Zilliqa ZIL 2018-04-30T18:26:40+00:00

Zilliqa ZIL

Project Description

Purpose

Zilliqa is a new blockchain platform that is designed to scale in transaction rates. As the number of miners in ZIL increases, its transaction rates are expected to increase as well. Specifically, Zilliqa’s design allows its transaction rates to roughly double with every few hundred nodes added to its network.

 

The cornerstone in Zilliqa’s design is the idea of sharding — dividing the mining network into smaller consensus groups called shards each capable of processing transactions in parallel. If the mining network of Zilliqa is say 8000 miners, the network automatically creates 10 sub-networks each of size 800 miners, in a decentralized manner without a trusted coordinator.

 

Zilliqa’s native token, ZIL, gives platform usage rights to the users in terms of using it to pay for transaction processing or run smart contracts.

 

Strengths

– The first blockchain to successfully implement sharding

– Sharding makes the Zilliqa network extremely scalable

– Since miners can reach consensus on multiple blocks during an epoch, they are guaranteed more stable rewards with low variance.

 

Weaknesses

– Lots of well established competitors in the ICO platform market

– Since they are the first to implement sharding, it has not yet been extensively tested

– Zilliqa has its own programming language which is a barrier for anyone wanting to program smart contracts on it.

Network Status

The Zilliqa mainnet is not live yet. Their testnet v1.5 was launched in Q1 2018.

 

Roadmap

Q1, 2018: Releasing public testnet v1.5 – Resilience and recovery – Support for basic features of smart contracts – Performance optimizations – Feedback & bug fixes

 

Q2, 2018: Launching the first version of Zilliqa public mainnet

Computational sharding for smart contracts

 

Q3, 2018 Releasing dApps

 

Governance

Zilliqa uses PoW only to establish identities and prevent sybil attacks. Zilliqa does not use PoW to reach consensus on blocks.

 

Their consensus protocol relies on shards. They are independent group of nodes which are responsible for validating a portion of the transactions. In order to do so, each shard will need to decide on its own consensus. This will be done by another consensus approach named Byzantine Fault Tolerance Algorithm or PBFT protocol. At a high level, for each shard, a leader is selected. This leader will validate a constant amount of transactions and create a new block. Then the block will be validated by the other nodes of the shard. If the vast majority of the nodes in a shard accept the block, it will be addressed to the DS Committee in order for the block to be accepted in the general consensus of the Zilliqa blockchain.

 

Similarities

Being an ICO platform, ZIL is similar to Ethereum, Neo, Qtum, etc.

 

Notable partnerships

In partnership with Mindshare, Bluzelle, Trinity and Global Brain Blockchain Labs.

 

Exchange

ZIL is traded on Huobi, Binance, Kucoin and Gate.io.

 

Stack

A blockchain layer.

 

Community

Reddit: 4,796 subscribers

Twitter: 25,985 followers

Telegram: 23,192 members

 

Zilliqa Price history

March-27-2018: 0.047 USD

March-1st-2018: 0.050 USD

Jan-25-2018: 0.136 USD

 

P.S. Sign here for our daily publications!

This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations

Leave A Comment