What is Zilliqa?

Zilliqa (ZIL)

Website

Whitepaper

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.

Zilliqa platform has been under research and development for over two years. The platform has powered several groundbreaking deployments commercially. Zilliqa 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.

Features

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: Zilliqa offers a blockchain protocol with strong probabilistic security guarantees.

Who is behind Zilliqa?

Zilliqa 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.

 

Zilliqa Video Explanation

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Cryptostec
DISCLAIMER The information contained on this website is provided for informational purposes only and is not intended to substitute for professional financial, legal or tax advice. You should consult a professional before acting on any information you find here. This website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. Any references to third party products, rates, or websites are subject to change without notice. Please do the appropriate research before participating in any third party offers. © Copyright 2020 Cryptostec
%d bloggers like this: