Zilliqa ZIL

1. Summary

Fundamental Rank

Developer Rank

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Binance

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BlockFi

Price

$0.08 -4.9%

Market Cap

$1.03B (#85)

Supply

12.53B / 21.00B

Tags

Smart Contracts

Description

Zilliqa is this public as well as permissionless blockchain which was designed to offer a high throughput, which means that it can complete thousands of transactions per second. The main reason why it was developed is to solve the issue of blockchain scalability as well as speed it up by employing sharding as a second-layer scaling solution. The pl...

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Zilliqa is this public as well as permissionless blockchain which was designed to offer a high throughput, which means that it can complete thousands of transactions per second. The main reason why it was developed is to solve the issue of blockchain scalability as well as speed it up by employing sharding as a second-layer scaling solution. The platform also has many decentralized applications and allows for staking as well as yield farming.

This means that it fundamentally changes how a blockchain can reach consensus, as the sharding solution scales with the size of the network. In theory, there isn’t even a limit to the number of transactions that Zilliqa could process per second, while in practice, this depends on the number of nodes on the network.

The ZIL Token Explained

The native utility token of the Zilliqa blockchain Is ZIL that is used to process transactions on the network and execute smart contracts.

Zilliqa users can stake their ZIL and earn profits as a result, due to the fact that the platform supports non-custodial staking that utilizes a proprietary system known as the Zillion portal.

The project held an Initial Coin Offering (ICO) in 2017 for their ZIL token that managed to raise over $22 million in ETH.

Features of Zilliqa

Zilliqa was built on a sharded architecture. Sharding is the process of dividing the mining network into smaller groups, each of which is referred to as a shard. Scilla is the smart contract scripting language that is built to be more secure than other languages. Zilliqa also has a number of dApps that are live on the network, and these run everything from exchange protocols to games.

Zilliqa only requires Proof-of-work (PoW) every 100 blocks. This is used to prevent Sybil attacks as well as generate new block identities and not reach consensus such as Bitcoin would. The network also utilizes an Elliptic Curve-based Schnorr Signature Algorithm (EC-Schnorr) sha3 has a function with the intention of improving the performance of these actions.

When it comes to its consensus, it relies on a Byzantine Fault Tolerance Protocol (PBFT) for consensus within each shard, and this strategy brings a lot of advantages with it, such as the fact that once a transaction gets processed by the network, it becomes final, and this approach removes the need to wait for a multitude of confirmation.

Founders of Zilliqa (ZIL)

Discussing the founders of Zilliqa, it was originally created by Prateek Saxena, which is an assistant professor at the National University of Singapore School of Computing. Saxena, alongside other students, published a paper in 2016 that actually outlined how a sharding blockchain could essentially improve network efficiency as well as speed.

Now, Saxena co-founded Anquan Capital with Max Kantelia, which is a finance and tech entrepreneur, alongside Juzar Motiwalla, which is the former president of the Singapore Computer Society. S

Zilliqa Research was incorporated to develop the Zilliqa network in 2017 and brought Dong Xinshu as the CEO, as well as Yaoqi Jia as the CTO alongside Amrit Kumar.

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