Zilliqa is the first public blockchain for object fragmentation, allowing linear scaling as the block size increases.
Scalability is a major issue for existing blockchain technology today.
For example, Bitcoin cannot handle all the demand for its network, which accordingly leads to higher transaction costs. The same goes for Ethereum, where limited bandwidth means smart contracts can get heavily clogged. For example, the popularity of Crypto Kitties has slowed down Ethereum significantly, forcing the network to push its limits.
Zilliqa fundamentally changes the blockchain approach to consensus building. Scaling occurs with increasing network size. In theory, there is no limit to the number of transactions that Zilliqa can process per second. In practice, however, depending on the number of nodes on the network, Zilliqa can process tens or hundreds of thousands of transactions per second.
Zilliqa Cryptocurrency: Key Benefits
The main advantages of the Zilliqa cryptocurrency include the following:
- Powerful development team
Experienced blockchain professionals, entrepreneurs, and academics work on Zilliqa. Vishnu Dong, who leads the development team, is considered one of the best in cybersecurity and blockchain technology. Pratik Saxena is known as the creator of top-end developments for browser platforms. Christel Kwek is a leading expert in the digital economy. Yaki Jiana has been involved in Internet security and cryptography for many years. All of them have been working on Zilliqa since 2016, and experts have no reason to doubt their professionalism.
- Solid partners
Zilliqa already cooperates with large venture capital funds (Kenetic Capital, FBG Capital, Signum Capital), blockchain companies (MetaChain and BitcoinSuisse), and such business giants as Linklaters (legal services), IKX (entertainment industry), Mindshare (marketing), and others. … All of them are interested in the development of Zilliqa technologies and are actively investing their money in them.
- Demanded technology
Slowing transaction processing speed and degrading network bandwidth with increasing loads are fundamental problems for all top cryptocurrencies. With the growing popularity of the network, the number of transactions also increases, which leads to an increase in the “weight” of blocks and an overload of the blockchain. As a result, the network becomes too heavy and slows down. According to experts, this is the main reason why cryptocurrencies cannot compete with payment systems like VISA or SWIFT.
Zilliqa can change that. Thanks to the sharding and self-development of the system, the scalability problem disappears altogether. At the moment, the developers have managed to achieve a throughput of 2488 transactions per second (this is 250 times more than Ethereum). And this is only in test mode when 3600 nodes are working in the network. According to experts, if their number is increased to 10,000, Zilliqa’s throughput will reach the level of VISA. Other cryptocurrencies cannot even dream of such indicators.
- Improved smart contracts
Inspired by the success of Ethereum, many developers have added smart contracts to their cryptocurrencies. So far, only Zilliqa offers high concurrency contracts. This means that the user can launch and monitor several smart contracts at once and quickly switch between them. According to experts, such a mechanism will effectively manage the overall economy, organize distributed advertising networks, conduct parallel auctions, and so on.
What is the essence of bitcoin?
Bitcoin is simply a revolution in the world of finance. Asking the question of what Bitcoin is in simple words, what is its essence, you will find rather complex definitions, such as a peer-to-peer payment system, a global consensus network, and so on. But it can also be done in simple terms.
Bitcoin (Bitcoin, BTC, cue ball) is the first cryptocurrency, digital currency, a new type of asset not controlled by a single center (state). Freedom that cannot be manipulated.
In other words, bitcoin is a unit of exchange and accounting of transactions in a global system of distributed ledgers, where transactions are carried out without intermediaries in the form of banks and other financial controllers.
Benefits of Bitcoin
- No fakes. Bitcoins are software codes that cannot be counterfeited. It is also impossible to spend money twice. There is no need to verify the authenticity of the money received, to take risks when paying. This increases the reliability of such a means of payment.
- The Bitcoin system uses the same principle as Internet banking. The code is open, you can track transactions and transfer amounts. Information about the identity of the sender and the recipient remains secret.
- Democracy. It is almost impossible to change the bitcoin system. This will require the consent of 99% of the participants. This guarantees the stability of such a system.
- There is no control over the transfer of funds and transactions. No one can freeze an account – only its owner has such authority.
- There are no bank fees for transfers or coins.
