Zilliqa is a blockchain protocol developed by the National University of Singapore that is now supported by organisations all over the world. Sharding, a method for processing transactions concurrently that scales better as more nodes join the network, is its defining advantage. In 2019, the Zilliqa tokens (ZIL) were introduced on Ethereum and converted into coins. They are now used in staking, gas fees, and platform apps. There are currently hundreds of dApps on the blockchain for a wide range of applications: from DeFi to play-to-earn.
How the Zilliqa network works
Bitcoin and Ethereum set the standard for the first generation of blockchains. However, despite the significant enhancements it made to the technology’s capabilities, there were still some issues. Particularly, Ethereum’s initial state of scaling was extremely poor, on a good day, its throughput could not exceed 15 transactions per second. Ethereum developers spread out aggressive designs to overhaul the organisation without break in a couple of years, and it is still quite far from occurring. In the meantime, the interest in blockchain networks is still high, and in this manner, layer-two arrangements and elective brilliant agreement stages began to show up.
Smart agreements
To boost the constructive outcome of sharding and grow it to smart agreements and calculations, it utilises a special purpose: the native programming language Scilla and an execution environment. Dataflow programming, which sees a smart contract as a directed graph, is used in these. To put it another way, Zilliqa’s smart contracts can be executed simultaneously with transactions and each other. The fact that Practical Byzantine Fault Tolerance operates with a deterministic finality is another great feature of it. You won’t have to wait for a few blocks for a transaction or contract call to be completed if you translate from technical terms. It speeds up the entire process and reduces latency.
History and the Zilliqa Group
The foundations of the Zilliqa project go back to the Public College of Singapore. The specialized documentation (white paper) for the Zilliqa convention was distributed in 2017 by a system “Zilliqa group”. The design had been under development for two years before its release. It took until 2018 to launch a testnet and 2019 to release the Zilliqa mainnet after it was finalised.
The team doesn’t hide anything. Prateek Saxena, Max Kantelia, and Juzar Motiwalla were its founding members who later established Zilliqa Research. After establishing Zilliqa Research, they were joined by Chief Scientist Amrit Kumar, CTO Yaoqi Jia, and CEO Dong Xinshu. Presently, Imprint Hensley is the Administrator of the Board, and the CTO is Richard Watts.
Comparison with the same projects
The following are some of the comparisons:
Zilliqa versus Ethereum
As a smart contract platform, the most immediate and biggest contender to Zilliqa is Ethereum. The throughput of ZIL is a lot higher than that of ETH by plan. However, the difference between the two would be much smaller if and when sharding is implemented on Ethereum. The robustness of the ecosystem would then be Ethereum’s primary competitive advantage at that point. However, this scenario is a long way off, and by then, things may have completely changed.
Zilliqa vs OmG
As previously stated, neither Zilliqa nor Ethereum are the only platforms that experience OMG Sharding. OMG Network is one of the projects that tried to use sharding to create a scaling solution for ETH. Plasma was used, which was a different sharding specification than Zilliqa’s.
OMG Network opened its doors later, in 2020, but it didn’t last as long. Several months prior the group that was building it continued toward a Hopeful rollup arrangement BOBA.
Partnerships and the future
The current state of Zilliqa is evident at this point, however, what about the future? The official newsletter gives a good look at it. They talked about their Gamescom Asia presence and their new native decentralised exchanges this month. They likewise prodded PredictionDEX and an NFT market Zilkroad, in addition to other things. The Zilliqa mainnet is also being optimised at the same time as the ecosystem, even though the ecosystem is the primary area of focus right now. For a grant in ZIL, the Zilliqa development team put out an open call for Scilla programming language optimization. The official channels of Zilliqa appear to be a great way to stay up to date on news about all platform projects and the future of the Zilliqa coin.
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