What Is Zilliqa Crypto?

Zilliqa is a new blockchain platform that is designed to scale in an efficient and secure manner. Find out everything you need to know about Zilliqa in our comprehensive guide.

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Introduction

Zilliqa is a high-throughput public blockchain platform – designed to scale to thousands ​of transactions per second. The core feature that makes Zilliqa scalable is sharding — dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel. Blockchains without sharding can only process a limited number of transactions per second because every node in the network needs to process every transaction. With Zilliqa, by contrast, nodes only need to process a fraction of transactions because each node is only responsible for processing transactions that fall within its own shard.

Zilliqa has been under development since 2017 and is led by a team of experienced researchers and engineers from academia and industry. The project is headquartered in Singapore, with team members located in Singapore, Brazil, France, India, and the United States.

What Is Zilliqa?

Zilliqa is a new cryptocurrency that is designed to scale in an efficient way. It is based on the idea of sharding, which is a concept that can be used to improve the scalability of a blockchain. The Zilliqa team is aiming to create a blockchain that can process thousands of transactions per second.

The Problem With Current Blockchains

The problem with current blockchains is that they are not very scalable. For example, Bitcoin can only handle about 7 transactions per second (TPS), and Ethereum can only handle about 15 TPS. In comparison, Visa can handle about 24,000 TPS. This means that if cryptocurrencies were to replace traditional methods of payment, the current blockchain infrastructure would not be able to support the demand.

This is where Zilliqa comes in. Zilliqa is a new cryptocurrency that is designed to be scalable. It uses a new consensus mechanism called sharding, which allows it to process thousands of TPS. This makes it much more suitable for real-world applications.

In addition to being scalable, Zilliqa is also more energy-efficient than other cryptocurrencies. This is because it doesn’t require PoW (Proof of Work). PoW is the process by which new blocks are added to the blockchain. It requires a lot of computational power and energy, which makes it very wasteful.

Zilliqa uses a different consensus mechanism called PoS (Proof of Stake). With PoS, you don’t need powerful computers to validate transactions. Instead, you can use any device that can run the Zilliqa software. This makes it much more environmentally-friendly than other blockchains.

How Zilliqa Addresses These Problems

Zilliqa addresses these common blockchain issues through three primary mechanisms:
-Sharding: Zilliqa employs a new concept called “sharding” that essentially means breaking up the mining network into smaller sub-networks, or “shards.” This allows each shard to process transactions in parallel, resulting in a significant increase in firepower as compared to current blockchain technologies.

-POW with DAG: Zilliqa uses a new POW consensus algorithm that is designed specifically for sharded architectures. This POW algorithm is called “Mining by Network Size and Proportion (MNSP),” and it uses a Directed Acyclic Graph (DAG) data structure instead of the traditional blockchain. The result is increased security and scalability.

-Scilla: Finally, Zilliqa has developed its own application-specific smart contract language called Scilla. Scilla is designed to be more secure than existing smart contract languages likeSolidityandEthereum Virtual Machine (EVM).

The Zilliqa Blockchain

Zilliqa is a new blockchain platform that is designed to scale in an efficient manner. The platform is being developed to address the scalability issues that are plaguing the current generation of blockchain networks. Zilliqa utilizes a new consensus mechanism called sharding that will allow it to process more transactions per second as the network grows.

The Network Layer

Zilliqa is a new blockchain platform that is designed to scale in an efficient and secure manner. The platform is built on the idea of sharding, which is a method of horizontal partitioning that allows the network to scale linearly as more nodes are added. This means that Zilliqa can theoretically process thousands of transactions per second without compromising security or decentralization.

The Zilliqa network is made up of three components:
-The transaction layer: This layer handles the actual processing of transactions and stores them in a blockchain.
-The network layer: This layer consists of a group of nodes that work together to validate and propagate transactions throughout the network.
-The consensus layer: This layer ensures that all nodes in the network reach consensus on the state of the blockchain.

The Transaction Layer

The Zilliqa transaction layer is based on the concepts of sharding and account abstraction. Sharding is a process of dividing the entire network into multiple smaller sub-networks, each capable of processing transactions in parallel. This horizontal scaling of the network allows it to process a large number of transactions per second. Account abstraction, on the other hand, is a type of encryption that allows multiple signatures to be linked to a single account. This makes it possible for users to share their accounts without compromising security.

The Zilliqa Token

Zilliqa is a new public blockchain platform that is designed to scale in an efficient manner. The Zilliqa team is based out of Singapore and the project launched in June 2017. In order to achieve high scalability, Zilliqa introduces a new technique called sharding. Sharding splits the network into several smaller component networks (called shards) that can process transactions in parallel.

The native token of the Zilliqa network is called ZIL and it has a couple of different use cases. First, ZIL is used to pay transaction fees on the network. Second, ZIL can be staked by users to participate in consensus and earn rewards.

The Zilliqa Team

The Zilliqa team is composed of a group of experienced professionals with a background in blockchain, cryptography, and distributed systems. The team is led by co-founders Xinshu Dong and Prateek Saxena, who are both professors at the National University of Singapore. Other members of the team include developers from Google, Facebook, Twitter, and the Ethereum Foundation.

Zilliqa’s vision is to build a scalable blockchain platform that can be used by enterprises and developers to create decentralized applications. The team is currently working on a testnet that is scheduled to launch in Q3 2018.

The Zilliqa Roadmap

The Zilliqa project was announced in mid-2017 by a team of experienced researchers and developers with a proven track record in the blockchain field. The project’s vision is to create a public blockchain that is scalable, secure, and expressive. The goal is to provide a platform that supports high transaction rates and enables developers to easily build decentralised applications.

The Zilliqa roadmap is divided into four phases:

– Phase 1: Network sharding testnet launch
– Phase 2: Smart contract testnet launch
– Phase 3: Public mainnet launch
– Phase 4: Ecosystem development

Phase 1 of the roadmap was completed in early 2018 with the launch of the Zilliqa testnet. This phase saw the successful implementation of network sharding, which allowed the testnet to process up to 2,400 transactions per second (TPS). Phase 2 was completed in mid-2018 with the launch of the smart contract testnet. This phase saw the successful implementation of smart contracts on Zilliqa, which means that developers can now build decentralised applications on the platform.

Phase 3 is currently underway and is scheduled for completion in Q4 2018. This phase will see the launch of the Zilliqa mainnet, which will be open to all users. Once launched, Zilliqa will become one of only a handful of public blockchains that are live and functional. Phase 4 will begin after the mainnet launch and will focus on ecosystem development. This phase will see the rollout of incentivisation programs and developer tools to help grow the Zilliqa ecosystem.

Conclusion

Zilliqa is a new public blockchain platform that is designed to scale through sharding. Zilliqa’s vision is to create a secure, scalable and reliable blockchain platform for enterprises and developers to build mission-critical decentralized applications. The Zilliqa team has made significant progress since its inception in 2017 and has secured partnerships with several big names in the industry. While the project is still in its early stages, it has great potential to become a major player in the blockchain space.

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