What is Zilliqa?
Launched in 2017, Zilliqa is well-known for its focus on network throughput and transaction speed. It is also a competitor to the ethereum network. It is also a public blockchain platform that allows developers to build smart contracts and DApps on top of it. This project has many outstanding features that are pushing for blockchain mass adoption.
In this article we will explore various aspects of this coin and why you should invest in it.
High transaction speeds:
The platform boasts of being able to carry out transactions a thousand times (1,000x) faster than other well-known blockchains. With sharding, Zilliqa can process 2828 transactions per second, making it perhaps the fastest blockchain platform as compared to others. Bitcoin can only process 7 transactions per second, Ethereum 15, Tezos 50, Cardano 250 and Visa can do 8,000. Zilliqa is the closest among all cryptocurrencies to the commercial application of Visa.
Solving the Scalability Problem:
Bitcoin has a scaling problem. Currently, the cryptocurrency network can clear about 7 TPS (Transactions Per Second) which is slow especially during times of above average use. Fees quickly increase, such that sending a transaction may cost $5 or more. Fortunately, Zilliqa has already solved the scaling problem through a method known as sharding. It is not some theory research as this is already live on their mainnet. Zilliqa is the ONLY blockchain that has successfully implemented sharding.
What is sharding?
Sharding is the process of fracturing blockchain nodes into different groups called shards. Each shard processes a small portion of all transactions simultaneously and in parallel with other shards. Finally ,shards are merged and added to the blockchain. With sharding , zilliqa has been able to solve the blockchain problem of scalability, privacy and decentralization. This process of carrying out transactions has been termed to be faster and more secured as compared to other blockchain networks available today.It also ensures that the Zilliqa platform can scale to meet the needs of a growing ecosystem of miners and applications.
A New Programming Language:
Part of Zilliqa’s flexibility is the result of the introduction of a new scripting language called Scilla. It allows developers to create smart contracts on their blockchain. Scilla is a language that checks for bugs within each smart contract before they go live. It also has its own library which removes the need to rely on external programming libraries.
Dapps:
Its platform is very useful to those users who want to develop high-volume smart contracts and Dapps. Zilliqa already has a number of Dapps under development and live on the network. In the future, the Zilliqa Dapp ecosystem is set to see rapid expansion as more developers seek out cost-efficient alternatives to Ethereum‘s gas prices.
The Zilliqa team:
The Zil team comprises PhDs in computer science with an academic background. The CEO, Xinshu Dong, has a Ph.D. in Computer Science from the National University of Singapore. He’s a cybersecurity expert, responsible for several national security projects in Singapore. His research has also appeared at reputable conferences and in journals.
$ZIL token:
$ZIL is the symbol the Zilliqa project uses for its token on its blockchain network. Moreover, ZIL is the token that powers the Zilliqa blockchain and gives it value. It is used as a mining incentive, as well as a tender for paying transaction fees. The token holders can enjoy staking returns on their investments. I have written an article explaining how to get passive income by staking your $ZIL, so make sure you check it out!
All in all, I have to conclude that Zilliqa has established a decent share in the total crypto space, currently ranked at #81 on CMC. You can start investing right now on Binance. It is one of the most user-friendly exchanges out there and supports up to 150 cryptocurrencies. Also, The price of Zilliqa is very low right now at $0.07, so you should seize the opportunity and buy now before the price starts recovering.
In this article, I tried to give you all the relevant information about the Zilliqa blockchain as a whole. Remember that if you want to invest in Zilliqa it’s very important to do some decent research and this article should be a great help. If you have any questions, feel free to ask in the comments.
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