What is Zilliqa?
Zilliqa is an innovative blockchain whose developers were the first to introduce sharding technology into its architecture. Zilliqa aims to solve the scalability problem that is inherent in most blockchains. For example, many Bitcoin users face the problem of too long and, therefore, expensive transactions. The Bitcoin network is simply not able to handle all the demand. The same goes for Ethereum. The developers of Zilliqa have chosen a hitherto untraveled path by implementing sharding. The bottom line is that Zilliqa’s sharded architecture allows you to use simultaneous chains to make transactions in parallel. Scaling occurs with increasing network size. Thus, the more nodes in the network, the more transactions the blockchain can process. Theoretically, there is no limit to the number of transactions per second that the Zilliqa blockchain can process if the number of nodes grows.
The Zilliqa team has a strong academic background, and the company’s three founders are graduates of the prestigious National University of Singapore.
The CEO and co-founder is Xinshu Dong. Dong is an internationally recognized cybersecurity expert and participates in numerous national security projects for the Singapore government. He is supported by co-founder Prateek Saxena, a professor of computer science at the National University of Singapore. He was also one of the founders of the Kyber Network.
The third co-founder is Yaoqi Jia, Ph.D. in Computer Science and a specialist in network security and distributed security systems. The fourth co-founder is Amrit Kumar, the chief scientific officer.
How Does Zilliqa Work?
In the case of Zilliqa, sharding is used to separate all the work of transaction verification and network security. Transaction verification is carried out by a group consisting of a maximum of 600 nodes, called a shard. To date, the Zilliqa network consists of 2400 nodes, which are distributed over four shards. Each transaction in the Zilliqa network is verified by a shard (600 nodes). All transactions that are verified by the shard are packaged in a microblock. Then the microblocks of each shard are combined into a transactional block by Directory Service Nodes. As soon as these microblocks are combined, they form one block, which is added to the Zilliqa blockchain.
The Zilliqa team claims that its blockchain is able to provide a high level of scalability without sacrificing decentralization. It is possible to do this thanks to a unique hybrid consensus algorithm. Hybrid, because it mixes the Proof of Work consensus mechanism with the practical Byzantine Fault Tolerance (pBFT).
Proof of Work is used to confirm the identity of the nodes, and when this is achieved, the node is assigned to the shard. Then the shard (of 600 nodes) finds consensus within itself to ensure the creation of a microblock and then with other shards to create the final transactional block, using the pBFT consensus algorithm.
Thanks to the sharded architecture, Zilliqa can support thousands of transactions per second. In addition, the design of the platform allows it to process both large international transfers and microtransactions, imposing small transaction fees.
Microtransactions allow developers to create more functional applications and users to carry out daily transactions without paying high fees.
Fees in Zilliqa are transparent and cost-effective:
- Native token transfer - $0.011
- Fungible token transfer - $0.1
- Non-fungible token transfer - $0.1
Zilliqa users can use ZIL for staking to make profits easily. The platform supports non-custodial staking using a proprietary system called the Zillion portal. Currently, the platform offers an annual profit of 15.27% APR.
It is also worth noting that many seed node operators for staking are currently available to users. In particular, Zillet, Moonlet, Atomic Wallet, Staked, and many others offer their services with the possibility of making a safe profit.
Why Is Zilliqa Going Up?
Over the past two weeks, the ZIL rate has increased by about 200% as of April 5, 2022. This happened on the eve of the official launch of the metaverse Metapolis, which was scheduled for April 2, 2022. What is so amazing about this metaverse? The fact is that this is the first metaverse in history that was created as a Metaverse as a service (MaaS) platform. To create it, the developers of Zilliqa cooperate with the global talent award app Agora.
Metapolis from Zilliqa has implemented elements of both augmented and virtual reality. It will be possible to interact within the metaverse at various levels: NFT, e-commerce, play-to-earn games, digital mannequins, billboards, and much more.
Each user will be able to choose and personalize their NFT avatar in Metapolis. With the avatar, players will be able to attend various events, travel, interact with other players, and much more.
Metapolis has become an extremely attractive platform for brands that can take customer interaction to a whole new level. The platform serves as a kind of bridge between the physical and digital world.