Zilliqa (ZIL), The First High-Throughput Blockchain Innovation
One contribution of the blockchain technology to the modern society is helping the growth of economy worldwide. But with blockchain platforms facing difficulties such as scalability, the capability to control the growth can be jeopardized. However, with the addition of Zilliqa in the blockchain industry, things are begun to improve for the better.
Controls and Contributions
The name Zilliqa means “silicon for the high-throughput consensus computer.” It entirely illustrates how most individual expect blockchain technology to work, thinking it can be scaled to the proper levels. It has been a big issue concerning public blockchains, including Bitcoin and Ethereum.
Interestingly enough, Zilliqa is also a public blockchain which concentrates on high-throughput and sharding. In fact, it offers multiple processes and protocols to the table to accomplish higher transaction rates than any other blockchain in the world. The developers claim Zilliqa will be capable of scaling by orders of magnitude, depending on the requirements of the people using this solution. That is a rather formidable goal, though one that is not entirely difficult to achieve.
Zilliqa’s other points of focus involve sharding, decentralized apps, smart contracts, and quantifiable security. In a way, it mostly sounds like an enhanced version of the Ethereum blockchain, considering it packs virtually the same functionality below the hood. It also appears the developers designed this public blockchain as a system to implement decentralized solutions for machine learning and financial algorithms. So far, the team has handled one major trial run, which generated some unexpected outcomes. With a throughput of 1,389 transactions per second, Zilliqa is leading of any of its competitors.
- Data-Flow Smart Contracts
A new contract paradigm created with atomic commits, high parallelism, and user-defined security budget.
Developed to scale the new blockchain with a clean-slate designed to scale by classifications of magnitude.
- Quantifiable Security
Zilliqa gives a blockchain protocol with powerful probabilistic security guarantees.
The ZIL Token
Zilliqa token is called ZIL. ZILs are the principal power behind the Zilliqa Blockchain like ETH for the Ethereum Blockchain.
ZILs are used by paying fees to the network nodes. A user must hold ZILs in his wallet to transfer ZILs or other future tokens to be generated on top of the Zilliqa blockchain made equal to ERC-20 tokens on the Ethereum blockchain, assisting hundreds of ICOs monthly.
Zilliqa (ZIL) is listed and partnered with mostly reputable cryptocurrency exchange markets like Binance, Huobi, Gate.io, and the rising platform, Kucoin.
The Team Behind Zilliqa Technology
Zilliqa is developed by a team of expert and accomplished individuals. Headed by Xinshu Dong, the Chief Executive Officer, Max Kantelia, Visionary, Antonio Nicolas Nunez, the Core developer, and Prateek Saxena, as the Chief Scientific Advisor.
Zilliqa has stated their internal platform that has attained a peak of 2,488 transactions per second. It is a significant milestone in Zilliqa development. To accomplish this development, Zilliqa team utilized all available Amazon Web Services EC2 instances in Singapore. The EC2 are within the category Zilliqa team needed. Overall, 3,600 Amazon EC2 instances were applied and acted as single nodes to test Zilliqa blockchain infrastructure. The last step of testing occurred in September 2017. It reached approximately 1,400 TX/s on 2,800 nodes. It showed that there is an advance in the development rate of Zilliqa.
Although practicing and understanding the high-level idea of ‘sharding’ is not a difficulty, the problem lies in the impartial process of sharding. The process is extremely challenging. To help in resolving the problem, Zilliqa developed a mechanism to dynamically elect and update machines to guarantee the process is secure. The platform also introduces a new scalability-driven, smart contract language to give a better scale for a number of applications.