Zilliqa (ZIL) is a high-performance permissionless blockchain that enables developers to safely write powerful smart contracts for enterprises and applications. In particular, it is the first public blockchain to implement sharding on its main network. This integration allows Zilliqa (ZIL) to scale in a near linear fashion to meet the needs of its growing user base. The developers behind
Zilliqa (ZIQ) seek to enhance the capabilities of innovators by simultaneously eliminating some of the biggest problems faced by blockchain users and developers. Basically, Zilliqa was created to eliminate scalability issues. The network combines advanced sharding protocols with a unique consensus mechanism, enabling it to process thousands of transactions per second.
To accomplish this task, Zilliqa aims to divide the network into smaller groups, also called shards. These groups can then process transactions in parallel. The network can operate thousands of these smaller groups to speed up transaction approvals. In this way, the platform can be expanded to adapt to the size of your network.
Another key issue facing many blockchains is power consumption. The PoW blockchain requires intensive computing power. Blockchains like Bitcoin already consume more energy than the entire country. Zilliqa was created to avoid these problems by integrating the PBFT consensus mechanism.
Zilliqa Benefits (ZIL)
Zilliqa users receive multiple benefits. The decentralized nature of the network provides users with an anti-censorship platform to conduct transactions. The platform design allows you to handle large-scale international value transfers and micro-transactions. Microtransactions allow developers to create more detailed applications, and users can conduct daily transactions without paying high fees.
Decentralization There is no central coordinator in
Zilliqa. The network is used as code and cryptocurrency. Users never have to worry about their transactions being canceled, blocked or their funds confiscated, because there is no authorized organization to perform these operations. In this way, Zilliqa provides ordinary users with a decentralized alternative in the market.
Zilliqa structure also helps keep you safe. Since it entered the market, the network has never been successfully hacked. The fragmentation structure of the blockchain, along with its enterprise-grade security features, enables developers to confidently create interesting Dapps. Fragmented blockchain is no stranger to this industry. However, Zilliqa is one of the first public blockchains to implement such measures.
In terms of transaction fees, Zilliqa is much lower than the average rate of PoW networks such as Bitcoin. The reason why the cost of Zilliqa transactions is only a small part of the competition is that the network avoids all the congestion that usually pushes up gas prices and miner fees on other blockchains. It is these low fees that make micropayments a reality on the platform. How does
Zilliqa (ZIL) work?
Zilliqa is unique in that it is completely built on the architecture of fragmentation. Fragmentation is a term that refers to dividing the mining network into smaller groups, and each group is called fragmentation. This concept is not new, but it was further promoted and adapted to Zilliqa due to research conducted by the project's co-founders at the National University of Singapore (NUS). It is worth noting that Zilliqa must be fragmented to accommodate more than 600 nodes for it to function properly.
ZIL is the native cryptocurrency of the Zilliqa blockchain. Play multiple roles on the network. Its main use is as currency. In addition to processing transactions, it is also used to execute smart contracts and reward miners to protect the network.