Zilliqa As A Leading Name In The Cryptocurrency Market

Ever since the inception of cryptocurrency in 2009, it has taken the market by a storm. People all around the globe have accepted the usage of cryptocurrency. If you do not like carrying the physical form of currency, this is your thing. Wondering how authentic and reliable this method of fund transaction is? Well, this digital form of currencies is equally valuable, and the fund transfer through cryptocurrency is also conducted in a highly secured manner.

An open source project, Zilliqa, was developed in a way to handle thousands of transactions per second. It has been recently introduced in this market. Now the question arises, what makes Zilliqa stand out in a crowd of million other cryptocurrencies? This article discusses in detail as to how Zilliqa resolves the scalability issue.

How Does Zilliqa Offer To Solve The Scalability Issue

As the number of nodes that are present in a network increases so does the time which is required to reach the consensus for a transaction to be confirmed. This causes the time taken to complete a transaction lag. It can be said that the speed of the consensus is inversely proportional to the size of the network. For this problem to be solved, the time required to reach consensus and the size of the network, have to work in coordination with each other. This issue is spotted in some of the renowned cryptocurrencies as well.

Zilliqa incorporates the concept of sharding which facilitates linear scaling as well as the growth of blockchain physically. With the help of this sharding solution, the network size grows.

Know More About The Concept Of Sharding

The protocol of Zilliqa segregates all mining nodes that are there on the network into groups of 600 nodes called shards. So a total of 3600 nodes can be divided into equal shards of 600 each. With an increase in nodes, the shards will gradually increase. As the work is distributed, the network of Zilliqa ensures that the transactions are completed with notable speed. The load of the consensus gets easily divided among the groups that are available on the network. This helps to distribute the consensus load equally among all the shards. The network can then meet all the computing demands which will result in quicker transactions. The shard processes all the operations which are assigned to microblock. The period of this processing is named “DS epoch”. At the end of “DS epoch”, all the microblocks come together and combine to form full blocks. These blocks are further incorporated to build a blockchain.

Could There Be Issues?

However, you cannot expect everything to be sugar and spice and everything nice! When the number of the nodes exceeds one million, there might be issues. However, that is not the concern of the moment because the network is still far from reaching million. So, as of now, error-free service can be guaranteed. As has been reported, while testing the sharding solution on a private blockchain, the network of Zilliqa has confirmed 2400 successful transactions in a second. The team of Zilliqa is excellent and has great potential & seem to have a room in the scene of cryptocurrency.

Useful Links:

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: