Review on Zilliqa by David Olayide
Zilliqa Might Be The Solution To Scalabilty Problems.
Zilliqa.
At first I thought that sounded strange and sort of different at the same time. When I first came in contact with Zilliqa I knew that this project had something different to offer. The project like few others, set out to identify one of the many problems afflicting several blockchain networks globally, and also establishes a solution to these problems. The problem of scalability in particular is what Zilliqa sort to provide a solution for.
The ability to process more and more transactions in short periods of time is a problem that is being encountered by lots of blockchains today including the almighty bitcoin and Ethereum blockchains. Zilliqa has attempted to solve this problem using a process known as sharding. Zillqa was launched in 2019 and since then, it has continued to improve the speed and security of its network. I found out that unlike other blockchain networks, Zilliqa can actually perform over 2000 transactions per second. In theory it should be unlimited. It is still feasible to say that hundreds of thousands of transactions can be processed per second.
Zilliqa works to rebuild the entire blockchain structure from scratch while making sure to correct some anomalities that account for reduced scalability. Currently the network they have built can achieve up to 1 million nodes and 2,828 transactions per second which is far above what any other blockchain that exists right now can offer. Ethereum with the highest number of nodes can only reach 25,000nodes and 15 transactions per second. This surely proves that Zilliqa is working hard to solve this scalability issue. The success of this feature is largely attributed to Zilliqa's use of a technique called sharding which works by divinding the network into a group of 600 nodes.
Zilliqa has its own programming language and that makes it possible for developers to work on creating decentralized applications on the network. There is also an ERC token called ZIL created by the Zilliqa ecosystem. This token can be used to pay for transaction and gas fees. The price is largely unstable for now. KuCoin, Upbit, and Huobi are some of the platforms from which you can buy or sell ZIL coins.
The entire structure of Zilliqa is dedicated to solving the problem of scalability, so the project has bright prospects for the future.
Pros
- Highly scalable
- ZIL token acn e found on major exchanges
- Makes use of a process called sharding to solve problems of scalability
Cons
- It is not a very profitable investment for now
