The Most Straight Forward Guide To Zilliqa in Cryptocurrency


Zilliqa is one of the most discussed blockchain companies in the Blockchain 3.0 space. Let’s do a quick and straight forward dive into what Zilliqa is and all that you need to know about them in this article.

Brief History

Zilliqa first launched in Q4 of 2017 with the primary intention of producing a high-throughput blockchain platform with maximized scalability and robustness. By implementing technology that uses the sharding technique, the platform aims to be the next blockchain-based operating system that will power the next generation of decentralized applications.

Sharding – Solution to Scalability Issues

Zilliqa was designed with the purpose of solving the scalability issues that other leading platforms are faced with.

The concept behind sharding is taking one node of the blockchain and splitting it into separate pools (“shards”).

This causes several transactions to be processed simultaneously which exponentially increases the total amount of transactions that are being completed in the network.

Zilliqa’s approach to sharding also scales with the network size. Throughput increases as the size of the network increases, meaning that more transactions can be processed as the network gets bigger.

At the end of 2017, a simulation on their Testnet utilized 3600 nodes and 6 shards to produce a transaction rate of 2400 tps. During their demonstration in Q2 of 2018, they reached a peak performance of 2800 tps.

Scilla – Securing Smart Contracts

Zilliqa operates on its own programming language named Scilla.

The overall intent of utilizing this language was to maximize security when creating smart contracts on dApps. This developer-friendly language also allows for test runs of the smart contract prior to launch in order to secure any vulnerabilities it may have.

Although this language was originally designed for the Zilliqa environment, the language is also compatible with other blockchain platforms as well.

Zilliqa Overthrows Ethereum

With revolutionizing technology in their sharding practices and a blockchain-agnostic programming language in Scilla, Zilliqa has potential in overthrowing Ethereum as the driving force behind dApps.

With Ethereum running on Solidity, it becomes more time-consuming for developers to adapt to the new language. Meanwhile, Scilla offers a familiar programming environment to the developers and is flexible with its integration as well.

Another advantage that Zilliqa has is that the sharding procedures have already been tested in the TestNet demos as mentioned above. As far as a testing environment goes, Zilliqa has produced industry-changing results with its transaction speed. This is an answer to the issues Ethereum has with scaling. As the latter half of Q3 and Zilliqa’s entrance into the MainNet approaches, we will see whether their revolutionizing test results will prove to be true.

The Team Behind Zilliqa

The people behind Zilliqa is a collective of researchers from the National University of Singapore and the University of London. They are led by CEO Xingshu Dong.

Where can you buy Zilliqa?

Zilliqa can be purchased through various different exchanges, with the largest being Huobi and Binance.

Where can you store Zilliqa?

ZIL is an ERC20 coin so any Ethereum-based wallet can store it. However, because it has not reached the MainNet, there are currently no ZIL specific wallets available.

Conclusion

Zilliqa has the potential to revolutionize speed and scalability in transaction speed while maintaining maximum security through its intuitive Scilla programming language and sharding technique.

With momentum they have built from the amazing test results they have garnered through the first half of 2018, Zilliqa will continue to push to become the top platform for dApps that power gaming, entertainment, and finance.

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Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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