Zilliqa (ZIL) is a more advanced blockchain project that mines faster than anything we have seen lately. Straight from the University of Singapore, Zilliqa was created by a team of computer scientists, engineers, and entrepreneurs back in 2017. According to their website, “Only 1 minute out of every 2-3 hours is needed to mine ZIL.
The Sharding Process
Zilliqa’s unique platform desires to solve the problems of scalability through a system called sharding. Since ZIL is the first platform to use the process of sharding, expectation and excitement has grown in the crypto ecosystem. Sharding allows for the blockchain’s network to be divided into groups of nodes as it processes transactions separately. As a result, many more transactions are treated, which in turn allows the network to handle affairs faster. However, when the blockchain divides, so does the information. This means that the nodes must communicate with each other to get all the information needed for the transaction. Although this seems complicated, consensus mechanism (a system used by a network to agree) fixes this issue, while using less computing power than other platforms such as Bitcoin.
The ZIL token will attract the attention of developers of dApps and smart contracts. A smart contract is the terms and conditions that are required to be met before the transaction can begin. The idea is that once Zilliqa’s main net goes live, it could host a dApp that is large and similar to Facebook. In addition, through the transaction speed tests, it also has the potential to support payment processing services. Nevertheless, with all this buzz, the question of security comes into play.
So far, it has been deemed a safe platform overall due to the two unique security features: Hybrid consensus mechanism (HCM) and Scilla. HCM verifies the identity of nodes and stops the Sybil attacks while Scilla is a new programming language for smart contracts. It is of significance to remember that not only is Zilliqa a new company, but is also in it’s developed phase.
A Final Note
Currently, Zilliqa can be acquired on Binance, Crypto.com, and 35+ markets. It has over 60 project teams from more than 20 countries that have assisted in its ecosystem. Zilliqa is available for purchase for less than $.10 cents and is ranked #44th on Coin Market Cap. Their Research and Development team are working on 10+ projects to help the growing project stay afloat and successful in this competitive market. This new generation of cryptocurrency continues to shock the world with their innovations and the anticipation of what’s to come.
Written by Lena Castillo, CNIR Staff
