Zilliqa ecosystem was conceived at the University of Singapore and is commonly used for the deployment of decentralized apps (dApps). It is meant to compete directly with Ethereum, which is currently the most popular dApps platform. A key difference between these two platforms is in the transaction speed. While Ethereum processes 15 transactions per second, the newer blockchain processes close to 2500 transactions per second. This level of scalability is achieved through the sharding protocols, in combination with its unique consensus protocol.
Briefly about Zilliqa blockchain
Zilliqa blockchain was born in the beginning of May 2017 by Amrit Kumar and Xinshu Don. Both of these founders were from the National University of Singapore. When creating the Zilliqa network, these developers were primarily interested in solving the scalability issue in blockchains. With the sharding system, the ecosystem is able to maintain a good balance between scalability, decentralization, and security.
Zilliqa is a scalable and secure blockchain available for Metaverse and NFTs.CryptoLists.com
To establish consensus, the network uses an unusual consensus that combines proof of work and practical Byzantine fault tolerance. With the proof of work system, users will be unable to trick other nodes into accepting fraudulent transactions as this would be costly. On the other hand, the practical Byzantine fault tolerance system (pBFT) requires all nodes to unanimously agree on the truthfulness of new blocks before they are implemented. Each node that is involved in the process will get a share of the reward for helping to verify the transaction. Combined, these two systems create a secure protocol that allows for mining with lower-cost computing.
Utility of Zilliqa blockchain?
This platform is used for various purposes, and one of these is the creation of smart contracts. The developers came up with their own programming language for smart contracts, which is known as Scilla. This language guarantees the safety of smart contracts and was the first peer-reviewed smart contract language to enter a production platform. It was also the first platform to implement sharding technology and is highly scalable. It is possible to launch tokens on this network.
Zilliqa blockchain details
Zilliqa blockchain Consensus Method: Proof of Stake
Release Date: May 2, 2017
Advantages at Zilliqa blockchain+ Zilliqa blockchain is highly scalable.
+ Lots of crypto wallets support the ZIL cryptocurrency.
+ It combines PoW and pBFT to guarantee secure transactions.
+ The ZIL network is backed by highly educated & reputable individuals.
Disadvantages- The widespread uptake of Zilliqa network will take some time.
- Its native cryptocurrency is a little harder to get on crypto exchange
- It has to compete against more established blockchains.
- It can be hard to implement smart contracts on the network.
Costs▪ Rated at 10/10
This is among the blockchains with close to $0 transaction fees. On the platform, you will have to pay a fee of 0.1 ZIL when sending cryptocurrencies. This low transfer fee makes the network ideal for people who want to buy, create, or sell NFTs. You should note that the transfer fees can only be paid in ZIL, and you can mine the asset to significantly lower your costs.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
This is among the best blockchains, but it has still been overshadowed by older platforms like Ethereum. At the moment, the official Twitter page of the project has more than 396,000 followers, and people generally seem to be positive about the project. The main issue people have noted is that the ecosystem may not be ideal for smart contracts as it uses sharding technology.
Who created Zilliqa Blockchain?
This project was co-founded by Amrit Kumar and Xinshu Don, both of who were researchers from the National University of Singapore. Other initial members of the project were Xinshu Dong, Amrit Kumar, Yaoqi Jia, and Prateek Saxena.
Is Zilliqa Blockchain proof of stake?
This blockchain uses proof of stake, but it doesn’t use this system to achieve consensus. It leverages the proof of work system to establish identities and perform sharding.
Will Zilliqa Blockchain overtake Ethereum?
Ethereum is an old blockchain and enjoys the first-mover advantage, especially in the development of decentralized apps. While Zilliqa may have many benefits over Ethereum, it is highly unlikely to overtake the older network.
What is sharding?
Sharding is a system that was introduced by Zilliqa, and it aims at splitting networks into shards, each of which solves a portion of the blockchain. With sharding, the network is a lot more effective and transactions are completed faster.
What is ZIL?
The native cryptocurrency of this blockchain is ZIL, and this altcoin is required for the payment of transaction fees on the network.