Zilliqa is a blockchain platform that was released in 2017 and has been supported by many communities to this day. So what is Zilliqa? how does it work? Let’s find out together in this article.
What is Zilliqa?
Zilliqa is an innovative blockchain that seeks to incentivize a global, distributed network of computers around the world by creating smaller groups or shards.
This way it can increase scalability for users while still being able to hold their transactions securely on each individual shard without affecting overall transaction volume like other chains.
How does Zilliqa work?
Consensus scaling can be difficult when the number of nodes increases. The more people there are on a network, it becomes harder to reach an agreement and agree with one another on what data should be used for transactions.
The Zilliqa network can process more transactions than ever before with the help of a hybrid consensus protocol. Their new model implements an ingenious way to grow our blockchain’s throughput by 600% when ~600 nodes join in on what they do best – processing data and validating blocks.
The Zilliqa protocol can scale because it uses sharding – which divides the number of mining nodes on a network into groups called shards. Each group works together to process transactions and create new blocks in their own small segments or “pages” within an overall ledger that keeps track of all activity across the whole network.
The shards process transactions into micro blocks in parallel with each other. At the end of this period, known as DS epochs or just one round after blockchain creation time has passed since its inception – those blocks are combined together to form full blockchain records that get added onto it forevermore.
Sharding is a way for blockchain networks to divide up their transactional data so that it only needs to be stored in nodes around the network. This solves one of these problems, which would otherwise lead us towards slower progression as more people use our system and demand grow at an increasing rate with each new user.
Proof-of-Work and BFT Consensus
With a hybrid consensus mechanism, Zilliqa prevents Sybil attacks by requiring identity proof from mining nodes. Instead of using PoW for their network’s security purposes like other cryptocurrencies do they rely on speed and honesty instead which makes them different than other networks.
The platform is also more secure because it is difficult if not impossible for bad actors or stand-alone machines to create multiple identities within one blockchain without being detected quickly.
With its high-throughput smart contract platform, Zilliqa Research created a domain-specific programming language called Scilla to power the smart contract safely. Designed as an imperative and principled solution with safety in mind for contracts written on their behalf.
What is ZIL token?
Zilliqa’s native currency token, ZIL is used for mining rewards and transaction fees.
Detailed Information about Zilliqa Token
ZIL Token Metrics
- Ticker: ZIL
- Blockchain: Zilliqa
- Consensus: PoW and pBFT
- Token type: Utility
- Avg.Block time: 60 seconds
- Avg. Transaction Time: Over 2800 TPS
- Token Standard: Unknown.
- Total Supply: 21,000,000,000 ZIL
- Circulating Supply: 13,783,620,625 ZIL
ZIL Token Allocation
21 million ZIL tokens are distributed as follows:
ZIL Token Sale
Zilliqa has raised $20 million in private funding for their project in 2017, with the equivalent of 12 ETH now valued at nearly 40x after reaching an all-time high.
ZIL Token Release Schedule
Zilliqa tokens are released on this schedule:
How to buy Zilliqa Token
You can buy ZIL on these listed exchanges: Binance, Gate.io, MEXC,… Alternatively, you can use Coin98 Exchange to swap other tokens for ZIL.
Learn more: How to use Coin98 Exchange
How to get Zilliqa Token
Zilliqa offers rewards for staking up to 13.21% APR which is pretty high compared to other platforms such as Tron Network (5.67% APR).
How to store ZIL
You can store ZIL on exchanges that listed the token. Coin98 Wallet will update the token as soon as possible.
Roadmaps and Updates
Zilliqa has not published its roadmap since 2020. However, from their newsletter, we can see that such important updates are being released recently such as:
- ZRC-6 finalized: ZRC-6 will pave the way for Zilliqa as a leading NFT issuance platform and contribute to its energy efficiency as well
- ZilBridge: Bridging WBTC, ETH, and USDT assets between Zilliqa and Ethereum networks. Providing liquidity in zWBTC-ZIL, zETH-ZIL, and zUSDT-ZIL pools on ZilSwap; and Trading zWBTC, zETH, and zUSDT on ZilSwap.
Team, Investors, and Partners
The team behind Zilliqa is largely computer science academics and PhDs.
Their information can be found as follows.
Zilliqa is funded by 13 investors. Chainfund Capital and NEO Global Capital (NGC) are the most recent investors.
Their investors include IOSG Ventures, Chainfund Capital, Plasma Capital, One Block Capital among other investors.
Zilliqa earned its popularity by partnering with highly respected and reputed partners in the industry.
Is ZIL a good investment?
This article has provided some of the main ideas related to the ZIL token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:
The figures show that Zilliqa’s platform has grown quite steadily between 2020-2021. However, at the moment, only $254 million is locked in the Zilliqa ecosystem. For a blockchain platform, this is quite a modest number, but with outstanding features such as sharding and Scillia, the future development of Zilliqa is highly potential.
The most recent quarterly report from Zilliqa shows that the project’s ecosystem now has more than 180 partners and projects building on the network, indicating that there is significant interest in the capabilities of the protocol.
In addition, the project also has very good incentives to develop the ecosystem such as $10 million USD for the creator fund or 5 million USD for ZILHive. These actions can absolutely bring good development to Zilliqa and attract developers and users.
You can find similar projects to Zilliqa through the analytics from Coin98 Analytics.
I hope you have gained all of the important information about ZIL including its features and highlights throughout this topic. If you have any questions about ZIL or want to know more about ZIL, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.
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