One of the biggest challenges faced by the existing blockchain platforms is scalability. Bitcoin, Ethereum, and other significant players are longing for scalable solutions. Currently, many new projects are being designed to offer higher transaction throughput. Zilliqa is one such project built on a NextGen high-throughput blockchain platform, which operates on sharded architecture and attempts to scale up several thousands of transactions per second.
What is Zilliqa?
- Zilliqa, the public blockchain platform, is designed to process several thousands of transactions per second. The major problem faced by the blockchain platforms is the absence of scalability, which implies larger is the network, the harder it is to reach a consensus.
- Sharding implies dividing the network into smaller components to enable parallel processing of the transactions. Zilliqa’s transaction rate increases with the growing mining network. Thus, Zilliqa can match and exceed Visa, the world’s largest payment processor.
- Zilliqa platform is designed to support the Dapps and intelligent contracts. It allows the users to deploy and build decentralized exchanges, high-performance scientific computing applications, and financial algorithms.
Zilliqa’s Journey
- Zilliqa is a Singapore-based blockchain platform, which was launched in 2017. This platform is the first to use the sharding technology for solving the common blockchain problem of scalability.
- It uses an efficiency-boosting process that permits the network to expand in case of parallel processing. Zilliqa platform’s native token is ZIL that is used for paying the transactions.
- Zilliqa deals with companies like gaming, digital advertising, and finance, as these sectors have enormous potential.
- The blockchain infrastructure of Zilliqa is designed to meet the standards of gaming platforms. For example, it increases the capacity as per the number of users and processes transactions smoothly, securely, and efficiently.
ZIL Price Prediction
Experts predict that Zilliqa can develop exponentially with the help of partnership projects. It can gain exposure and global recognition too. Zilliqa might also work towards shifting from an Ethereum-based blockchain to a purely Zilliqa-based blockchain. ZIL had been listed in the top exchanges and based on its projects, ZIL price prediction suggests that price might even go up to $0.361.
How Zilliqa Works?
- Some solutions, such as shifting a little information off-chain or increasing the block size, can be implemented to reduce or solve the scalability issue. However, such measures might lack in providing the transaction throughput. The transaction throughput is the goal to be achieved for the expanding number of applications built on innovative contract platforms.
- Zilliqa offers a solution to implement sharding with a divide and conquer approach for scaling. Zilliqa has different forms of sharding like transaction sharding, network sharding, and computational sharding. Network sharding is highly critical as compared to the other two types of sharding.
- Network sharding divides the Zilliqa network into segregated groups of nodes called shards. For security reasons, Zilliqa requires every shard to have a minimum of 600 nodes. These shards can process the transactions in parallel, join more nodes to the network, and handle more transaction throughput.
- For example, if a network has a thousand nodes, it can be divided into ten shards with 100 nodes. A shard can process each transaction in parallel. Moreover, if one shard can process 20 transactions per second, all the shards’ combined power can process 200 transactions per second.
- The network of Zilliqa uses a hybrid consensus mechanism. Further, proof-of-work (PoW) is used to establish the mining identities, perform network sharding, and protect against the Sybil attacks.
- Nevertheless, proof-of-work is not used for consensus. Instead, it depends on the practical Byzantine Fault Tolerant (pBFT). This mechanism is used within each shard to provide high throughput and guarantee finality. The protocol’s final step requires nodes to signify that they have seen and agreed on the block.
Where to Buy ZIL?
ZIL is the native token of the Zilliqa blockchain. These tokens are used to reward miners, enable quick contract execution, and cover the transaction fees. It is pretty easy to obtain ZIL as there are several exchanges and over 40 markets offering ZIL.
Few exchanges where ZIL are readily available:
- Binance
- Bithumb
- Transak
- Huobi
- Okex
- Upbit
- Kucoin
- Coinhako
- Crypto.com
- Bitvavo
- Bitfinex
- BitBNs
- Changenow
Where to Store ZIL?
- A crypto wallet is software that holds the public and private keys and engages with a specific blockchain platform. A crypto wallet is necessary for storing any cryptocurrency. It enables the users to send, receive, and trade cryptocurrencies, thereby keeping a watch on their assets.
- It would be best to store your ZIL in wallets that are user-friendly, easily accessible, and secure. There are several types of wallets like software, hardware, desktop, etc. Moreover, various wallets can be used in different platforms like Android, iOS, and web browsers. Few hardware wallets support ZIL.
Few wallets supported by Zilliqa are:
- Ledger
- Moonlet
- Trust Wallet
- Zillet
- ZilPay Wallet
- Atomic Wallet
- Infinito Wallet
- Math Wallet
- Zilcli
- Equal
- Guarda
- Crypto.com
- Ownbit
- Zilliqa supports several wallet service providers, including the Atomic wallet. The atomic wallet allows the users to manage and exchange ZIL. This wallet application caters to the users’ requirements in the best possible way. The private keys are highly secured and generated from a mnemonic seed. It also enables its users with the advantage of having complete control over their assets.
Conclusion
Zilliqa has used sharding to solve scalability issues. Currently, it has no competitors. Its main goal is to build a scalable and secure blockchain platform for its users. To increase the adoption, it is vital to fix the smart contract platforms’ scalability and security issues. Moreover, Zilliqa offers decentralized and innovative solutions to solve real-world problems. Therefore, it focuses on building scalability and advanced security features. Undoubtedly, Zilliqa outshines all the crypto projects that are trying to solve the scalability issues.
