Zilliqa ZIL Price

What is Zilliqa (ZIL)?

Zilliqa (ZIL) is a public blockchain that emerged in 2017, aiming to address the long-standing challenges of scalability and speed in the world of blockchain technology. The brainchild of Prateek Saxena, an assistant professor at the National University of Singapore School of Computing, Zilliqa introduces a unique approach to scalability through a sharded network, making it the world's first public blockchain to rely entirely on sharding.

The Foundation: Sharding for High Throughput

Zilliqa's sharding mechanism involves splitting the network into multiple shards, allowing for parallel transaction processing. Each shard operates independently, enabling Zilliqa to achieve high throughput and process thousands of transactions per second. As the network expands, more shards can be added, further increasing transaction processing capacity. This innovative approach eliminates the scalability issues that have hindered the widespread adoption of blockchain technology.

The Founders and Development

Zilliqa's journey began when Prateek Saxena and his team published a paper in 2016 outlining the potential of a sharding-focused blockchain. Co-founding Anquan Capital, Saxena collaborated with Max Kantelia and Juzar Motiwalla to establish Zilliqa Research in June 2017. Development officially commenced, leading to the launch of the testnet in March 2018 and the mainnet in June 2019.

Key Features and Use Cases

Zilliqa aspires to become the preferred blockchain for large-scale enterprise applications, including advertising, gaming, entertainment, and financial services. With its sharding architecture, Zilliqa aims to rival traditional centralized payment methods such as VISA and MasterCard. The platform also supports decentralized applications (dApps) and, since October 2020, offers staking and yield farming opportunities.

ZIL Token: The Engine of Zilliqa

Zilliqa's native utility token, ZIL, plays a crucial role in processing transactions and executing smart contracts on the network. With a fixed maximum supply of 21 billion tokens, ZIL was initially distributed through a token generation event and subsequent token swap in early 2020. Notably, 60% of the total supply was generated for distribution during the token generation event.

Network Security and Consensus

The Zilliqa network employs a practical Byzantine Fault Tolerance (pBFT) consensus protocol, requiring at least two-thirds of nodes to agree on the accuracy of a record before adding it to the blockchain. Shards confirm transactions independently, and once consensus is reached, a second group of nodes validates the collective results and adds a new block to the blockchain. Zilliqa also incorporates a proof-of-work algorithm for node identity assignment and shard generation.

Scilla: A Safety-Focused Smart Contract Language

Zilliqa introduced Scilla (Smart Contract Intermediate-Level Language), a safety-focused programming language designed to automatically identify and eliminate security vulnerabilities in smart contracts. This language facilitates formal verification of smart contract safety through mathematical proofs.

Market Presence and Accessibility

Zilliqa's native token, ZIL, is actively traded on major cryptocurrency exchanges like Binance, Huobi, Bitfinex, and Bithumb. The platform has seen continuous growth, with millions of transactions processed monthly and over 2500 blocks produced per day on the blockchain.

Conclusion: Shaping the Future of Blockchain

Zilliqa's sharding mechanism, coupled with its commitment to security and scalability, positions it as a pioneer in the blockchain space. As it continues to evolve and attract developers and enterprises, Zilliqa holds the potential to redefine how we perceive and utilize blockchain technology, offering a scalable and efficient solution for various industries and use cases.

What is unique about Zilliqa (ZIL)?

Zilliqa stands out as the world's first public blockchain relying entirely on sharding, addressing scalability challenges by processing transactions in parallel shards, achieving high throughput and eliminating scalability issues.

Who are the founders of Zilliqa (ZIL)?

Zilliqa was founded by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing, who, alongside Max Kantelia and Juzar Motiwalla, co-founded Anquan Capital and established Zilliqa Research in June 2017.

Where can I buy Zilliqa (ZIL)?

You can buy Zilliqa (ZIL) on Binance, MEXC, Bybit, BitgetGate.io cryptocurrency exchanges.