Zilliqa or ZIL is a cryptocurrency based in Singapore. Its value is pegged at 1:1 to the SGD or Singapore Dollar. Since its inception, it has garnered much attention since it incorporated three primary attributes: high scalability, eco-friendly, and low costs. These features made it on par with the other cryptocurrencies in the market. Learn more about cryptocurrencies here.
Many people have noticed that the value has surged over the months. The news in May 2022 said that it went up to 42%, so what exactly triggered ZIL’s value? Know that the developers and the ecosystem were busy forming partnerships with others, and there are a lot of announcements on social media platforms that have aided its traction. Most of the gaming gurus have participated in studio launches like Valentin and Tom, and more enthusiasts are expected to come up.
What is Zilliqa?
This is an ERC-20 token that originated in Southeast Asia, specifically in Singapore. The ecosystem is currently using the ZIL coin as one of its mediums of exchange for incentives and transaction fees. The rewards come from the crypto’s service as one of the blockchain node validators through the process of staking.
It’s powered by the ERC-20 public blockchain and Ethereum, and it can perform about 2,488 transactions per second. This is about a thousand times faster than the entire network of Ethereum. You may want to know more about this cryptocurrency through Zilliqa Wire, bringing you the most recent activities and news about this specific cryptocurrency. Other prominent features of the cryptocurrency include the developers building smart contract languages like Scilla that enabled them to develop services and applications on the entire network.
The project was first initiated by a former CEO, Xinshu Don, an expert on blockchain and cybersecurity technology. He has teamed up with various specialists and tech professionals in many fields to stabilize the ecosystem. Other partners are experts in the financial and fundraising sector, so it is no surprise that the coin has become popular in a short amount of time.
About the Sharding Process
The goal of creating another blockchain that is like Ethereum is to make improvements and enhance efficiency in the cryptocurrency niche. The Zilliqa was the first one to utilize sharding technology, which is the method of boosting the scalability of the transactions.
It distributes storage and computational burdens on various validator nodes, so it is easy to do a lot of transactions in a short amount of time. Bitcoin can only do 4.6 transactions per second, which is a scalability problem for many people. This is where the Zilliqa excelled since it also had many capabilities comparable to other blockchains like Solana, Cardano, and Ethereum.
The goal is to become the greatest digital asset that many large-scale companies will choose. Its developers are now looking into entertainment, advertising, gaming, and other technologies to improve the overall ecosystem of the ZIL. Further ambitious projects include being able to replace Mastercard and Visa for payments and be a valuable platform for big data research and machine learning development down the road.
How Does it Work?
The cryptocurrency is currently using sharding technology to improve its capability and scalability. Here are the other details that you need to know about:
The sharding happens by dividing a group’s processing powers and sending them to various nodes on the network. When there is a new issuance of transactions, the information tends to be split into smaller pieces which are called shards.
After completing the transaction, it will be recorded on the database for verification. The sharding is a computational effort shared across computers, resulting in more transactions being processed every second. This will cut the overall transaction costs and result in more scalability.
Consensus
Validating the transactions will require leveraging the proof-of-work, which is also present in bitcoins. Another consensus algorithm used is the practical Byzantine Fault Tolerance (pBFT) which offers a prominent level of cybersecurity. Get more info about the pBFT at this link: https://www.geeksforgeeks.org/practical-byzantine-fault-tolerancepbft/.
Completing the nodes will give an individual a chance to earn ZIL coins. For the pBFT to work, there should be approval to the algorithm from every node for the new addition of the new blocks into the chain. This will be challenging for the hackers, who must need to control all the nodes before starting their attacks.
Other Things to Know
If you want to acquire or buy Zilliqa, you will have to buy the ZIL tokens, a native cryptocurrency token. You can use them to pay transaction fees when you are in the Zilliqa ecosystem, and most of the dApps that were developed by the founders were built on them.
There are also rewards and earnings when you stake your ZIL tokens. The process of staking includes pledging them to the blockchain network as collateral, and you become part of the thousands of users who are validating transaction processes every second. The return is that you will receive more tokens afterward.
As mentioned, Scilla was created as a native programming language to make it easier for the developers to add to the applications when the need arises. The word means Smart Contract Intermediate-Level Language, which was created by engineers.
The Scilla is essentially securing the smart contracts of the entire blockchain, and the language was developed in such a way that it helps minimize any security risks that may be present in the ecosystem. The creators and developers are always aiming to write bug-free codes and identify security vulnerabilities in their systems to ensure maximum security. Automated mathematical proofs also allow the demonstration of smart contracts, so it is pretty safe.
The value of the Zilliqa significantly increased in March when it launched into the Metapolis metaverse. This was powered by Zilliqa itself, but it still might not be available to the public at this time. Nevertheless, a VIP launch was made in April, and the metaverse tokens are the ones that are drawing a lot of investors in. So far, technological advancement has proven to be a hit and has been great news to the current investors.
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