The blockchain technology is helping in the growth of economy worldwide, but with the blockchain platforms facing problems such as scalability, the ability to handle the growth can be jeopardized, however with the inclusion of Zilliqa in the blockchain industry, things are set to change for the better. Zilliqa blockchain platform is a blockchain-based platform that is being developed by researchers based at the National University and Singapore. The platform is led by Xinshu Dong. Zilliqa platform is the most developed blockchain technologies in existence. It is a decentralized ledger of either information or currency.
The platform has been under research and development for over two years. The platform has powered several groundbreaking deployments commercially. Moreover, it is tailored towards enabling a secure data-driven, decentralized app and brings the theory of sharing to practice with a novel protocol. The app is designed to meet the scaling requirements of financial algorithms and machine learning.
Some of the features of Zilliqa include:
- Data-Flow Smart Contracts: This is a new contracts paradigm designed with atomic commits, high parallelism, and user-defined security budget.
- Scalability: Built to scale the new blockchain with a clean-slate designed to scale by orders of magnitude.
- Quantifiable Security: It offers a blockchain protocol with strong probabilistic security guarantees.
Who is behind Zilliqa?
The project is headed by a group of knowledgeable and experienced people. They include Xinshu Dong, CEO, Max Kantelia, Visionary, Antonio Nicolas Nunez, Core developer and Prateek Saxena, Chief Scientific advisors among advisors, strategists and developers.
Based on the technology of ‘Sharding’, Zilliqa has announced their internal platform that has reached a peak of 2,488 transactions per second. This is an important milestone in Zilliqa development. To achieve this development, Zilliqa team used all available Amazon Web Services EC2 instances in Singapore. The EC2 are within the category Zilliqa team required. In total, 3,600 Amazon EC2 instances were used and acted as single nodes to test Zilliqa blockchain infrastructure. The last round of testing happened in September 2017. It reached approximately 1,400 TX/s on 2,800 nodes. This showed that there is an improvement in the transition rate of Zilliqa.
Although using and understanding the high-level idea of ‘sharding’ is not a problem, the problem lies in the unbiased process of sharding. The process is highly challenging. To help in solving the problem, Zilliqa developed a mechanism to dynamically elect and update machines to ensure the process is secure. The platform also proposes a new scalability-driven, smart contract language to provide better scale for a multitude of applications.