The 3rd generation of blockchains is here. And if you haven’t heard of it, you probably aren’t in the cryptosphere with you A game.
However, we understand that it is not possible for many to keep up to date with every update. And that’s why we do it on your behalf – to keep you up to date with the latest trends in the crypto land.
That said, you must have noticed that we are not dealing with substandard ICOs or scammy coins and often do our best to filter out the best of the rest so you can focus on what really matters.
In accordance with the aforementioned article, we are going to touch on a remarkable 3rd generation blockchain project Zilliqa.
This article is about the following points:
- What is Zilliqa?
- How Zilliqa works
- Zilliqa team
- Zilliqa ICO: Total Zilliqa Supply
- How to buy Zilliqa Cryptocurrency (ZIL)
- Zilliqa Wallets
- Zilliqa’s Future and Roadmap
- Official Zilliqa Resources
What is Zilliqa?
Zilliqa tags itself as “The Next Generation High Throughput Blockchain Platform”.
It actually solves the problem of blockchain scalability, starting from the consensus layer itself. And thus, Zilliqa can realize thousands of transactions per second, a number that will only increase as the number of Zilliqa nodes grows.
Zilliqa uses Zilliqa native cryptocurrency (ZIL) to run the blockchain’s token economy, which is also the fuel of the Zilliqa blockchain.
How Zilliqa works
Zilliqa uses the ancient concept of Sharding. Prior to Zilliqa’s attempt, it was never used in open, permission-less blockchains.
In simple terms, Shards are small groups of nodes distributed within the network for parallel processing of the transactions taking place from the nodes and wallets. In this way, not all nodes are doing the same validation work of a single transaction or series of transactions.
This concept increases the capacity of the Zilliqa blockchain to process many transactions in parallel, as also shown in the image below:
Let’s say we have 10,000 nodes on the Zilliqa network and through sharding Zilliqa creates 10 small groups or shards, each with 1000 nodes. Instead of asking all 10,000 nodes to work on the same set of transactions as you have in Ethereum or Bitcoin, Zilliqa will place different transactions based on their addresses in different shards. This is called transaction sharding.
These shards then begin processing these transactions independently and simultaneously while applying the consensus protocol pBFT within the shards to agree on the sequence of transactions.
The whole network then gathers the transactions agreed under each shard and gathers them into a single entity and sends them to all nodes in the network.
This is more like divide and conquer:
The thing to remember is that Zilliqa no PoW total. Here, each new node first does a basic PoW to join the Zilliqa network. The network verifies the submission from PoW and depending on the submission, it is assigned to a specific shard. This can be seen as a phase of identity determination.
Once the node gets into a shard, it can perform multiple consensus rounds with other nodes in the shard. This consensus is not based on PoW (as in Bitcoin, for example) but is based on an efficient Byzantine fault-tolerant consensus protocol. This means that multiple consensus rounds can be done with just one PoW.
The Zilliqa team is made up of learned cryptographers, developers and marketers who actually exist. Here’s a sneak peek at the team composition:
In addition, they have a strong peer-reviewed concept of sharding applied to their blockchain for achieving security and high throughput.
Zilliqa ICO: Total Zilliqa Supply
The Zilliqa ICO closed in December 2017 where Zilliqa wanted to sell 30% of the tokens (6.3 billion) of the total supply of 21 billion tokens. A private pre-sale was completed for this.
That is why, according to CoinMarketCap, the total circulating supply is 7,286,961,952 ZIL, and the current price of each unit is $ 0.14. That values it at about $ 1 billion (at the time of writing this article).
How to buy Zilliqa Cryptocurrency (ZIL)
Zilliqa has earned quite a bit of respect in the crypto community and is booming by building its reputation far and wide.
For good projects like Zilliqa, there are plenty of exchanges that provide decent liquidity when buying and selling, some of which are listed below:
- Binance: Supported pairs are ZIL / BTC, ZIL / ETH, ZIL / BNB
- Huobi: Supported pairs are ZIL / BTC, ZIL / ETH, ZIL / USDT
- Gate.io: Supported pairs are ZIL / USDT, ZIL / ETH
- KuCoin: Supported pairs are ZIL / BTC, ZIL /ETH
- Ethfinex: Supported pairs are ZIL / BTC, ZIL / ETH, ZIL / USD
- Bithumb: Supported pairs are ZIL / KRW
Buying ZIL in fiat currencies such as USD, EUR etc. is not possible for now, but it may take into account the popularity of Zilliqa in the future.
Now the Zilliqa’s own blockchain or mainnet is not online, so the ZIL tokens thrive on the Ethereum blockchain. These tokens will be converted into real ZIL tokens once the Zilliqa mainnet is live.
So from now on for storing ZIL ERC20 tokens, one can use the following wallet options:
- Mobile wallets: Coinomi (Android), Jaxx (Android, iOS)
- Browser / Web Wallets: Jaxx (Chrome extension)
- Desktop Wallets: Atomic wallet, Jaxx (Windows, Linux, Mac), MyEtherWallet
- Hardware Wallet: Ledger Nano S, Trezor
Zilliqa’s Future and Roadmap
In the past year, questions have been raised about the speed and scalability of blockchains such as Ethereum and Bitcoin.
And this has also encouraged 3.0 blockchains like Zilliqa to step up their game in response to market demand.
Zilliqa’s roadmap looks convincing so far and is being monitored CoinMarketCal looked on track:
Updating: The roadmap has some updates and they are still testing the smart contracts beta and it looks like more time will be spent on large scale testing and security audits. Post they aim to go live on the mainnet sometime in January 2019 or earlier. Here is their latest update on Zilliqa’s developments and marketing.
Another thing that Zilliqa does differently from other blockchains is that it develops its own blockchains smart contract language called Scilla which will be non-Turing complete.
Non-Turing because many applications do not require Turing completeness as this approach can contain enough errors to handle incidents such as DAO hack in Ethereum.
With sharding, pBFT, mining and smart contracts language, Zilliqa applies several approaches that theoretically look very good on paper.
But in order to compete with blockchains such as Ethereum and Bitcoin that have been on the market for several years, Zilliqa will have to show its true value and deliver on its promises. Plus, there are other blockchains 3.0 competitors out there who keep a close eye on Zilliqa.
With the launch of Testnet, it also looks like the Ziilliqa project and team is worth keeping a close eye on.
Official Zilliqa Resources
Some official links to keep you up to date with Zilliqa:
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- Zcoin (XZC) Cryptocurrency: Everything Beginners Should Know
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Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and is one of the most highly regarded professional bloggers in the fintech space.
An award-winning blogger with a track record of over 10 years. He has a background in both finance and technology and has professional qualifications in information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering decentralized finance and with his background in information technology, he made his mission to help others learn and get started with it through CoinSutra.
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