What Is Zilliqa? All You Need to Know About ZIL

Blockchain technology has grown in popularity in recent years due to its potential to revolutionize a wide range of industries, from finance to gaming and beyond. However, one of the most difficult challenges for blockchain networks is scalability: as the number of users and applications increases, the network can become congested and transaction times can slow. Zilliqa is a blockchain platform that was created to address this issue by utilizing the concept of sharding, which is a method of dividing a database into smaller parts to increase processing capacity. In this comprehensive article, we will look at the key features and benefits of Zilliqa, as well as what differentiates it from other blockchain platforms.

The Scalability Problem

As blockchain networks expand and evolve, the number of transactions that must be processed grows. This can cause network congestion and slow transaction times, making it difficult for blockchain networks to support large-scale applications while meeting the needs of an ever-growing user base. Simply put, scalability is the ability of a blockchain network to handle more transactions while keeping its speed and security.

The Solution: Sharding

Zilliqa addresses the scalability issue by dividing its network into smaller groups of nodes via sharding. Because each shard processes its own set of transactions in parallel, the network can handle many more transactions per second than traditional blockchain networks. This makes Zilliqa one of the fastest blockchain platforms available, capable of processing thousands of transactions per second.

Consider a database that must process a large number of transactions to understand how sharding works. Normally, all of these transactions would be handled by a single node, which can become overburdened and slow. By dividing the database into smaller pieces, or shards, each shard can process its own set of transactions in parallel, greatly increasing the network’s overall processing capacity.

How Sharding Works on Zilliqa

Zilliqa’s technical architecture is built around the concept of sharding, which is what sets it apart from other blockchain networks. The Zilliqa network is designed to scale on demand by adding additional nodes and miners, which creates new shards to be added to the network. In fact, if Zilliqa were to have 20,000 nodes, it could be split into 25 sub-networks with 800 nodes each, processing data simultaneously and in parallel.

The sharding process on Zilliqa is a two-part process. First, the Directory Service (DS) Committee Nodes are elected, which initiate the sharding process and assign nodes to each shard. Once transactions are verified in a shard, they can be verified by the full network and enter a global state that combines the states of all shards.

Zilliqa uses two types of blocks and, as a result, two blockchains that work in tandem. It has transaction blocks (TX-Blocks), which contain the transactions sent by network users, and directory service blocks (DS-Blocks), which contain data on the network miners who support and secure the network. The TX-blocks store the transaction data that was agreed upon by the nodes of a DS-Block, and each DS-Block links with several TX-blocks.

Smart Contracts

Zilliqa is a smart contract platform that allows developers to create and deploy decentralized network applications. This opens the platform up to a wide range of potential use cases, from decentralized finance to gaming and supply chain management. Smart contracts are self-executing contracts in which the terms of the buyer-seller agreement are directly written into lines of code. This enables secure and transparent transactions to take place without the use of intermediaries such as banks or lawyers.

What is Scilla?

Scilla, or Smart Contract Intermediate-Level Language, is a programming language that has been developed specifically for Zilliqa. Its design is focused on security and scalability, making it the ideal choice for smart contracts and decentralized applications (dApps) that are deployed on the Zilliqa network. Scilla allows developers to verify the security of their smart contracts using mathematical proofs, ensuring that the smart contracts meet specific requirements. Additionally, Scilla has been optimized to fully leverage the scalability and sharding architecture of Zilliqa, making it an efficient and effective solution for developers.

Zilliqa: NFTs and the Creator Economy

The 2021 NFT craze has taken the world by storm, and Zilliqa is right in the middle of it. NFTs are one-of-a-kind digital assets that cannot be duplicated, making them ideal for use cases such as art, collectibles, and even real estate. With the rise of NFTs comes an increased demand for a blockchain platform that is fast, secure, and capable of handling large volumes of transactions. Zilliqa is the platform in question.

Zilliqa is a blockchain platform that is specifically designed to handle large volumes of transactions and large amounts of data storage. Because of its high performance, Zilliqa is an ideal platform for the NFT market. Zilliqa can process thousands of transactions per second, allowing for real-time creation and trading of NFTs. Furthermore, Zilliqa’s smart contract functionality enables complex NFT use cases such as auction houses, marketplaces, and even virtual real estate platforms to be programmed.

Zilliqa is well-positioned to support the growing NFT market due to its high performance, security, and scalability. This is especially true in the Creator Economy, where artists, musicians, and content creators seek new ways to monetize their work. These creators can sell their work directly to their fans and collectors by leveraging the power of blockchain technology and NFTs.

Zilliqa’s DeFi Services

Zilliqa is a platform for decentralized finance (DeFi) services in addition to its support for NFTs. DeFi services are blockchain-based financial applications that enable users to access financial services such as loans, savings, and insurance without the use of intermediaries.

Zilliqa’s DeFi services are built on its high-performance and secure blockchain platform, allowing it to provide users with quick, low-cost financial services. Lending and borrowing, yield farming, and stablecoins are among the DeFi use cases supported by the platform. This allows users to access a wide range of financial services from a single platform.

Scalability is one of the primary benefits of Zilliqa’s DeFi services. The platform can handle high volumes of transactions and users, allowing it to provide DeFi services to a large number of people. This is especially important for DeFi services like lending and borrowing, which require the ability to handle a high volume of transactions and users.

Zilliqa’s Dapps &Ecosystem

One of the key benefits of dapps on Zilliqa is their open-access nature. Anyone with access to a web3 wallet can use dapps built on Zilliqa with no KYC required, allowing for a trustless and inclusive environment. Furthermore, dapps on Zilliqa are censorship-resistant, meaning that no one can prevent you from accessing them. This gives users the freedom to use dapps as they see fit, without fear of interference or censorship. Dapps on Zilliqa are governed by code and run autonomously on the decentralized network using smart contract logic, which provides a secure and transparent environment for users. The use of a web3 wallet also helps keep your personal information private, allowing you to stay anonymous while using dapps. From decentralized banking to minting NFTs, the possibilities of blockchain technology are vast and can be explored on the Zilliqa platform.

Source: Zilliqa Ecosystem

Zilliqa in Action: Real-World Applications

Zilliqa’s blockchain sharding technology has numerous real-world applications, making it an ideal solution for industries such as machine learning, IoT, and financial services. The Zilliqa network is able to handle complex computations and intensive throughput, making it ideal for data-intensive use cases like data mining and financial modeling. It can also be used for training neural networks and machine learning applications, as well as for data-based academic research.

In the financial services industry, Zilliqa’s scalable and secure network makes it a prime candidate for use in payment processing, securities trading, and digital asset management. With its ability to handle high volumes of transactions in real-time, Zilliqa is poised to revolutionize the way financial transactions are conducted.

What is ZIL Coin?

ZIL is the native cryptocurrency of the Zilliqa network. Launched in 2019 as a mainnet and native blockchain, ZIL has replaced the early ERC-20 token that was used on the Ethereum network. ZIL serves several functions within the Zilliqa ecosystem, including funding and securing the network, as well as functioning as a cryptocurrency. ZIL coins can be used for transactions, micropayments, and to purchase products in online marketplaces, as well as other crypto assets and collectibles.

In addition to its use as a currency, ZIL is also used to incentivize miners with block rewards and transaction fees. Unlike many other blockchains, the mining rewards for ZIL will gradually decay over a decade-long period, with the goal of keeping the hashrate stable while still incentivizing miners. Zilliqa has also optimized its platform for GPU mining, making it more resistant to specialized mining hardware and supporting decentralization by evening the playing field for small-scale miners.

News on Zilliqa

Zilliqa has established partnerships with several major players in the blockchain and cryptocurrency space, including Unstoppable Domains, Mintable, CommX, and a blockchain gaming application. These partnerships offer a range of benefits to users, from the ability to create readable blockchain domain names to the option to tokenize and fractionalize physical assets, as well as support for inventory tracking and engine monitoring, and in-game NFT trading.

In terms of its roadmap, Zilliqa is continuously working to improve its network and expand its ecosystem. This includes protocol improvements such as storage pruning, sharding upgrades, privacy improvements, cross-chain support, and more. In 2020, Zilswap was launched, offering users a decentralized exchange that supports ZIL and other major cryptocurrencies. With a focus on innovation and improvement, Zilliqa is well-positioned to continue delivering value to its users and partners.

How to Own Zilliqa (ZIL)

To own ZIL, you can use the services of a centralized crypto exchange. Start by creating an account on a reputable exchange that supports the trading of ZIL, such as Gate.io. Then, get your account verified and funded with your desired currency. Once your account is set up, you can go through the steps to buy ZIL on the exchange. Remember to do your research and compare prices across different exchanges before buying, and also make sure to store it in a safe and secure wallet.

Is Zilliqa a Good Investment?

In conclusion, Zilliqa is a blockchain platform that solves the scalability issue by utilizing sharding, which divides its network into smaller groups of nodes, resulting in the network being able to handle more transactions per second. Zilliqa is a smart contract platform with a variety of real-world applications, especially in industries like machine learning, IoT, and financial services. Its sharding technology is complemented by the programming language Scilla, which was developed specifically for Zilliqa and is focused on security and scalability for smart contracts and decentralized applications. Zilliqa’s scalability and security make it an ideal candidate for use in payment processing, securities trading, and digital asset management.

Useful References

For the latest updates about Zilliqa, you can visit:

Official Website

Blog

Twitter

Telegram

Discord

Take Action on ZIL

Check out the ZIL price today and start trading your favorite currency pairs.

• ZIL/USDT
• ZIL/ETH