Zilliqa is an innovative blockchain with the goal of incentivizing a global, distributed network of computers around the world by creating smaller pools or shards (a database segment). Zilliqa is a blockchain platform released in 2017 and has received strong support from the community to this day. So what is Zilliqa and how does it work? Let's explore through this article with us!
Overview of Zilliqa Blockchain
Zilliqa is a new generation public blockchain platform designed to overcome the scalability shortcomings of older blockchain technologies. With the ability to scale the network up to several thousand transactions per second, Zilliqa is expected to become a viable solution for decentralized applications (DApps) that require large transaction volumes.
Scalability is one of the biggest challenges blockchain platforms are facing. Older blockchains like Bitcoin and Ethereum can only process a limited number of transactions per second, making them unable to meet the needs of decentralized applications that require large transaction volumes.
Zilliqa solves the scalability problem by using a sharded architecture. In this architecture, the network is divided into many small shards, each of which processes a portion of the network's transactions. This allows Zilliqa to process more transactions at the same time, thereby significantly improving the scalability of the network.
According to tests, Zilliqa can process up to 2,400 transactions per second. This is a significant number, much higher than other blockchain platforms.
History of formation of Zilliqua Blockchain
Zilliqa was introduced as a blockchain thesis project by the National University of Singapore. The project's white paper (a report or guideline by the competent authorities) was written by Loi Luu and Prateek Saxena. Xinshu Dong, Jia Yaoqi and Amrit Kumar are the founders of this project.
The project officially launched in 2017. The Zilliqa team raised approximately $22 million in an initial token offering in 2017. The team introduced a custom programming language, Scilla, in May 2017. 2018. The testnet was launched in November 2018 and the mainnet was finally deployed in January 2019.
Some milestones of Zilliqua:
The team announced on October 12 that testnet version 0.5 had reached 2,488 transactions per second. December 1 - The testnet is first publicly announced to investors, then it becomes open source in January 2018.
In 2017, Zilliqa raised approximately twenty million US dollars in private funds and then an additional two million US dollars in a week-long ICO for the "Zil Token."
Zilliqa competes with other smart contract processing platforms, especially NEO, Stellar and Ethereum.
The main motivation for the research team from the National University of Singapore (NUS) to build this project was to develop a platform that can scale smart contract processing without affecting the fundamentals of blockchain.
When comparing Zilliqa with other smart contract processing cryptographic ledgers such as EOS or NEO, we see that Zilliqa does not rely on DPoS (Delegated Proof of Exclusiveness) for enhanced transaction capacity. Note that DPoS can enable rapid scaling, however, it centralizes the network, structuring it in a way that makes it insecure for many to operate in a blockchain environment.
The main thing with Zilliqa is really to develop a network that is not only scalable but also works efficiently and effectively. Introducing sharding technology, the company can achieve this while adhering to blockchain security principles and tenets.
Looking at the company's roadmap updates, it's clear that it can only get better as the team continues to work on many network and distributed application innovations, including digital advertising applications, global communications demand, ... Developers are participating in application development on the company's testnet. In all of this, with Zilliqa successfully achieving its goal of developing a scalable blockchain, the goal of providing highly efficient and secure smart contract processing remains constant.
Development team of Zilliqua Blockchain
Zilliqa is a blockchain platform developed by a team of experienced and reputable experts in the field of blockchain and related technology. Zilliqa's development team includes:
Xinshu Dong - CEO:
Mr. Dong holds a PhD in computer science from the National University of Singapore. He served as chief engineer of Anquan, a proprietary secure and scalable blockchain. He is also a cybersecurity expert, responsible for several Singapore national security projects. Some of his research has appeared at prestigious conferences and in famous journals.
Amrit Kumar - Head of Research:
Mr. Kumar holds a PhD from the University of Grenoble-Alpes and an engineer from Ecole Polytechnique. He is currently still working as a researcher at the National University of Singapore. He has many years of research experience in the field of blockchain and related technologies. He has published more than 50 articles in prestigious academic journals and conferences.
Christel Quek - Head of Marketing
Ms. Quek is an experienced marketer with over 10 years of experience in the technology sector. She used to be Twitter's head of content in the international market. In addition, she is also the co-founder of BOLT, a live TV and gaming service with more than 3 million users. She has received many awards in marketing and communications.
Prateek Saxena - Chief scientific advisor
Mr. Saxena holds a PhD in computer science from the University of California, Berkeley. He is also a professor of computer science at the National University of Singapore. He has many years of research experience in the field of blockchain and related technologies. He has published more than 100 articles in prestigious academic journals and conferences.
Features of Zilliqua Blockchain
Zilliqa is a new generation public blockchain platform designed to overcome the scalability shortcomings of older blockchain technologies. With the ability to scale the network up to thousands of transactions per second, Zilliqa is expected to become a viable solution for decentralized applications (DApps) that require large transaction volumes.
Ability of extension
Zilliqa solves the scalability problem by using a sharded architecture. In this architecture, the network is divided into many small shards, each of which processes a portion of the network's transactions. This allows Zilliqa to process more transactions at the same time, thereby significantly improving the scalability of the network.
According to tests, Zilliqa can process up to 2,400 transactions per second. This is a significant number, much higher than other blockchain platforms.
Security capabilities
Zilliqa uses many advanced security technologies, including:
Proof-of-Stake (PoS) consensus algorithm: This algorithm makes Zilliqa more secure and efficient.
Sharded architecture: This architecture helps Zilliqa resist cyber attacks.
Zero-Knowledge Proof (ZKP) security technology: This technology helps Zilliqa protect user privacy.
Usability
Zilliqa has a user-friendly interface that makes it easy to deploy and use applications on the platform.
Here are some specific examples of how Zilliqa can be used to improve the scalability of decentralized applications:
Decentralized Finance (DeFi): Zilliqa can be used to create decentralized finance (DEX) markets that operate more quickly and efficiently. DEXs on Zilliqa can process more transactions per second, thereby reducing costs and improving user experience.
Games: Zilliqa can be used to create virtual worlds (metaverses) with multiple users participating at the same time. Virtual worlds on Zilliqa can handle more transactions, resulting in a smoother and more engaging gaming experience.
Social Network Platform: Zilliqa can be used to create decentralized social network (DSNS) platforms that operate more quickly and efficiently. DSNSs on Zilliqa can process more transactions per second, thereby helping users interact with each other faster and easier.
Zilliqa is still in development, but the platform has already made significant achievements. Zilliqa has the potential to become a world-leading blockchain platform, providing a viable solution for decentralized applications that require large transaction volumes.
Outstanding features of Zilliqua Blockchain
Scilla programming language
Zilliqa has developed the Scilla programming language, focusing on the security of smart contracts. Scilla is an intermediate-level programming language, designed for ease of use and security. Scilla has a number of advanced security features, such as:
Border checking: Scilla checks the borders of smart contract inputs and outputs, helping to prevent attacks based on boundary errors.
Type checking: Scilla checks the type of smart contract inputs and outputs, helping to prevent attacks based on type errors.
Dynamic Testing: Scilla performs dynamic security testing, which helps detect potential security vulnerabilities that static tests cannot detect.
Scilla is a powerful and secure programming language that makes it easier for developers to write secure smart contracts.
ZILHive
ZILHive is an ecosystem development branch of Zilliqa, providing developer support services from idea incubation to company development. ZILHive offers a wide range of services, including:
Accelerator Programs: ZILHive offers accelerator programs designed to help blockchain startups grow. These programs provide startups with the resources and support needed to succeed.
Technical support: ZILHive provides technical support to blockchain developers. This support includes services such as training, consulting and problem solving.
Community: ZILHive is an active community of blockchain developers. This community provides a place for developers to exchange ideas, learn from each other, and find support.
ZILHive is an important resource for blockchain developers. ZILHive services make it easy for developers to develop and deploy blockchain applications.
SDK supports P2E gaming
Zilliqa also provides an SDK that supports P2E gaming. This SDK provides the necessary tools and resources for developers to create highly interactive and engaging blockchain games. The SDK includes features such as:
Supports popular cryptocurrencies: The SDK supports popular cryptocurrencies, such as Bitcoin, Ethereum, and Zilliqa. This makes it easy for developers to integrate their games with existing payment platforms.
Supports instant transactions: The SDK supports instant transactions, which reduces waiting time and improves player experience.
Supports P2E features: The SDK supports P2E features, such as monetization and NFT trading. This helps attract players and generate revenue for developers.
Zilliqa's P2E Gaming SDK is a useful tool for developers looking to create successful blockchain games.
Segment architecture
Zilliqa's sharded architecture improves network scalability, thereby reducing costs and transaction times for developers. The sharded architecture divides the network into many small shards, each shard processing a portion of the network's transactions. This allows Zilliqa to process more transactions at the same time, thereby significantly improving the scalability of the network.
Fragmented architecture is a key feature of Zilliqa, making the platform more attractive to developers
Advantages and disadvantages of Zilliqua Blockchain
Advantages of Zilliqua Blockchain:
Zilliqa is a new generation blockchain platform with many outstanding advantages, including:
High scalability: Zilliqa uses advanced sharding technology to divide the network into many small segments (shards), each segment processing a portion of the network's transactions. This allows Zilliqa to process more transactions at the same time, thereby significantly improving the scalability of the network.
Security: Zilliqa uses PoW and BFT consensus to secure the network. The PoW algorithm makes Zilliqa more secure and efficient, while the BFT algorithm helps Zilliqa resist cyber attacks.
Smart contract support: Zilliqa supports the use of smart contracts using the Scilla programming language. This adds a number of significant benefits to the platform, such as the ability to create more complex and flexible decentralized applications (DApps).
Fast transaction speed: Zilliqa can process transactions quickly, with a maximum speed of up to 2,400 transactions per second. This meets the growing demand for high-throughput blockchain infrastructure like Zilliqa.
Disadvantages of Zilliqa Blockchain:
Besides the above advantages, Zilliqa still has some limitations that need to be overcome, including:
Incomplete turing: Zilliqa is still incomplete, meaning the platform cannot handle complex smart contracts.
Limit on number of nodes: Although there is no limit on the number of transactions, there is actually a limit on the number of nodes that can participate in the Zilliqa network. This may affect the network's ability to expand in the future.
Difficulty in implementing smart contracts: Zilliqa uses the Scilla programming language to develop smart contracts. However, Scilla is still a new programming language and not yet known to many people. This can make it difficult for developers to deploy smart contracts on Zilliqa.
Competition with other blockchain platforms: Zilliqa must compete with today's leading blockchain platforms, such as Ethereum and Solana. This may affect Zilliqa's future development.
How Zilliqa's Blockchain works
Zilliqa uses a combination of two consensus mechanisms to secure its network: Proof of Work (PoW) and Practical Byzantine Fault Tolerance (PBFT).
PoW
PoW is a consensus mechanism based on solving complex mathematical puzzles. Miners use computer computing power to solve these puzzles. The first person to solve the puzzle will be rewarded with ZIL, Zilliqa's native token.
PoW has several advantages:
High security: PoW is difficult to attack, as attacks need to capture more than 50% of the network's computing power.
Decentralization: PoW does not require a central authority to verify transactions.
PoW also has some disadvantages:
Energy consumption: PoW consumes a lot of energy to solve mathematical puzzles.
Slow: PoW can lead to slow transaction speeds, as miners need time to solve puzzles.
PBFT
PBFT is a consensus mechanism that allows nodes on the network to reach consensus on the current state of the blockchain.
PBFT has several advantages:
High speed: PBFT can process transactions at a faster speed than PoW.
Energy efficient: PBFT consumes less energy than PoW.
PBFT also has some disadvantages:
Centralization: PBFT requires a select number of validating nodes to achieve consensus.
Method of operation
When a transaction is sent to the Zilliqa network, it is transferred to PoW nodes. PoW nodes will verify the validity of the transaction and add it to a new block. The new block will then be added to the blockchain using PBFT.
PBFT nodes will verify the validity of the new block and vote. If more than 2/3 of the nodes vote in favor of the new block, the block is added to the blockchain.
Zilliqa uses a combination of PoW and PBFT to secure its network. PoW helps secure the network from outside attacks, while PBFT helps ensure that transactions are processed efficiently and accurately.
Combining PoW and PBFT
Zilliqa uses a combination of PoW and PBFT to secure its network. PoW helps secure the network from outside attacks, while PBFT helps ensure that transactions are processed efficiently and accurately.
Advantages of combining PoW and PBFT
The combination of PoW and PBFT offers the advantages of both consensus mechanisms.
PoW helps secure the network, while PBFT helps improve speed and efficiency.
This combination also makes Zilliqa more flexible, as it can adjust the ratio between PoW and PBFT in response to changing network conditions.
Applications developed on Zilliqa Blockchain
Zilliqa is a decentralized blockchain platform, designed to solve the problems of scalability and security. With the advantages of speed, scalability and low transaction costs, Zilliqa is of interest to many application developers. Here are some applications being developed on the Zilliqa platform:
Decentralized finance application (DeFi): DeFi is a decentralized financial ecosystem, providing financial services such as borrowing, lending, investing, insurance,... without the need for approval. central financial institutions. Zilliqa, with its scalability and low transaction costs, is a suitable platform for developing DeFi applications.
Game applications (GameFi): GameFi is a new trend in the gaming industry, combining games and blockchain technology. GameFi games often use tokens to represent in-game assets, allowing players to earn money while playing the game. Zilliqa, with its ability to process transactions quickly and efficiently, is a suitable platform for developing GameFi games.
Internet of Things (IoT) Application: IoT is a network system that connects physical devices together. IoT devices can be used to collect data, control other devices, or communicate with each other. Zilliqa, with its high security and low transaction costs, is a suitable platform for developing IoT applications.
In addition, Zilliqa is also used to develop other applications such as:
Supply chain management application
Asset management application
Data management application
Zilliqa is a blockchain platform with strong growth potential. With the advantages of speed, scalability and low transaction costs, Zilliqa is attracting the attention of many application developers.
Cryptocurrency based on the Zilliqa Blockchain
Zilliqa is a decentralized blockchain platform, designed to solve the problems of scalability and security. With the advantages of speed, scalability and low transaction costs, Zilliqa is of interest to many cryptocurrency developers.
Zilliqa's official cryptocurrency is ZIL
ZIL is an open source cryptocurrency used as a means of payment and utility on the Zilliqa platform. ZIL can be used to pay transaction fees, staking to validate transactions, and participate in decentralized applications (dApps) on Zilliqa.
ZIL được phát hành lần đầu tiên vào năm 2017 thông qua đợt ICO. Trước đây, Zilliqa (ZIL) chạy trên nền tảng của Ethereum theo tiêu chuẩn ERC20. Nhưng sau ngày 31/01/2019, Zilliqa chính thức hoàn thành Mainnet. Từ đó đến nay, ZIL đã chuyển sang chạy trên. Blockchain của Zilliqa. ZIL hiện được niêm yết trên nhiều sàn giao dịch tiền điện tử lớn, bao gồm Binance, Huobi và Kraken.
Basic information about Zilliqa (ZIL)
Ticker: ZIL
Blockchain: Zilliqa
Consensus: Proof of Work (PoW) & Practical Byzantine Fault Tolerance (pBFT)
Token type: Coin
Avg.Block time: 60 seconds
Avg. Transaction Time: Over 2800 TPS
Token Standard: Unknown.
Total Supply: 21,000,000,000 ZIL
Circulating Supply: 17,370,000,000 ZIL
Other cryptocurrencies are built on the Zilliqa platform
In addition to ZIL, there are a number of other cryptocurrencies built on the Zilliqa platform including:
ZILSWAP: Is a decentralized exchange (DEX) on Zilliqa. ZILSWAP allows users to trade different cryptocurrencies on the Zilliqa platform.
XCAD DEX: Is another decentralized exchange on Zilliqa. XCAD DEX also allows users to trade different cryptocurrencies on the Zilliqa platform.
Ignite DAO: Is a decentralized autonomous organization (DAO) providing staking and governance services for projects on Zilliqa. Ignite DAO allows users to stake ZIL to earn rewards and participate in the governance of the Zilliqa platform.
These cryptocurrencies are all built on the Zilliqa platform, taking advantage of the platform's advantages of speed, scalability and low transaction costs.
Several cryptocurrencies previously used the Zilliqa blockchain, but have now discontinued their use, including:
ZILCash: Is a cryptocurrency developed by the original Zilliqa team. ZILCash stopped development in 2018.
ZILCoin: Is a cryptocurrency developed by a group of independent developers. ZILCoin stopped development in 2019.
Zilliqa is a blockchain platform with strong growth potential. With the advantages of speed, scalability and low transaction costs, Zilliqa is attracting the attention of many cryptocurrency developers.
Conclude
Zilliqa is a blockchain platform with high scalability, good security and low transaction costs, which is currently of interest to many cryptocurrency and application developers.
With its outstanding advantages, Zilliqa has the potential to become a world-leading blockchain platform, providing viable solutions for decentralized applications requiring large transaction volumes. To achieve this goal, the Zilliqa development team needs to continue to overcome remaining limitations such as incomplete turing, limited number of nodes, and difficulties in deploying smart contracts. With the efforts of the development team and the support of the community, Zilliqa can become a highly influential blockchain platform in the world.