Zilliqa (zil): The Future of Scalable Blockchain Solutions
As the world becomes more and more digitized, the need for blockchain solutions that can scale efficiently becomes more and more apparent. Zilliqa (zil) is a next-generation blockchain platform that is designed to solve the scalability issues that have plagued previous generations of blockchain technology. With Zilliqa, transactions can be processed at much higher speeds and with much greater efficiency.
Zilliqa is based on a new consensus algorithm called “Sharding”. Sharding is a process of horizontal partitioning of data in a database. In the context of Zilliqa, sharding refers to the division of the network into smaller groups, each of which processes transactions in parallel. This enables the network to process more transactions per second than would be possible with a single group or “shard”.
The Problem with Current Blockchain Solutions
One of the major issues facing current blockchain solutions is scalability. As the number of users on a blockchain network grows, so too does the amount of data that needs to be stored on the blockchain. This can lead to slow transaction speeds and high costs for users, as they must pay fees to miners in order for their transactions to be processed.
In order to address this issue, a number of different solutions have been proposed. These include sharding, which would divide the blockchain into smaller pieces in order to improve efficiency, and off-chain solutions such as the Lightning Network, which would allow for transactions to be processed outside of the main blockchain.
The market cap of all cryptocurrencies has grown exponentially in recent years, with the total market cap reaching over $800 billion in December of 2017. However, as the market has grown, so too have the problems with current blockchain solutions. If these issues are not addressed, it is unlikely that the market will continue to grow at such a rapid pace. The zilliqa price is down by -3.16%.
Zilliqa research team has come up with a new sharding solution that can process around 2,400 transactions per second. The protocol is built on a directed acyclic graph (DAG) structure. In this type of blockchain ledger, every new block references two or more previous blocks, thereby increasing security and scalability. The smart contracts in zilliqa are written in Scilla – a new programming language designed specifically for blockchain applications that are safe by design.
How Zilliqa Works
Zilliqa is the world’s first high-throughput public blockchain platform – designed to scale to thousands of transactions per second. Its new consensus mechanism and sharding architecture make Zilliqa scalable without compromising on decentralization or security. They process transactions in parallel while also making sure that each transaction is valid.
Zilliqa has been built from the ground up with scalability in mind. Even though existing blockchain platforms process only a handful of transactions per second, Zilliqa is designed to scale to thousands of transactions per second. The National University of Singapore has been working on Zilliqa since June 2017, led by Prateek Saxena, Loi Luu, and Xinxing Xu.
The circulating supply of ZIL is currently around 8.5 billion, with a maximum supply of 21 billion. In hong kong dollar, its current price is about 0.007 (7 hkd cents).
Zilliqa hit a new all-time high today, propelled by a rally in the cryptocurrency markets. If you buy Zilliqa today, you will pay around $0.007 per token.
Zilliqa Use Cases
When it comes to using cases, Zilliqa is very similar to Ethereum.
1. Decentralized applications
Zilliqa can be used to build decentralized applications (dApps) that are scalable and secure. The platform’s high transaction throughput means that dApps built on Zilliqa can handle a large number of users without compromising on speed or security.
2. Execute smart contracts
Zilliqa’s smart contract language, Scilla, is designed to be more secure than existing smart contract languages such as Solidity. This makes it well-suited for building applications that require a high degree of security, such as financial applications.
3. Native Utility Token
Zilliqa can be used to create and issue tokens. The platform’s high transaction throughput means that tokens can be sent and received quickly and securely.
4. Supply chain management
Zilliqa’s scalability and security make it well-suited for supply chain management applications. The platform can be used to track the movement of goods and ensure that only authorized parties have access to sensitive information.
5. Zero-Knowledge Proofs
Zilliqa’s support for zero-knowledge proofs means that it can be used to build applications that require a high degree of privacy. This includes applications such as private financial transactions and data sharing.
6. Improve network efficiency
Zilliqa’s sharding technology can be used to improve the efficiency of existing networks such as the Internet of Things (IoT) and 5G. The platform’s high transaction throughput means that devices on the network can communicate with each other quickly and securely.
The Risks of Zilliqa
Zilliqa is a new blockchain platform that uses sharding to improve scalability. However, there are several risks associated with Zilliqa that investors should be aware of:
1. Lack of adoption
In order for Zilliqa to be successful, it needs to be adopted by businesses and developers. However, due to its relatively new launch, Zilliqa has yet to gain widespread adoption.
2. Limited partnerships
Zilliqa has partnerships with a limited number of businesses and organizations. While it has partnered with some well-known companies, such as FBG Capital and Overstock, it will need to continue to form partnerships in order to increase its chances of success.
3. Scalability
While Zilliqa has been designed to be scalable, it is still untested at a large scale. It is possible that Zilliqa will not be able to handle the same volume of transactions as other blockchain platforms, such as Ethereum.
4. Competition
Zilliqa faces stiff competition from other blockchain platforms that are aiming to solve the scalability problem, such as Ethereum, EOS, and Tron.
5. Security
As a new platform, Zilliqa is untested in terms of security. It is possible that there may be vulnerabilities in the platform that have not yet been discovered.
Investors should carefully consider these risks before investing in Zilliqa.
The Road Ahead for Zilliqa
The Zilliqa team is currently working on a number of initiatives to bring the protocol closer to mainnet launch. Some of the most notable items on the roadmap include:
- Improve network stability and resilience: The team is constantly working to improve the stability of the Zilliqa network. In particular, they are working on implementing a new gossip protocol that will help nodes quickly and efficiently propagate messages throughout the network.
- Implement sharding-friendly smart contracts: One of the challenges with implementing sharding is that it imposes certain limitations on how smart contracts can be written. The Zilliqa team is working on a new smart contract language that will make it easier for developers to write sharding-friendly smart contracts.
- Continued development of the Scilla programming language: Scilla is a purpose-built smart contract language designed for security and scalability. The Zilliqa team is continuing to develop Scilla in preparation for mainnet launch.
- Implementing more secure multiparty computations: Multiparty computation is a technique for securely executing computations on data that is distributed across multiple parties. The Zilliqa team is working on implementing more secure multiparty computations to further improve the security of the protocol.
The team is also working on building out the Zilliqa ecosystem, including initiatives to support developers and grow the Zilliqa community. In the coming months, we can expect to see more progress on these fronts, as well as continued development of the protocol itself.
Final Thoughts: Is Zilliqa the Future of Scalable Blockchain Solutions?
When it comes to blockchain technology, there is no doubt that scalability is one of the most important issues that need to be addressed. With the current state of blockchain, it is simply not possible to process the large number of transactions that are needed for mainstream adoption. This is where Zilliqa comes in.
The native token of the Zilliqa network is called ZIL, and it is used to fuel transactions on the network. The best investment advice when it comes to ZIL is to simply hold onto it and watch the project develop over time. With its unique approach to scaling, there is a good chance that Zilliqa will become one of the leading blockchain solutions in the years to come.
The total supply of ZIL is capped at 21 billion, and the circulating supply is currently around 7.5 billion. The ZIL price has been on a steady decline since its all-time high in January 2018 but it has shown signs of life in recent months.
With the current cryptocurrency exchanges, Zilliqa is not yet widely available but that is likely to change in the near future. The most popular exchanges that offer ZIL trading are Binance, Upbit, and Huobi.
Zilliqa is a project with a lot of potentials and it will be interesting to see how it develops over time. So, what do you think? Is Zilliqa the future of scalable blockchain solutions? Let me know your thoughts in the comments below!
