Zilliqa: Definition, History, Functions and How It Works

Bittime - In this article, we'll get to know about Zilliqa. What is Zilliqa, its history, and how it works will be fully discussed in this article. Stay tuned for more details!

Check Today's Crypto Market:

Understanding Zilliqa

Zilliqa is a cryptocurrency pioneer that has brought new power to the world of digital assets with its disruptive technology that targets the scalability challenges that have long plagued traditional blockchain networks .

The core of Zilliqa's innovation lies in “sharding”, an innovative concept that enables parallel processing of transactions across multiple “shardings”. This breakthrough enables the completion of several thousand transactions per second, overcoming the scalability limitations of conventional blockchains. This article will dive deeper into this innovation in our comprehensive review of Zilliqa, including an analysis of its price dynamics.

Zilliqa characteristics

Zilliqa's distinctive feature lies in its consensus mechanism that operates based on practical Byzantine fault tolerance (pBFT). This mechanism facilitates faster confirmation of data blocks thereby increasing the efficiency of the Zilliqa blockchain. Additionally, Zilliqa supports self-executing smart contracts and empowers the development of decentralized applications (dApps) capable of handling significant transaction volumes.

History

Zilliqa originated in 2017 as the native cryptocurrency of its eponymous platform. Founded by Dr. Xinshu Dong, this project emerged from the research efforts of a team at the National University of Singapore. Recognizing the scalability and congestion issues plaguing blockchains like Ethereum, the team introduced the concept of sharding which has been adopted by various projects, including Elrond and Near Protocol.

Also read:

Transition and Expansion

Initially launched as an ERC-20 token on the Ethereum network, ZIL quickly transitioned to its mainnet between 2019 and 2020 marking an important milestone in its evolution. In addition to sharding, Zilliqa uses the Scilla smart contract language which is known for its enhanced security and efficiency compared to languages ​​like Solidity.

Function

Zilliqa was designed to overcome the congestion and high costs associated with existing blockchain networks. By leveraging sharding technology, Zilliqa positions itself as a credible alternative capable of providing unmatched scalability. Its innovative approach enables greater transaction throughput per second making it suitable for high-demand applications in payments, gaming and decentralized finance ( DeFi ) systems.

Ways of working

Zilliqa's operational prowess relies on its sharding technique which involves partitioning the blockchain into smaller, manageable units known as shards. Each shard operates in parallel, significantly increasing transaction processing speed. With Practical Byzantine fault tolerance (PBFT) ensuring consensus and transaction validation, Zilliqa emerges as a robust and reliable blockchain platform.

Conclusion

In conclusion, Zilliqa represents a paradigm shift in blockchain technology, offering a scalable and efficient solution to a long-standing industry challenge. Its pioneering approach to sharding, coupled with the security of PBFT consensus, positions Zilliqa at the forefront of the decentralized application space. 

As the platform continues to grow and expand its ecosystem, Zilliqa provides hope for developers, investors, and users. However, it is important to conduct thorough research before considering any investment decision, as Tokzie does not provide investment advice.

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds intowallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

What Are Crypto Wallets?

What Is A Death Cross In Crypto Trading?

What is Crypto Invoicing?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.