Recently, there has been a lot of debates on the scalability of the blockchain systems. Most of the available cryptocurrency have issues with their blockchains. Even with the vast number of new crypto coins being introduced, majority of them still are not able to cater for the scalability issue.
The consensus protocols in some of the already existing cryptocurrencies for example NEO or Bitcoin, have a critical requirement for authentication of every transaction made. Each and every node in the blockchain has to authenticate each sequential transaction and then store them in the ledger which is a copy maintained by each node. This is the main reason why blockchains are considered to be decentralized.
However, as the number of transactions increase, so does the need for additional nodes on the network that would process and store the information. The data being validated hence has to travel more than usual and is stored by all nodes on the network. This in turn leads to scalability problem due to inter-node latency which in turn increases the protocol of each new node. The end effect is the blockchain will have a reduced scalability level as the network increases. This is the routine in the existing cryptocurrencies and has been a big problem for quite some time.
With that in mind, a few brilliant researchers founded the next generation blockchain start up Zilliqa (ZIL) which promises to take care of the scalability issue. In this article therefore, we are going to discuss, the history of Zilliqa cryptocurrency, its founders and some of its feature to give you a better understanding of the crypto.
History of the Zilliqa Cryptocurrency
The Zilliqa cryptocurrency is defined as a cryptocurrency platform that is able to scale its transactions rate to the growing need in its blockchain system. It will be the first public blockchain with high throughput levels. It is designed to handle thousands and thousands of transactions in a matter of seconds. This cryptocurrency is the first step to realizing Sharding’s principle (a theory that automatically splits up a large network of machines processing a given number of transactions into parallel sub committees called shards. This routine has been realized in the development of the Zilliqa platform as it uses the same technique to boost its scalability levels.)
The team behind this brilliant innovation includes;
Xinshu Dong – he is the CEO of foundations. Xinshu is a scientist in building secure systems that range from blockchains to web browsers as well as applications.
Max Kantelia – he is a financial service entrepreneur and has over 25 years of experience in building professional services and technology firms in Europe, the US and Asia. He is a co-founder of Anquan Capital in Singapore.
Other members of the team include;
- Clark Yang
- Siddhartha Sahai
- Prateek Saxena
- Yaoqi Jia
- Amrit Kumar
- Ong En Hui
- Juzar Motiwalla
- Saiba Kataruka
- Addison Huegel
- Haichuan Liu
- Antonio Nicolas Nunez
- Jun Hao Tan
The team is dedicated to making the best out of the Zilliqa foundation. Some of the benefits of blockchain technology include;
Benefits of Zilliqa Blockchain
- Zilliqa platform offers incredible speeds to its users since the platform is able to host a large number of transactions within a short time span.
- The platform has high levels of security therefore the individual users are sure of a safe network to conduct their transactions.
- The platform incorporates a new design of smart contracts since it is created with the highest level of parallelism therefore the users will enjoy full benefits of this feature.
- The platform is adaptable to any situation because of its high levels of scalability.
The platform has tokens known as ‘Zillings’ or in short ‘Zills’. This gives the users rights to transact and run smart contract. The Zilliqa network has a finite supply of about twenty-one billion tokens and 60 percent will be found in the TGE (Token Generation Event). The tokens will be allocated in different ways in the platform;
Mining rewards – about 40 percent of the tokens in circulation will be used as incentives to the miners hence helping the platform to grow.
Community and Early Contribution – about 30 percent will be contributed to early and community users just after the TGE. Within two weeks, the tokens will be distributed then they will be transferable afterwards.
Agencies, company and team – the remaining 30 percent will be given to different parties for instance, 10 percent will be given to Anquan which will contribute to the Zilliqa project.
The platform will also provide DApp system to its users and it will still maintain its efficiency levels. Some of the offers Zilliqa will give to its DApp and miners includes;
- There will be a more stable pay-out compared to the other cryptocurrencies to its miners with low variance
- The mining process will be compatible with Ethash and the joining prices will be low.
- For identity establishment, the platform will use POW (Proof of Work) algorithm which will be a better energy utilization process.
- To be able to secure computation, the platform will offer different levels of quantifiable security to it users hence giving the users different budget plans depending on their specifications
- The smart contracts will be secure and have a smart data flow system.
Wallets are online protocols that offer security to its users by keeping a set of keys that are identical to the crypto coin in the blockchain system. Some of the wallets will also offer transfers from one person to another. When you open an account in a given wallet, you will be given a set of private keys which you must keep private. Some of the wallets for the ZIL coin that you can opt for include;
- Ethereum Mist DApp
- Ledger Wallet
In conclusion, I hope with the above description, you now have a better understanding of the Zilliqa cryptocurrency.