Zilliqa

What is Zillika (ZIL)?

Zillika is a decentralized finance (DeFi) network that uses a native token known as Zilling (ZIL). Work on the platform blockchain sharding technology for faster transaction processing. ZIL is a utility token that is used to process on-chain transactions and smart contract operations.

Zilliqa was developed as A Layer 2 scalability solution for Ethereum. It uses a unique mining mechanism for its network security and consensus protocol, combining Proof-of-Work (PoW) and Practical Byzantine Fault Tolerance (PBFT) practices. You can learn more about Zilliqa’s price performance by looking at the chart above.

Who is the team behind Zilliqa?

Pratik Saxena is one of the key names of the Zilliqa crypto project. As a computer science researcher at the National University of Singapore, he has written numerous articles on digital security. One of the research projects he published with his students was about the efficiency prospects of blockchains using sharding.

Many large-scale networks experience scalability issues as the number of nodes and transactions increases. Sharding is a scalability solution for blockchain networks. It used to be split transaction history into smaller pieces of data which are easier to process.

Zillika was based on ideas presented in Saxena’s research. As a co-founder of Anquan Capital along with a FinTech entrepreneur. Max Kantelia and venture capitalist Juzar MotiwallaSaxena began working on putting his sharding hypothesis into practice.

The team started working on the project in 2017. A year passed before the project’s test network was launched. The official launch of the mainnet took place in June 2019, two years after its inception. At the time of launch, the price of ZIL was estimated at around $0.08.

At the beginning of 2018, a token generation event (TGE) was held. In 2020, Zilliqa held a token swap event that swapped ERC-20 intermediate tokens for mainnet assets. The asset has experienced high volatility over the years, with Zilliqa’s price fluctuating frequently.

Zilliqa has experienced some remarkable ups and downs and strives to follow overall market trends. A significant peak was reached in May 2021, when the price of ZIL exceeded $0.25.

What are the features and uses of Zilliqa?

Zilliqa coin supply is limited, and the maximum limit was set at 21 billion. Limited offer means that the asset is deflationary. Over time, as the number of tokens in circulation decreases, the price of Zilliqa is expected to increase. 60% of the total supply, or approximately 12.6 billion ZIL, was generated during the token generation event.

Production this is the means of producing the remaining 8.4 billion tokens. According to the Zilliqa cryptocurrency white paper, all tokens are expected to be mined within ten years of launch, with 80% of tokens mined within the first four years. Mining rewards will also decline steadily.

Zilliqa offers a unique approach to network security and mining. The project uses Proof of Work as a security mechanism that allows users to mine the token. However, Zilliqa also has betting and yield farming features which are integrated into the token distribution. The consensus mechanism uses Practical Byzantine Fault Tolerance (PBFT).

Proof-of-Work protects the network and its adjacent token from Sibyl attacks. Due to their structure, sharding-based blockchains are more prone to security vulnerabilities, which Zilliqa aims to address with its unique security features.

Using PoW only for network security also makes Zilliqa more energy efficient. This could have a positive impact on ZIL’s price in the future as concerns about the carbon footprint of blockchain technology grow. This also allows the network to process large volumes of transactions in seconds.

Smart contracts on Zilliqa are programmed using Scylla tongue, which was developed specifically for the platform. It is an acronym for Smart Contract Middleware Language. Users can create dApps that developers believe are less error-prone and offer secure verification using automated mathematical proofs.

As a segmented network, Zilliqa offers ability to process thousands of transactions per second, which is significantly faster than the 15 transactions per second available on Ethereum (ETH). High transaction speed makes the blockchain more scalable, and new information is included in the distributed registry almost instantly.

Zilling acts as global utility token. It is used to run smart contracts and cover transaction fees. Key commercial features of the Zilliqa crypto platform include DeFi services, dApps, a token launchpad, and an NFT marketplace.

ZIL can be used to interact with dApps developed on the platform, as well as to create and launch new tokens tied to applications. The platform offers low fees for its financial services as the price of 0.1 ZIL is the average transaction cost.

It’s also possible earn Zilliqa tokens. Users can stake their assets to receive passive rewards. Staking acts as one of the ways to ensure decentralization of the network.