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Review on Zilliqa by Cryptobill Gates
Zilliqa's scalable solution Zilliqa is attacking the scalability problem with…
Zilliqa's scalable solution
Zilliqa is attacking the scalability problem with its own solution allowing multiple transactions to be processed when there are more nodes on the network. Basically, it rebuilds the blockchain architecture from scratch. The model they are using has a hybrid consensus protocol that will increase throughput with each of the 600 additional nodes in the network.
Zilliqa's blockchain works by dividing the work done on the network, with increasing throughput for every 600 new nodes. This is the theory. In fact, they are looking for problems with broadcasting when the network scale reaches more than 1 million nodes. However, we have nowhere near this level on any existing blockchain. Ethereum, which has the largest node network, currently has about 25,000 full nodes.
The Ethereum Network, with 25,000 full nodes, is only capable of handling 15 transactions per second. Zilliqa in reverse ran the test on their own network has reached 1,218 transactions per second with only 1,800 full nodes. If you double the node to 3,600, the flow rate is also 2,488 transactions per second.
Zilliqa is one of the few blockchain-based projects to mark all the boxes on the right. The relevant use case, unique value proposition, a strong group, a well-functioning token in the market, and an active testnet network. All signs are good for this project but as always, potential investors must be informed and invest wisely.
Pros
- Solve the problem of scalability Blockchain Scaling Dilemma Photo through Fotolia One inherent weakness of blockchain technology is its inability to expand. The problem comes from the fact that when the number of nodes in a network grows, it becomes increasingly difficult to reach consensus. Looking at a human network can be helpful to understand the consensus issue and scale up that face of the blockchain: If you have a meeting with a small group of people, it is not difficult to make a decision. You may find that some of you do not agree with everything, but you will easily see how each person feels and can reach consensus. As the group grows to the hundreds you can still get a good idea of how people feel, by voting or some similar approach. It starts to get harder to count the votes, and you can not be sure everyone is honest. As the team grows to the tens of thousands, or even millions, your electoral system must grow in complexity, and with the amount of energy needed to make it work. You will find more people do not act honestly and it is becoming increasingly difficult to know when or if people have voted. It's not a perfect analogy to talk about blockchain consensus, but I think you get points in that it becomes increasingly difficult to reach consensus as an increasingly large network. And this is where scalability issues begin, because the network size and network speed are inversely related. So when another increase decreases. Solutions that are being explored by most blockchains now include increasing the block size, so that multiple transactions can be validated in each round of consensus, or by moving some of the information out of the blockchains. completely. Although these solutions will help with scalability issues in the short run, they will never expand the need for blockchains to handle thousands or tens of thousands of transactions per second. They are simply a measure to prevent the gap from overcoming the underlying problem. In order to actually fix the scalability, the entire blockchain architecture needs to be redesigned so that the network size and network speed are no longer inversely correlated.
Cons
- Ethereum is about to release a full-fledged mechanism to address its scalability problem. This can take away some of the advantages of Zilliqa on this platform.
