list below is just a few of the ZIL compatible wallets you can choose from:

  • Ledger (hardware)
  • Trust Wallet
  • Atomic Wallet
  • ZilPay.

Hardware wallets are generally more secure than paper or software wallets, but also more expensive. If you can afford it, a reputable hardware wallet is a very good investment in the safety of your crypto assets. 

Many crypto wallets are compatible with multiple blockchains. This compatibility means you can store many different coins, tokens, and other assets without juggling many different wallets. 

When you are paying for transactions on the Zilliqa blockchain using ZIL, the process is automatic. 

  • You must start with a non-zero amount of ZIL in the account that you are sending the transaction from. 
  • Before you confirm the transaction, your wallet app will inform you what amount of ZIL the transaction will cost, and the equivalent value in USD.
  • When you confirm the transaction, it will take a short while for it to be added to the blockchain

Zilliqa ZIL Icon | Cryptocurrency Flat Iconset | Christopher Downer

Pros And Cons of Zilliqa Coin

There are some advantages and disadvantages to using and owning ZIL, or Zilliqa coin. These are summarized below.

Pros

  • Low cost – In December 2021, 1 ZIL costs less than 0.10 USD, meaning there is a possibility for profit in the future if Zilliqa gains a large number of users and the demand for Zilliqa coins increases.
  • Stake-able – ZIL can be staked (using a Zilliqa-compatible crypto wallet) to allow you to earn extra ZIL while you hold the coin.
  • Wallet support – There are more than a dozen Zilliqa-compatible crypto wallets, including major names such as Ledger and Trust Wallet.

Cons

  • Newness: Zilliqa is a much newer project than, for example, Ethereum. This means that widespread uptake might be very slow if it ever happens. If you want to invest in ZIL in hopes that its price will increase as more people use it, this may be risky.
  • Availability: Although it is available on international exchanges like Binance, and liquid.com, ZIL is not yet listed on any major U.S.-based cryptocurrency exchanges.

Are You Familiar With Zilliqa (ZIL)?

Though many currencies have invaded the much-sought-after crypto market, the most-talked off and high-ranked are Zilliqa (ZIL) which is an ERC20 token. This was the advent of the year 2017 when the Chief Executive Officer of Zilliqa, Mr. Xinshu Dong & his team came up with this brilliant idea of launching this asset. His idea was supported by his dedicated troupe of consultants and blockchain algorithm experts who brought this Zilliqa crypto to life. Let us analyze the current details of Zilliqa and understand the Zilliqa price prediction for the future.

Zilliqa Overview

CryptocurrencyZilliqa
Ticker SymbolZIL
Price$0.1835
Price Change 24h-8.97%
Price Change 7d+267.25%
Market cap$2,310,422,946
Circulating Supply12,591,926,920 ZIL
Trading Volume$4,289,964,590
All time high$0.2563
All time low$0.002477
Zilliqa ROI+4701.53%

Zilliqa: The Lesser Known Facts

Zilliqa network is a blockchain network that originated in Singapore and was founded by Prateek Saxena, Amrit Kumar, Max Kantelia, it adopted the Ethereum blockchain before beginning its own and is home to many decentralized applications. As a naïve entrant in the investment market around 2018, very few people were familiar with ZIL currency and were a little apprehensive about trading in ZIL crypto. A major advantage of the Zilliqa coin is that you can transact rates as the blockchain network expands contributing to a phenomenal increase in the number of miners. Zilliqa is the first of its kind of public blockchain built with sharding technology. It runs a programming language called Scilla and implements practical Byzantine Fault Tolerance. It can solve the existing problem of scalability using its sharding method as active scaling solution. Zilliqa can meet enterprise needs as it can manage a large volume of transactions.

Supported by a robust and high-bandwidth public blockchain platform, the issue ZIL has addressed are the accessibility issues putting in place a hybrid consensus mechanism. In this case, node operation is entirely reliant on the Proof of Work (PoS) hash. A unique feature of Zilliqa is that it can trap fraudulent or spurious transactions by peers wherein a confirmed block is capable of tracing the preceding block.

Zilliqa is based on cryptographic methods that are reliant on zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction which is cross-checked without revealing any data or message on the other party involved in the transaction. Hence security obstacles are arrested first. The credit goes to the development of Zyro protocol by Zilliqa which happens to be the mainstream of the entire decentralized Finance ecosystem which happens to be yet another launch in offing.

Zilliqa (ZIL): Special Features

A salient characteristic that stands out in this protocol is that it ensures liquidity and ensures lightning-fast speed of transactions on the network. This perceptible trait makes it unique compared to other Ethereum-based Decentralised Finance protocols and at the same time establishes a plethora of mining avenues. As per the official website, they target to transform digital infrastructure across various communities.

Hence it would not be an overstatement to name the function of Zilliqa tokens as catalysts in implementing smart contracts and transfer funds. Moreover, it has developed its own smart contract language called Scilla by which developers can write smart contracts from a safety point of view. Multiple shards help process a very high throughput of transactions in a cost-effective, silicon-smooth way with more efficiency.

Zilliqa ($ZIL) : Reasons Why Zilliqa ZIL Could Become A Monster! Top  AltCoin | by Lukas Moore | Medium

Zilliqa ZIL Price Prediction & Forecast

While many Crypto Experts have stated their opinion on price prediction (Zilliqa against the US Dollar) in galore, not all are alike. While some experts give an encouraging forecast (Zilliqa price prediction), the others prove to be a little cautious in giving you generous liberties:

  • WalletInvestor’s ZIL Price Prediction
  • US$0.188 by 2022
  • US$0.527 by 2026
  • DigitalCoin’s ZIL Price Prediction
  • US$0.1632203715 by 2022
  • US$0.1762342922 by 2023
  • US$0.2233369506 by 2024
  • US$0.2716317094 by 2025
  • US$0.3113375100 by 2026
  • US$0.3191743698 by 2027
  • US$0.3961911292 by 2028
  • TradingBeast’s ZIL Price Prediction
  • US$0.0952174 by 2022
  • US$0.1246028 by 2023
  • US$0.1569496 by 2024
  • Gov.Capital’s ZIL Price Prediction
  • US$0.191 by 2022
  • US$0.297 by 2023
  • US$0.416 by 2024
  • US$0.547 by 2025
  • US$0.655 by 2026
  • CoinCodex’s ZIL Price Prediction
  • US$0.115430 to US$0.200031 by 2022

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