Zilliqa (ZIL) emerged as a potential solution to blockchain scalability problems. With the goal of building an efficient and sustainable blockchain platform, the platform has attracted the interest of many investors and developers.
In this article, AZCoin will help you better understand Zilliqa, how it works and its potential for future growth.
What is Zilliqa (ZIL)?
Zilliqa is a blockchain platform specifically designed to solve the scalability problem that current blockchains often face. Using the traditional Proof-of-Work (PoW) consensus model, many blockchains such as Bitcoin and Ethereum often have difficulty processing large volumes of transactions in short periods of time. For this reason, Zilliqa developed a new method called sharding.
Zilliqa (ZIL) Project Development Team
Zilliqa is a platform developed under the auspices of the National University of Singapore, with a development team of many experienced and prominent experts in the global blockchain field. Key members include:
- Xinshu Dong (CEO): Doctor of Computer Science, former chief engineer of Anquan, cybersecurity expert involved in many national security projects in Singapore and has many published studies.
- Amrit Kumar (Head of Research) : PhD from Grenoble-Alpes University and engineer from Ecole Polytechnique, France, currently a research fellow at the National University of Singapore (NUS).
- Christel Quek (Head of Marketing) : Formerly Twitter s head of content for international markets and co-founder of BOLT, a live TV and gaming service with over 3 million users.
- Prateek Saxena (Chief Scientific Advisor) : PhD in Computer Science from the University of California, Berkeley, and professor of computer science at the National University of Singapore (NUS).
In addition, the team has many other outstanding members, such as Amrit Kumar, Yaoqi Jia and Juzar Motiwalla.
Zilliqa s advisory board also includes prominent figures in the blockchain industry, such as Luu Loi (CEO of Kyber Network), Nicolai Oster (partner at Bitcoin Suisse AG), Vincent Zhou (founding partner of FBG Capital), and Alexander Lipton (founder and CEO of StrongHold Labs).
How does Zilliqa work?
Zilliqa is based on sharding technology and a hybrid consensus mechanism, which improves the scalability and performance of the blockchain network. Here are the key factors in how Zilliqa works:
Sharding
- Zilliqa divides the blockchain network into several small segments called shards. Each shard has the ability to process transactions separately and simultaneously, which speeds up the overall transaction processing of the network.
- As the number of nodes in the network increases, so does the number of shards, making the Zilliqa network scalable.
Hybrid consensus mechanism
- Zilliqa uses a hybrid consensus mechanism between Proof-of-Work (PoW) and Practical Byzantine Fault Tolerance (PBFT).
- PoW is used to establish the identity of nodes and prevent Sybil attacks.
- PBFT is used in shards to achieve quick and efficient consensus for transactions.
Outstanding features of Zilliqa
As AZcoin mentioned, Zilliqa is a blockchain that supports smart contracts, allowing programmers to develop decentralized applications (dApps) on the platform. Here are the outstanding features of Zilliqa:
- Low cost : Thanks to sharding technology, Zilliqa can process a large number of transactions per second, reducing the cost per transaction.
- Scalability : With sharding, Zilliqa can scale performance as more people use the blockchain by increasing the number of shards.
- Efficient mining : The pBFT consensus mechanism allows low-power hardware to also receive block rewards. This makes ZIL mining more cost-effective, even if the node is not a block recommendation node.
Basic information about ZIL token
ZIL token key metrics
- Ticker: ZIL
- Blockchain: Zilliqa
- Consensus: Proof of Work (PoW) & Practical Byzantine Fault Tolerance (pBFT)
- Token type: Coin
- Zilliqa contract: zil1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq9yf6pz
- BEP20 contract: 0xb86abcb37c3a4b64f74f59301aff131a1becc787
- Avg.Block time: 60 seconds
- Avg. Transaction Time: Over 2800 TPS
- Token Standard: Unknown.
- Total Supply: 21,000,000,000 ZIL
- Circulating Supply: 12,599,999,804 ZIL
ZIL token allocation
With a maximum supply of 21 billion tokens, ZIL is proportionally distributed by the development team as follows:
- 30% is released to the market through token sales.
- 40% is used as Mining Rewards.
- 12% go to Zilliqa Research, including research, community development and marketing.
- 10% is sold through the Strategic Sale round.
- 5% is held by Zilliqa Team with a token lock period of 2 years and unlocked every 3 months.
- 3% for Advisors.
What is the ZIL token used for?
The ZIL token has many applications in the Zilliqa ecosystem:
- Transaction Fees : ZIL is used to pay transaction fees on the Zilliqa blockchain.
- Gas fees : ZIL is also used to pay gas fees for smart contract execution.
- Staking : Users can stake ZIL for profit and participate in network governance.
- Security : ZIL is also used to encourage network nodes to participate in the authentication and security process for the system.
Where to buy and sell ZIL tokens?
ZIL tokens can be traded on many of the best cryptocurrency exchanges, such as Binance, Huobi Global, KuCoin and Bitfinex. You can trade ZIL in popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Where to store ZIL tokens?
ZIL tokens can be stored securely in a variety of digital wallets such as Trust Wallet, Atomic Wallet, Ledger Nano S, Ledger Nano X and Trezor. Alternatively, you can use Zillet, the official Zilliqa wallet, to manage and store your ZIL tokens securely.
Should you invest in Zilliqa (ZIL)?
The investment in Zilliqa (ZIL) depends on many factors and should be considered thoroughly. Zilliqa stands out for its sharding technology, which enhances scalability and fast transaction processing, which makes it an attractive option for decentralized applications (dApps) and smart contracts.
However, like any investment in the cryptocurrency sector, Zilliqa also comes with certain risks, including large price movements and legal factors. Before investing, make sure you have carried out the evaluation process thoroughly, thoroughly understand the project and consider your personal financial situation.
Conclusion
Through this article, AZcoin has helped you better understand Zilliqa (ZIL) – one of the potential blockchain projects, designed to solve the problem of scalability. If you want to invest in this project, please refer to the above content to be able to make the right decisions!
I am Louis Dang, living in Ottawa, Canada. I am currently working as a trader for AZCoin company, with 7 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
