Ziliqa, a transaction sample solution?

avatar

Authored by : @hetty-rowan

learn.png

What exactly is Ziliqa?

Zilliqa (ZIL) appears to be the first blockchain that is truly scalable without compromising its decentralized character. Where other projects come up with all kinds of alternatives such as side-chains or masternodes, the Zilliqa (ZIL) team comes up with a completely new technology. Can Zilliqa live up to and remain the fastest (and decentralized) blockchain?

Zilliqa is designed to scale to thousands of transactions per second. And that's made possible by their new technology, 'Sharding'. Uhm what? Sharding you say? ...

In case you're wondering what sharding is, here's a really short, simplified explanation. Sharding is a type of database partitioning that separates very large databases the into smaller, faster, more easily managed parts called data shards. The word shard means a small part of a whole.

Ziliqa puts the theory of sharding into practice with their new protocol, which ensures that transaction capacity increases as the network expands. The platform is geared to enable secure data-driven decentralized apps, designed to meet the scaling requirements of machine learning and financial algorithms. Ziliqa has been around for about 4 years now and has made several groundbreaking implementations commercially possible.

What does Ziliqa

Ziliqa is thus trying to solve one of the biggest blockchain problems with Sharding. And that's scalability. Blockchain currently works on the basis of “nodes”. Nodes are parts of the blockchain network that ensure that it remains secure and that hackers cannot run off with other people's money.

For Blockchain, however, the more nodes that are connected to the network, the more difficult it becomes to reach an agreement (for example, whether a transaction is legitimate). The larger the network, the more difficult it will be to reach an agreement. Other solutions to this problem that have been suggested are off-chain solutions or solutions that come at the expense of the decentralized aspect (Bitcoin Cash). Neither of these solutions solves the fundamental problem of blockchain scalability.

Ziliqa has found a solution for this in their sharding technology. All the work (mainly checking transactions) is distributed on the network over groups of 600 nodes, the shards. For example, if there are 2400 nodes active on the network, they will be divided over 4 shards of 600 nodes each. All these shards each do the same amount of work for the network. So, in this example, each shard handles 25% (1/4) of all transactions. The work that such a shard has done is then packaged into a microblock. These microblocks are then combined in a process called “DS epoch” into a large block that is added to the blockchain.

Understanding this concept is simple. However, to implement it securely in blockchain technology is extremely complicated. My respect for Ziliqa that they succeeded.

All the benefits of Zilliqa's blockchain

  • The more nodes that are used on the network, the faster the transactions are
  • Scalability does not come at the expense of its fully decentralized character
  • It is the fastest and most scalable blockchain at the moment
  • The linear scaling ensures constant and low energy costs
  • Zilliqa provides an optimal level of transparency, security, immutability and affordability at the very highest speed

Team

Then on with the Ziliqa team, and it has been said at the very least, 13 team members, at least 5 of which have graduated from a university. The CEO is a computer science expert and a few more techies. And that is actually the core of Ziliqa, it is pure technology.

That is great to market a technically strong product, which is of course never wrong in the crypto world, but putting it on the market could well be Ziliqa's problem because the marketing side of the team is really much less is strong.

Zilliqa's Token: ZIL

The token of Zilliqa, ZIL, on the Ziliqa network really means the same as the Ether for the Ethereum network. On the Ethereum blockchain you pay the (currently high) gas fees with ETH, on the Ziliqa blockchain you need ZIL for this. Since November 26, 2019, the Ziliqa team has swapped their tokens to ZIL tokens from their own platform, before that they were based on the ERC-20 protocol of Ethereum. In total there will be a maximum of 21 billion tokens. Of this, 30% is owned by the team and affiliated companies. Most of this 30% must be held for at least three years. 40% of the ZIL tokens come into circulation thanks to mining and the remaining 30% went to the early adopters.

Pro's and cons

Cons of Ziliqa are not easy to find, but one of the drawbacks is of course that other blockchains are also working on the scalability problems. And if one comes up that finds a different solution, which is better and faster than that sharding technology from Ziliqa, it may be that the popularity of Ziliqa will soon be ready. They still have the advantage that they seem to go further than just a payment method, where for example NANO only functions as a payment method, Ziliqa offers more! Another disadvantage is that they have a shortage of marketing specialists in their own team to properly market the blockchain. But this can be overcome by the excellent technology that has proven itself well to date.

What is Ziliqa Worth?

At the time of writing, a Ziliqa is worth $ 0.069457 according to Coinmarketcap. That is an impressive increase when you consider that a Ziliqa was worth $ 0.0046 exactly 1 year ago.

If we take this increase into account, remember that Ziliqa has a good team of techies in their stable, and consider that they offer a unique solution to the blockchain's scalability problem to date, it could just be that Ziliqa can see a very bright future!

And remember that I am not a financial expert, just someone who is learning about blockchain and technology. This is absolutely NO FINANCIAL ADVICE.

Do your own research!


Posted Using LeoFinance Beta



0
0
0.000
38 comments
avatar

Congratulations @lbi-token! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You have been a buzzy bee and published a post every day of the week

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @hivebuzz:

Feedback from the January 1st Hive Power Up Day
Happy New Year - Project Activity Update
0
0
0.000
avatar

This isn't the first time I have heard of ZIL, but I appreciate that you provided some more information. While I was aware of it I couldn't really say that I was familiar with it. That is definitely the case now thanks to your post. I might have to look into picking some of this up!

Posted Using LeoFinance Beta

0
0
0.000
avatar

It wasn't the first time for me either, I've looked at ZIL before, but I didn't have any idea what it was and why I should want to have it. So it was a nice thing for me either to learn about ZIL. And so far, they impressed me ... I didn't buy it yet.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Is it an ETH swap type thing or do you have to get it on an exchange?

Posted Using LeoFinance Beta

0
0
0.000
avatar

I fully agree, knowledge is power and Leofinance is the place to be at when you want to diversify your knowledge. There's so much to learn here, there's something new every day. One can not know everything.

So that's why I like your posts as you're bringing something new every time. I've heard of Ziliqa but didn't know much about it, till now :)

Posted Using LeoFinance Beta

0
0
0.000
avatar

Oh there sure is a lot to learn here. And so many posts that are worth it to read and get more knowledge from. Thank you for your continuous support on our posts.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Seems like Zilliqa's the next evolution of blockchain technology, this is actually the first time I'm hearing about it.

Posted Using LeoFinance Beta

0
0
0.000
avatar

It is an advanced technology that drives the Ziliqa, that much is sure. I hope you found the post interesting and enjoyed the read.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I didn't know much about blockchain technology and all but this post was stunning it was nicely written. Found it interesting

Posted Using LeoFinance Beta

0
0
0.000
avatar

What a fantastic post!!!

Thank you for explaining Ziliqa.
These are the best posts, where I can learn more about other blockcains.
I hope you will write about some others too.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thanks for the educational post !
I’ve added ZIL to my portfolio yesterday ;)

Posted Using LeoFinance Beta

0
0
0.000
avatar

Congratulations on adding the Ziliqa to your portfolio. It's always a good thing to diversify your portfolio! And you're welcome. I hope you'll enjoy the next one just as much.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thanks for this informative and educational post, well written and well explained.
Besides Bitcoin and Hive I know few other blockchains and learning new things is always nice
Thanks again and !BEER

Posted Using LeoFinance Beta

0
0
0.000
avatar

Sorry, out of BEER, please retry later...

0
0
0.000
avatar

I am earning a pretty nice return on staking in the atomic wallet app

Posted Using LeoFinance Beta

0
0
0.000
avatar

Having a nice return is always a good thing. And now the price is pumping it sure won't hurt you. Keep your eyes close on it ... I expect more from this token.

Posted Using LeoFinance Beta

0
0
0.000
avatar

This would have been a blast to buy a year ago, like most of the cryptos! I've read about it just over a year ago and the technology sounds promising. There are some on the market,trying to catch up with Ziliqa, I think Elrond was one project.

Thanks for sharing!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Elrond is a project I have on my radar to take a closer look too. Thanks for mentioning this here ...

Posted Using LeoFinance Beta

0
0
0.000
avatar

Great article, I enjoy reading about new blockchains and projects.

I have often read about Ziliqa but I have never deepened, now I know a lot more. Thanks

Posted Using LeoFinance Beta

0
0
0.000
avatar

Nice to see such an opportunity being brought to the space and considering its price and market capital on top of the above information it might make a good investment. Bring more information like this and the community can get only stronger and more valuable.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I do my best to bring valuable information and thank you for the comment and compliment! Very much appreciated.

Posted Using LeoFinance Beta

0
0
0.000
avatar

good value proposal and the scalability aspect withouth doubt its amazing, but puff whats the taste on doing coins with 21 BILLIONS of supply? i would put the coin an 8/10 only for the supply

Posted Using LeoFinance Beta

0
0
0.000
avatar

The supply is not the only thing to give value to a coin. The usability and technology behind the coin is also important. But yeah, I understand your doubts ...

Posted Using LeoFinance Beta

0
0
0.000
avatar
(Edited)

My friend has been pushing this on to me for the whole of 2019, i never bought any as i was focused on BTC. Damn happy to see it doing well, the project is sound and i think it could be a top 20 token within the next year are so.

Great write up :)

Posted Using LeoFinance Beta

EDIT AFTER CHECKING MY ATOMIC WALLET
Just seen, i actually bought 8200 and then sold them a about a week later for 3 cents, lol WHOOPS

0
0
0.000
avatar
(Edited)

I guess your friend is doing very well now, good for him.

And oops ... you wish you kept the tokens in your wallet. You would have made a very big bang on it if you could have sold them now.

And thanks for the compliment!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thanks for this information. It's very timely for me. I'm in the Supercharger on crypto.com which this month earns Zil. I was wondering what it was. Now I wont' have to look it up! 😁

Posted Using LeoFinance Beta

0
0
0.000