What is Zilliqa (ZIL)?

What is Zilliqa (ZIL)What is Zilliqa (ZIL)

Zilliqa is a software that aims to encourage a global and distributed network of computers to run a platform for blockchain which aims to increase user scalability through fragmentation.

As such, Zilliza is one of a series of competing blockchains aiming to grow an ecosystem of decentralized applications (dapps) and cryptocurrencies such as Ethereum, Tron and EOS.

To differentiate itself from others, Zilliqa uses a fragmentation process that divides its infrastructure into multiple interconnected blockchains to support more transactions.

Zilliqa also released Scilla, a native programming language that focuses on security and allows developers to write and launch customizable dapps designed to replicate real-world services.

To achieve all these features, the network's native cryptocurrency, ZIL, is used to run programs, send transactions, and encourage users who support the network.

Who Created Zilliqa?

What is Zilliqa (ZIL)

 

Zilliqa was launched in June 2017 by co-founders Amrit Kumar and Xinshu Don, two researchers at the National University of Singapore. The network's core network was launched in January 2019.

The project made an initial offer of currency (ICO) from the ZIL token in 2017, at the time raising over $22 million in ETH.

Zilliqa is supported by the founding company Zilliqa Research, as well as a growth initiative company, ZILHive.

Why Does Zilliqa (ZIL) Have Value?

Zilliqa's cryptocurrency, ZIL, plays a key role in the maintenance and operation of your network and can be used for holding, sending and staking.

By owning and betting on ZIL, users gain the ability to vote on network updates, with each vote being proportional to the amount of ZIL coin they wager.

Similar to many other cryptocurrencies, the ZIL supply is limited, meaning that according to the software's rules, there will only be 21 billion ZIL.

How Does Zilliqa Work?

The Zilliqa network offers many features common to other networks. criptomoedas, such as smart contracting, transaction settlement and token issuance.

Developers can use its proprietary language, Scilla, to execute custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services.

While implementing this system is complex, Zilliqa is designed to run smart contracts and confirm network transactions in a scalable and efficient way.

Sharding

Sharding is a structural technique that divides the network into multiple pieces, or fragments, allowing nodes to process only a fraction of the network's transactions.

Each chunk acts as its own block chain and allows the nodes assigned to it to store data, process transactions, and add new blocks to its specific chunk chain, called microblocks.

The microblocks are then combined into a transaction block by Directory Service Nodes (or DS nodes) to be added to the Zilliqa block chain.

It is important to note that fragment nodes contain a specific subset of the Zilliqa blockchain and do not need to store the entire Zilliqa history.

Practical Byzantine Fault Tolerance (pBFT)

Central to Zilliqa is the governance mechanism Practical Byzantine Fault Tolerance (pBFT) that keeps the distributed computer network in sync.

In order for nodes to trigger the blockchain and vote on the changes, they must first stake the ZIL, which means that anyone who owns the ZIL can help operate the network.

Using pBFT, all nodes assigned to specific fragments must agree before a microblock is finalized and combined into a transaction block.

Each node is then rewarded with a portion of the block reward for validating transactions.

Why Use Zilliqa (ZIL)?

Users may find Zilliqa attractive based on their attempt to create a platform scalable and secure for decentralized applications.

Furthermore, developers may find the platform attractive for products and services that can bring together a high volume of activity.

Investors may try to buy ZIL and add it to their portfolio if they believe the market will one day favor more scalable blockchains.

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