What is Zilliqa? (ZIL)
The Beginner’s Guide
Zilliqa is a software that seeks to incentivize a global, distributed network of computers to run a blockchain platform that aims to increase user scalability through sharding.
To differentiate itself from others, Zilliqa uses a sharding process which splits its infrastructure into several interconnected blockchains to support more transactions.
Zilliqa also launched Scilla, a native programming language that focuses on security and enables developers to write and launch customizable dapps intended to replicate real world services.
To achieve all of these features, the network’s native cryptocurrency, ZIL, is used to execute programs, send transactions, and incentivize actors that support the network.
For more regular updates from the Zilliqa team, you can bookmark Zilliqa's Blog, which includes new releases, newsletter updates, and partnership announcements.
Ai đã tạo ra Zilliqa?
Zilliqa được ra mắt vào tháng 6 năm 2017 bởi hai nhà đồng sáng lập Amrit Kumar và Xinshu Don, hai nhà nghiên cứu từ Đại học Quốc gia Singapore. Mạng chính thức của mạng đã hoạt động vào tháng 1 năm 2019.
Dự án đã tổ chức Khởi điểm chào bán Coin (ICO) của ZIL token vào năm 2017, vào thời điểm đó, huy động được hơn 22 triệu đô la ETH.
Zilliqa được hỗ trợ bởi công ty nghiên cứu Zilliqa sáng lập cũng như công ty phát triển sáng kiến ZILHive.
How Does Zilliqa Work?
The Zilliqa network offers many features common to other cryptocurrency networks such as smart contracting, transaction settlement, and token issuance.
Developers can use its proprietary language, Scilla, to run custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services.
While this system is complex in implementation, Zilliqa is ultimately designed to execute smart contracts and confirm network transactions in a scalable and efficient manner.
Sharding is a structural technique that splits the network into several pieces, or shards, allowing nodes to only process a fraction of the network’s transactions.
Each shard acts as its own blockchain and allows nodes assigned to them to store data, process transactions and add new blocks to their specific shard chain, called microblocks.
Microblocks are then combined into a transaction block by Directory Service Nodes (or DS nodes) to be added to the Zilliqa blockchain.
Of note, the shard nodes contain a specific subset of the Zilliqa blockchain, and do not have to store Zilliqa’s entire history.
Practical Byzantine Fault Tolerance (pBFT)
Central to Zilliqa is the Practical Byzantine Fault Tolerance (pBFT) governance mechanism that keeps the distributed network of computers in sync.
In order for nodes to power the blockchain and vote on changes, they must first stake ZIL, meaning that anyone who owns ZIL can help operate the network. Using pBFT, all nodes assigned to specific shards must agree before a microblock is finalized and combined into a transaction block.
Each node is subsequently rewarded with a portion of the block reward for validating the transactions.
Tại sao ZIL có giá trị?
Zilliqa’s cryptocurrency, ZIL, plays a key role in maintaining and operating its network, and can be used for holding, sending and staking.
By owning and staking ZIL, users gain the ability to vote on network upgrades, with each vote being proportional to the amount of ZIL coin they stake.
Similar to many other cryptocurrencies, the supply of ZIL is limited, meaning that according to the software’s rules, there will only ever be 21 billion ZIL.
Kraken's Crypto Guides
- What is Bitcoin? (BTC)
- What is Ethereum? (ETH)
- What is Ripple? (XRP)
- What is Bitcoin Cash? (BCH)
- What is Litecoin? (LTC)
- What is Chainlink? (LINK)
- What is EOSIO? (EOS)
- What is Stellar? (XLM)
- What is Cardano? (ADA)
- What is Monero? (XMR)
- What is Tron? (TRX)
- What is Dash? (DASH)
- What is Ethereum Classic? (ETC)
- What is Zcash? (ZEC)
- What is Basic Attention Token? (BAT)
- What is Algorand? (ALGO)
- What is Icon? (ICX)
- What is Waves? (WAVES)
- What is OmiseGo? (OMG)
- What is Gnosis? (GNO)
- What is Melon? (MLN)
- What is Nano? (NANO)
- What is Dogecoin? (DOGE)
- What is Tether? (USDT)
- What is Dai? (DAI)
- What is Siacoin? (SC)
- What is Lisk? (LSK)
- What is Tezos? (XTZ)
- What is Cosmos? (ATOM)
- What is Augur? (REP)
Why use ZIL?
Users may find Zilliqa appealing based on its attempt to create a scalable and secure platform for decentralized applications.
Further, developers may find the platform attractive for products and services that may garner a high volume of activity.
Investors may seek to buy ZIL and add it to their portfolio should they believe the market will one day favor more scalable blockchains.