Zilliqa is a public open-source blockchain platform with a design mechanism that offers participants high output along with the ability to complete over a thousand transactions in mere seconds. The platform was created to bring about solutions to the problem of scalability and speed in the blockchain industry. It does this by making use of sharding as a scaling solution on its second layer. Presently, the platform is considered home to several decentralized financial applications.
In general, the Zilliqa system is essentially software that incentives a distributed network of global computers to increase the scalability of the users through sharing.
Through its technology, the Zilliqa system has become one of the top contenders in the blockchain industry with the aim of growing an interconnected ecosystem of decentralized applications such as Neo, and Tether
Who are the Founders of Zilliqa (ZIL)?
The Development of the Zilliqa system officially kicked off in June 2017 and slightly less than a year after, its testnet went live. In 2019, the platform’s main et also went live.
The idea for the creation of the Zilliqa platform was first conceived by Prateek Saxena. He is an assistant professor at the school of computing at the National University of Singapore. In 2016, Saxena, along with several students from the school of computing authored a paper that was based on how the network efficiency and speed of blockchains, in general, can be improved through sharing.
Within the same time the Zilliqa platform was founded, its founder, Saxena was also part of a team of individuals including Max Kantelia, and Juzar Motiwalla that founded Anquan Capital. Kantelia is a veteran in the financial industry with can’t experience in its application in the world of technology. Motiwalla, on the other hand, used to be the president of the Singapore Computer Society and Is equally an experienced entrepreneur. The company they founded embodied the research from Zilliqa in June 2017 to develop what is now known as the Zilliqa network. The process is what led to the addition of new partners such as Dong Xinshu, who now acts as the CEO, Amrit Kumar, its chief scientific officer, and the CTO, Yaoqi Jia. All three professionals are known in the blockchain industry for their expertise and are also fellows at the National University of Singapore school of computing.
What is Zilliqa (ZIL) used for?
The Zilliqa system is aimed at offering the same services as several cryptocurrency platforms with the major difference being on its improvement of the services offered. The platform creates an avenue where developers can run customized programming logic in the form of smart contracts with its proprietary language, Scilla. This allows them to design and create new decentralized application programs and by extension, offer a series of services. Even though its system is considered complicated in its implementation phase, the Zilliqa system is ultimately designed for the facilitating of smart contracts and the confirmation of network transactions in an efficient and scalable manner.
The Native cryptocurrency used on the Zilliqa network is known as ZIL. On the network, it is used for the execution of smart contracts and the processing of transactions. Outside the network, it holds value because it can be traded with other cryptocurrency pairs to make profits for the holders.
What Is the Unique Point of Zilliqa (ZIL)?
According to the Zilliqa system, the platform claims to be a pioneer in the blockchain industry to be completely reliant on a sharding network. Because of this, the platform is able to produce a high rate of transactions and general output per second, which essentially solves the problem of scalability. The sharding technology used by the system is in such a way that each transaction is processed on its own. As such, as the number of shards increases, so does the number of transactions that can be executed per second. In addition to that, the system also operates in a way that records are being added to the blockchain upon processing and no additional time for confirmation is required on the system.
The Zilliqa network aims at becoming the choice of blockchain for large-scale organizational projects across different industries including gaming, financial services, entertainment, payment services, and advertising, among others. According to a text from its 2018 white paper, the platform aims to match traditional payment systems which are centralized such as the MasterCard and Visa card platforms.
According to details from the Zilliqa team, the platform is an active network and as of 2021, is responsible for executing millions of transactions every month. The change has also affected its blockchain scaling which was pegged at 900 blocks per day. However, upon the launch of its mainnet, the platform now produced over 2500 blocks every day.
How many Zilliqa (ZIL) coins are in circulation?
The Zilliqa system has a maximum supply capped at 21 billion tokens. Its tokens were first made available for sale under the ERC-20 specifications as part of an event for a token generation which was completed in January 2018. However, later in February 2020 a token-swap event took place which led to the transfer of the tokens onto the Zilliqa mainnet.
Prior to its launch, the Zilliqa system carried out a generation of over 60% of its tokens which were 12.6 billion ZIL tokens to be exact. The tokens were set to be distributed via a token generation event and the leftover 40% of the tokens, 8.4 billion ZIL, was to be mined on the network. A total of 2.1 billion ZIL, amounting to 10% tokens were kept in reserve for Anquan Capital. 12% was also kept for research purposes on the Zilliqa network and 5% was assigned to present and future participants of the Zilliqa platform. All of the assignments were subject to three years.
The design principle of the Zilliqa system is such that all tokens will be mined within a 10 year period and in that time, the reward for block mining will slowly diminish. Based on information from its white paper, the platform has a prospect of 80% of its total tokens mined in its first four years, and the leftover 20% be mined in the following six years.
Is the Zilliqa (ZIL) Network secured?
The Zilliqa network is kept secure through a practical version of the Byzantine Fault Tolerance, or pBFT, consensus protocol. This implies that a large percentage of a minimum of two-thirds of the nodes must agree on the validity of an order before it can be added to the blockchain. Each shard of the Zilliqa blockchain relies on a collection of nodes for it to subsect all the transactions, and upon reaching consensus in each shard, it is confirmed by a secondary group of nodes, and a new block is added to the blockchain.
The network’s security algorithm makes use of elliptic-curve cryptography in its protocol which allows for multi signatures. Apart from the practical Byzantine Fault Tolerance used to secure the system, it also uses a dedicated proof of work consensus algorithm for the generation of shards and assignment of node identities.
Zilliqa created a new language known as Scilla which is used to facilitate the creation of smart contracts on the network. Scilla is short for Smart Contract Intermediate-Level Language and it is an intelligent system that has the focus of identifying and neutralizing security threats at the language level. This in turn makes the formal verification and safety of smart contracts easier via mathematical proofs.
How do I buy Zilliqa (ZIL)?
The Zilliqa platform is an innovative product that aims to bring about significant change to the blockchain industry and the mode of executing businesses in relation to applying blockchain technology to their systems. For this reason, several platforms have adopted it with more adopting it daily as it is available across several exchanges. To buy ZIL tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy ZIL through your trading account.
Which Cryptocurrency Wallet Supports Zilliqa (ZIL)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Zilliqa tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Zilliqa wallet as it offers a simple and interactive interface, making it easy to navigate its system.