Zilliqa is a network that aims to solve the scalability problem in blockchains and can perform transactions much faster than other networks. While the network has been around since 2016, ZIL as a cryptocurrency started operating in January 2018. Zilliqa has smart contracts that enable data flow. It can run dApps with very fast processing speed compared to other networks. The superior speed in the network provides much faster payment compared to other payment systems. Apart from that, high value auction auctions, transparent advertising supply chain transactions can also be done on the Zilliqa network. Zilliqa's scaling feature allows thousands of transactions per second. Thanks to the Sharding algorithm, that is, the horizontal division of the database in the infrastructure of the network, the transactions become faster as the number of users of the network increases. New protocols are constantly being developed to increase the speed of transactions on the network. Zilliqa horizontal database partition architecture is decentralized, scalable and secure.
A transaction on the Zilliqa network incurs a fee of $0.00002. It is about 100,000 times cheaper than the Ethereum network.
The network has extra security mechanisms. Scilla is used as the smart contract language. They aim to take precautions even against attacks and errors that are very unlikely to occur on the network. Being a non Turing-based language, Scilla is more acceptable than Ethereum for formal method-based validation, whose network is resistant to code errors. In Zilliqa, transactions are terminated with pBFT (practical Byzantine Fault Tolerance). Thus, it ensures that there is no need for data storage such as Ethereum and Bitcoin (PoW). All transaction history is not kept individually in the network, only the information required at the end of the transaction is kept. A great saving is achieved in data storage. Despite this savings, collaborations with Genaro Network and Bluzelle networks make data storage easier.
The CEO of Zilliqa is Xinshu Dong. Prateek Saxena is also the head of the advisory team.
The Zilliqa advisory team consists of StrongHold Labs co-founder Alexander Lipton, FBG Capital co-founder Vincent Zhou, Kyber Network Co-founder Loi Luu, Bitcoin Suisse AG partner Nicolai Oster.
It has a market capitalization of 1 billion 250 million dollars and is the 84nd most valuable cryptocurrency. There are 11,708,808,021 ZILs in circulation, a total of 15,000,275,174 ZILs have been minted so far. The maximum supply is 21,000,000,000 ZIL.
Mining System
The consensus of the Zilliq blockchain was established with the help of the prtaik Byzantine Fault Tolerance (Byzantine Fault Tolerance). Miners are paid in bulk at regular times. The variance in block rewards is very low. Ethash-compliant miners receive a discount on their participation fee. The Proof of Work mining system is only used when generating mining IDs. Thus, electricity consumption is very low. As Zilliqa miners increase, the speed of the network increases. The scaling of financial algorithms with machine learning is provided by the miners in the network. Currently, the confirmation time of a transaction on the Zilliqa network is much shorter compared to Bitcoin and Ethereum. Confirmation of a transaction on the network takes between 30 seconds and 120 seconds. When 6 parts, each of which has 600 nodes, run simultaneously, 2828 transactions per second can be made in the network. Therefore, there is no limit to the number of transactions per second and the speed of the network. It was able to reach or even surpass the speed of Master Card, Visa and other centralized applications.
Collaborations
Collaborations are made with industry leaders all over the world because they want to create use cases. These companies are Aqilliz, xfers, Hg Exchange, CHAINSECURITY.