Review on Zilliqa by Jerry Siegel
Zilliqa (ZIL)
Zilliqa is a blockchain platform aimed at increasing transaction scalability. The developers are building blockchain-based payment solutions that will be able to work even faster than Visa or Mastercard. This will be possible thanks to the sharding technology.
Sharding are dividing the Zilliqa mining network into smaller "shards", assuming that each "shard" can handle an X number of transactions, and together they are capable of processing 10X number of transactions. The more users (nodes) participating in the network, the higher the network bandwidth.
Token:
Zillings (or ZIL) is the payment unit of the Zilliqa network and currently running on their own blockchain (mainnet). ZIL is giving platform usage rights to the users in terms of using it to pay for transaction processing or run smart contracts.
What makes Zilliqa protocol stand out for me:
1. Smart use of Proof-of-Work.
Zilliqa protocol introduces two types of blocks: transaction blocks (TX-Block) and directory service blocks. TX-Block contains the transactions sent by users, and the DS-Block contains metadata about the miners. Miners are using the Proof-of-Work algorithm to confirm several thousand blocks at once (as opposed to the traditional Proof-of-Work, where a cryptographic problem is solved for each transaction).
2. Higher bandwidth for smart contracts and dApps.
Thanks to sharding technology, Zilliqa blockchain is able to support popular applications that are used by a huge number of people at the same time, without any network delays.
Conclusion:
Zilliqa is a decent project that is trying to solve the most important problem of the current blockchain solutions. Scalability is considered one of the most important blockchain issues today. Today's PoW blockchain solutions cannot quickly process a massive transaction output. Therefore, solving this problem will be a technological breakthrough.
Maintaining stable and fast operation of popular decentralized applications is also an important step in the development. Zilliqa is one of the projects that is aimed at solving this problem.
The network speed and security depends on the number of users. Therefore, we can conclude that Zilliqa can become a self-sufficient project that has every chance of success, provided that the crypto community and dapp developers will go along with their solutions.
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Pros
- Faster transactions for dApps and smart contracts, that will be able to work even faster than the current centralized solutions.
- High levels of network security: the project using a reliable and time-tested PoW, which is capable of preventing Sybil attacks, and is suitable for adding modifications in order to increase TPS.
Cons
- Right now the project could get a lot more attention and acknowledgement, work harder at the prospect of attracting new users to the network, thus making it even more reliable and secure.
