Zilliqa: transaction processing to a whole new level
Zilliqa: transaction processing to a whole new level

Zilliqa: transaction processing to a whole new level

Zilliqa is your go-to platform. It’s specifically created to overcome the transaction processing and scalability issues that Ethereum faces.

Posted by Pepe August 3, 2024

Zilliqa is your go-to platform. It’s specifically created to overcome the transaction processing and scalability issues that Ethereum faces.

Hey, amigos! Pepe here to hop you through the ins and outs of Zilliqa, the speedy blockchain that’s taking transaction processing to a whole new level.

Contents
What is Zilliqa?How It WorksZIL TokenWhy Zilliqa?Key Takeaways

What is Zilliqa?

Zilliqa (ZIL) is a blockchain built to tackle Ethereum’s scalability and transaction processing challenges. It’s like the turbocharged version of Ethereum, designed to handle a ton of transactions without breaking a sweat. If you need a solid foundation for applications and networks that require high transaction throughput, Zilliqa’s got your back.

How It Works

Zilliqa is an ERC-20 blockchain that can process a whopping 2,828 transactions per second. That’s like moving from dial-up internet to fiber-optic speeds! Here’s how it pulls off this magic trick:

  1. Sharded Database:
  • Nodes in Subgroups: Instead of having all nodes handle every transaction, Zilliqa splits them into subgroups, each supporting a specific shard.
  • Shard Transactions: Transactions happen within these shards, then get aggregated into blocks and relayed to the main chain. It’s like dividing tasks among different teams to get things done faster.
  1. Hybrid Consensus Mechanism:
  • pBFT and PoW Combo: Unlike most blockchains, Zilliqa uses a mix of practical Byzantine fault tolerance (pBFT) and proof-of-work (PoW).
  • Efficient Mining: Miners do PoW for just 5 minutes out of every 1.5 hours. Rewards are based on the number of signatures they validate, meaning more miners get a piece of the pie.

ZIL Token

Let’s talk tokens! Zilliqa’s ZIL is the utility token used to pay for transaction processing and execute smart contracts.

  • ICO and Supply:
  • ICO: The Initial Coin Offering (ICO) ran from December 27th, 2017, to January 10th, 2018, raising a cool $22 million.
  • Token Release: ZIL tokens were released on January 25th, 2018, as ERC-20 tokens.
  • Total Supply: There are 12,599,999,804 ZIL in total, with 8,059,460,653 currently in circulation. Zilliqa plans for 80% of the total supply to circulate within the first four years, with the final 20% minted over the following six years.

Why Zilliqa?

If you’re into building decentralized applications or blockchain networks that need high transaction throughput, Zilliqa is your go-to platform. It’s specifically created to overcome the transaction processing and scalability issues that Ethereum faces. For instance, Ethereum processes about 15 transactions per second, while Zilliqa’s test net can handle around 2,828 transactions per second, scaling linearly as more nodes join.

Start staking in 3 easy steps
Start staking in 3 easy steps

Key Takeaways

  • High Throughput: Handles thousands of transactions per second with ease.
  • Sharded Database: Efficiently divides tasks among subgroups to speed up processing.
  • Hybrid Consensus: Combines pBFT and PoW for a balanced, energy-efficient approach.
  • Strong Tokenomics: A well-planned ICO and token distribution model.

So, if you’re looking for a blockchain that’s fast, efficient, and ready to support your high-transaction needs, give Zilliqa a look. It’s like moving from a tricycle to a rocket ship in the world of blockchain!

Links:
https://t.me/zilliqachat
https://www.zilliqa.com/
https://twitter.com/zilliqa
https://www.reddit.com/r/zilliqa/
https://discord.com/invite/XMRE9tt