Zilliqa is a blockchain network that is more accessible and speedier than existing blockchain technologies. It is essential to be familiar with the history of this currency because it allows us to comprehend how the initiative has developed over time and the obstacles it has faced. Studying its past allows us to obtain insights into the project’s aims and mission, which may assist us evaluate its future possibilities.
Furthermore, understanding its history may help us comprehend its technological advances, like its usage of sharding, which can be valuable for programmers and other experts interested in collaborating with blockchain technology. In this essay, we will look at the coin’s history, ambitions, and accomplishments to learn more about how it got to where it is now.
Founder of Zilliqa
Xinshu Dong is the creator of Zilliqa, a blockchain platform that is quicker and more scalable than previous blockchain networks. Dong is a computer scientist who has previously worked on high-profile projects for Google and the National University of Singapore. He holds a Ph.D. in Computer Science from the University of California, Los Angeles (UCLA) and has written several publications on cryptography and computer security.
Zilliqa’s mission and goals
The objective of Zilliqa is to build a blockchain network that is quicker and more scalable than other established blockchain systems. The application of splitting, a technique that separates the system into fewer numbers of units that can execute operations in a series, is the initiative’s primary innovation. As an outcome, it is far faster compared to other blockchain-based systems, which may get congested when a high number of activities are processed at the same time.
Its goals include creating a speedier and more secure distributed ledger that is suitable for a wide range of services such as betting, finance, and digital identity authentication. The project also aims to build collaborations with other companies and groups in order to promote technological acceptance and develop novel applications for the system.
ICO and testnets
Its ICO was launched in December 2017 and raised over $22 million from investors. The ICO was designed to fund the development of the Zilliqa blockchain platform and to create a community of supporters and users. The Zilliqa token, known as ZIL, is used to power the network and to pay transaction fees.
The March 2018 deployment of Zilliqa’s testnet marked a significant step forward for the initiative. The testnet enabled developers to put the platform through its paces and experiment with its features and capabilities. The testnet also provided a chance for the team to gather user input and make changes to the platform before its official debut.
The testnet was an achievement, proving the rapidity and versatility of the coin’s infrastructure. The application can process over 2,000 payments per second, which is far faster than prior network designs. The testnet also shows that its usage of sharding is a viable technique to accelerate and optimize blockchain transactions.
Zilliqa’s Success in gaming and finance industry
It is a famous digital currency in the sports and finance areas. The technology is designed to be quick, secure, and flexible, making it a perfect choice for efficient blockchain-based services.
Gaming industry
The coin has had success in the field of gambling. The platform’s fast transaction speeds and low transaction fees make it an intriguing option for blockchain-based game developers. Because of the platform’s usage of sharding, it can also manage big-scale games with a huge number of participants.
It has already collaborated with a number of gaming businesses to create blockchain-based games. The coin, for example, has collaborated with Mindshare to develop a blockchain-based game that pays players with Bitcoin. The game, dubbed Project Proton, is intended to be quick and scalable, allowing it to accommodate a huge number of players.
Finance industry
Another area where this currency has achieved success is in finance. Because of its quick transaction speeds and cheap transaction fees, the platform is an appealing alternative for financial applications. The usage of smart contracts by the coin allows for the creation of complicated financial applications on the platform.
It has already partnered with several financial companies to develop blockchain-based financial applications. Zilliqa, for example, has collaborated with MaiCoin to develop a blockchain-based remittance network. The platform is supposed to be quick, secure, and inexpensive, making it an appealing choice for consumers who wish to send money internationally.
Overall, the currency’s success in the gaming and banking industries demonstrates the platform’s quick, secure, and scalable blockchain technology. As more firms investigate the possibilities of blockchain technology, Zilliqa is likely to remain a popular alternative for developers and businesses alike.
