. What is Zilliqa (ZIL)? Here is Crypto Money ZIL Coin in All Details – In this article, What is Zilliqa (ZIL)? We will answer the question and try to present the details of the project.
What is Zilliqa (ZIL)?
Amrit Kumar, Jia Yaoqi, Max Kantelia, and Prateek Saxena founded Zilliqa in 2016 as the first highly efficient public blockchain capable of processing thousands of transactions per second. To implement this feature, Zilliqa uses the sharding principle: the faster the network, the higher the transaction rates.
The platform is useful for implementing many blockchain-based facilities, including data-driven decentralized applications. Since Zilliqa’s development is based on the sharding principle, let’s take a deeper look at what a fragmented blockchain architecture is all about.
What is Sharding?
Generally, sharding is a database partitioning technique. Blockchain networks often use it to ensure scalability. Smaller segments in the blockchain network are called fragments. It is worth noting that although each fracture contains its own data, neither one is dependent on the other.
The primary benefit of Sharding is that the blockchain only needs to store and process transaction information through a piece’s nodes. Otherwise, information could pass through all nodes of a network. This causes the network to become slower and slower with each new participant. Sharding solves this problem by dividing a single chain into multiple simultaneous chains.
The fragmentation architecture is all about creating a convenient way to perform horizontal partitioning of the database. Basically, sections work as rows where each row is categorized according to the different purposes it serves. For example, one of the parts may be allocated to keep records of some transactions.
Let’s try to understand this with the help of a real life example. Suppose the blockchain is used to store records related to rental property transactions. The entire process can be distributed among multiple parts. One part can correspond to the customer’s name. Another piece can correspond to digital keys that the tenant will receive when paying the rent. It is important to remember that the shredding architecture preserves the original features of the decentralized ledger. Each piece is designed so that it can be shared between other pieces.
How Does Zilliqa Benefit From Shredding?
Zilliqa is the invention of several academics, entrepreneurs and engineers. This hybrid team aimed to equip developers and organizations with a convenient, scalable and secure platform for building decentralized applications.
The team launched its main network in January 2019. Zilliqa became the first blockchain platform to use sharing as a solution to scale up. It has its own unique way of using fragmentation to keep the blockchain growing linearly.
Zilliqa’s fragmented architecture has three key features: scalable, secure, and decentralized. Let’s take a brief look at each of these attributes!
Scalability
Zilliqa, as we know, divides the blockchain network into multiple parts. Each of these groups processes transactions simultaneously. If six pieces (each with 600 nodes) operate simultaneously, the total number of transactions processed per second would be 2828.
Since Zilliqa’s operational capacity is much greater than that of Bitcoin or Ethereum, transaction fees are doomed to fall within this system. A Zilliqa transaction is estimated to cost $ 0.000023, while a Bitcoin transaction is estimated to cost $ 1.79 and an Ethereum transaction – $ 0.016.
Besides the chunking architecture, the newly introduced consensus mechanism will allow Zilliqa to confirm transactions much faster than other legacy blockchains. Estimates show that while the transaction confirmation time in Bitcoin is about an hour and six minutes on Ethereum, Zilliqa can confirm transactions in a range that falls anywhere from 40 seconds to 2 minutes.
Security
It is important to remember that improving scalability does not come at the cost of compromising security. The network uses time-tested and validated security mechanisms and a smart contract language called Scilla: it addresses many challenges, vulnerabilities and loopholes not found in other smart contract languages.
Decentralization
Despite being fragmented, Zilliqa remains decentralized. It does not need a coordinator to process all transactions.
There are other qualities that Zilliqa can offer its users. Did you know that the mining process of Zilliqa coins is environmentally friendly and sustainable? It only takes a minute to extract these coins every 2-3 hours! In addition, Zilliqa is compatible with a wide variety of applications, wallets and DApps.
The local Zilliqa token is denoted by the exchange code ZIL. The maximum supply of ZIL tokens is 21 billion tokens.
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