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What Is Zilliqa

 

Zilliqa is a smart contract platform featuring a sharded architecture that aims to solve the issues of blockchain scalability and speed. It uses sharding as a second layer scaling solution, allowing several interconnected blockchains to execute transactions in parallel and complete thousands of transactions in seconds.

With the launch of its mainnet in January 2019, Zilliqa became the first public blockchain platform in the world to successfully utilize sharding to solve the scalability issues of blockchain technology.

In addition to scalability, Zilliqa also launched Scilla, a native programming language that focuses on security and provides a smart contract layer to support smart contract creation.   Zilliqa has many useful features for developers like support for dApps, Zilliqa staking, and yield farming for investors.

The network achieves all of these features with Zilliqa Coin (ZIL), its native cryptocurrency.  Zilliqa crypto (ZIL) can be used to execute programs, send transactions, and incentivize actors that support the network. Holders of Zilliqa who stake some of their holdings will also be able to participate in the governance of the Zilliqa ecosystem.

The limited supply of the token also ensures that ZIL price won't be depreciated by uncapped inflation, potentially making it a good store of value in the long term.

Zilliqa price is a measure of the overall health of the blockchain's business.

ZIL is listed on several major cryptocurrency exchanges — including Binance, Huobi, Bitfinex, and Bithumb — where it can be traded against fiat currencies.

Zilliqa Founders

Zilliqa was co-founded in Singapore by Prateek Saxena, Max Kantelia, and Juzar Motiiwalla.

Zilliqa was created in 2017 and was first made available for sale as an ERC-20 token in January 2018. The tokens were later transferred to the Zilliqa mainnet, launched in 2019. The token swap concluded in February 2020.

Prateek Saxena first came up with the idea of Zilliqa while working at the National University of Singapore School of Computing.  Saxena is an award-winning research professor whose work has spawned browsers, web standards, and app stores. Saxena and his students published a paper in 2015 that explored how a sharding blockchain could improve network speed and efficiency. These ideas laid the foundation for what would become Zilliqa.

Around this time, Saxena partnered with Max Kantelia, a tech, and finance entrepreneur with an engineering background, and Juzar Motiwalla, a venture capitalist with experience in tech startups, to found Anquan Capital. In 2017, Anquan incorporated Zilliqa Research, which created the Zilliqa network. Building on established links with the National University of Singapore, Zilliqa Research initially brought in Dong Xinshu as CEO, Amrit Kumar as chief scientific officer, and Yaoqi Jia as chief technology officer.

Anquan Capital and Zilliqa Research both hold significant ZIL reserves.

How Does ZIL Work

The Zilliqa network offers many features common to other cryptocurrency networks, such as smart contracting, transaction settlement, and token issuance.  It was designed to execute smart contracts and process transactions in a scalable and efficient manner.

The central concept behind Zilliqa is its reliance on sharding technology to overcome congestion. Zilliqa uses a modified version of the Proof-of-Work (PoW) consensus protocol to order and validate transactions and provide security assurances for completed transactions. Zilliqa also uses the Practical Byzantine Fault Tolerance (pBFT) governance mechanism to keep the distributed computers in sync.

You can take advantage of Zilliqa's high transaction speed to develop high-volume smart contracts and dApps, such as high-volume automated auctions, decentralized exchanges, high-performance scientific computing, and applications requiring highly accurate results.

ZIL token can be used to execute smart contracts, as a reward for mining or staking, and as a means of exchange to cover transaction costs and so forth.

Some users might prefer simply to own, hold, or trade ZIL if they see it as a good investment opportunity for the short or long term.

Staking is available with their Zilliqa coin, ZIL. In addition to direct rewards, users who stake part of their ZIL holdings will also gain access to elements of network governance.

While many Cryptogurus have stated their opinion on price prediction, not all are alike. While some experts give an optimistic forecast (Zilliqa price prediction), the others prove to be a little cautious in giving you generous liberties.

Zilliqa Network Security

Zilliqa has several security features to build a secure platform and ensure the network is resistant to most kinds of threats. The first one is its reliance on a Practical Byzantine Fault Tolerant consensus mechanism, which has two layers of verification. The first combats Sybil attacks by ensuring that shards only process macro-blocks rather than the whole blockchain. The second layer then provides final verification and ensures that there cannot be hard forks in the network.

The Zilliqa blockchain relies on elliptic-curve cryptography to secure its transaction records and employs a Proof of Work algorithm to generate shards and designate node identities.

Finally,  Zilliqa uses Scilla, its coding language called Smart Contract Intermediate-Level Language.  Scilla is optimized to ensure that applications written using it are safe to run on the Zilliqa network by automatically detecting and eradicating security threats.