Zilliqa : ZIL – Cryoptocurrency

Zilliqa Cryptocurrency

About Zilliqa
Introduced in 2017, Zilliqa (ZIL) is centered around the idea of ‘Sharding’ and was designed to enhance the scalability of cryptocurrency networks such as Ethereum. Sharding is analogous to the concept of ‘divide and conquer’, where transactions are divided into smaller groups for miners to perform parallel transactional verification. The upshot of this is the ability to reach consensus more quickly, which would increase the number of transactions in a given period. According to the white paper, transactions speed could scale to approximately 1000x that of Ethereum’s network. Zilliqa’s high throughput means that developers can focus on fleshing out their ideas rather than worrying about network congestion.

Pushing Boundaries
Blockchains can easily be made to scale by trading off security and decentralisation. With sharding at its core, Zilliqa’s architecture maintains a good balance between security, decentralisation and scalability. Additionally, our smart contract platform’s application-level security plays a vital role. To this end, Zilliqa relies on our own safe-by-design smart contract language, Scilla.

Scales with network size
By implementing network sharding, Zilliqa is able to divide the network into multiple groups. Each group is able to process transactions in parallel. For instance, if 6 shards (each with 600 nodes) process transactions individually, then all the shards will collectively be able to process around 2828 transactions per second. The sharded network architecture also allows the throughput of the platform to increase almost linearly as the network expands.

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Author: Carol Danvers

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