Zilliqa (ZIL) Live Price

In the Zilliqa blockchain, the Zilliqa coin is the native cryptocurrency. This blockchain uses an unusual consensus mechanism and focuses on sharding technology. Here's what you should know about Zilliqa.

What is Zilliqa?

The Zilliqa blockchain platform provides a permissionless, open network with a distributed architecture. This platform intends to compete against traditional centralized payment methods.

This platform aims to address the scalability issue in blockchains, i.e., the difficulty in processing transactions quickly.

In order to ensure the speed of processing transactions, the platform utilizes sharding, a method that divides a network into multiple smaller component networks that process transactions simultaneously. Due to the increasing number of miners on the platform, the transaction rate of the platform increases.

Platform users can access all decentralized applications (DApps) and platform services using Zil, the native token of the platform. You can also trade NFTs with the token and purchase and sell products and services using it.

Users are asked to pay a small fee in exchange for the platform's token or any DApp. This fee is used to reward miners and secure the network's infrastructure. 

History of Zilliqa

Scientific officers from the National University of Singapore founded the Zilliqa project in 2017. As part of the initial team, Xinshu Dong, Yaoqi Jia, Amrit Kumar, and Prateek Saxena were among the members. Zilliqa Research was founded in June 2017, a few months before the first testnet was launched.

The Zilliqa blockchain aims to solve the scalability issues found in some other blockchains by implementing the theory of sharding in practice.

By utilizing a sharded architecture design, concurrent chains can perform transactions simultaneously, boosting the network's capacity.

Creating this product was primarily motivated by a desire to process smart contracts at scale while maintaining core blockchain principles, including node decentralization.

With Zilliqa, transactions can be ordered, validated, and a security assurance can be applied to completed transactions using a modified version of the Proof-of-Work consensus protocol. Compared to other mining networks, this modified consensus mechanism is the most cost-effective.

Zilliqa: What is it about it that makes it unique?

It is the world's first public blockchain based on sharding. Due to the high throughput and speed of transactions per second, the company says it can solve its scalability problem.

According to Zilliqa, millions of transactions will take place each month on the Zilliqa network by the year 2021. Moreover, the blockchain's production has continuously increased, going from 900 blocks a day to over 2000 blocks daily. Over 2500 blocks a day have been produced by its main net since its launch.

Zilliqa intends to be the blockchain of choice for large-scale enterprises such as

• Financial services
• Advertising
• Entertainment
• Gaming
• Payments

What security measures does Zilliqa employ?

In the Zilliqa Crypto Network, safety is ensured by three parameters, including:

• Practical Byzantine Fault Tolerance
• Elliptic-curve encryption
• Scilla

Practical Byzantine Fault Tolerance (pBFT)

Practical Byzantine Fault Tolerance, or pBFT, is used to secure the Zilliqa network. With this security system, the blockchain only allows records to be added when at least two-thirds of all nodes agree that they are accurate.

Every Zilliqa blockchain shard has a group of nodes that confirm a subset of all transactions. The blockchain is updated once a secondary node confirms the cumulative results of each shard and adds a new block based on those results.

Elliptic-curve encryption

Elliptic-curve encryption protects the consensus procedure, and multiple signatures are allowed. The Zilliqa protocol is based on proof-of-work, and it uses pBFT for encrypting its transaction records along with node identities.

Scilla

Scilla is the programming language patented by the company. In addition to running smart contracts, it lets developers develop decentralized applications (decentralized programs) to provide a range of goods and services.

What is the best place to buy Zilliqa Coin?

Several major cryptocurrency exchanges pages allow the trading of Zilliqa coin, ZIL, against stablecoins, and other cryptocurrencies, including:

• Bitfinex
• Huobi
• Bithumb
• Binance