Zilliqa is a decentralized blockchain designed to deliver a secure and scalable blockchain platform for hosting decentralized applications (“DApps”). The Zilliqa network is fueled by Zilliqa cryptocurrency.
Zilliqa delivers Smart contracts security by using Scilla (smart contact intermediate-level language), which imposes a structure on smart contracts that make applications less vulnerable to attacks by eliminating certain known vulnerabilities at the language level.
The Zilliqa platform enables new decentralized business models while removing middlemen and inefficiencies. The platform is developed primarily to support:
Gaming and Entertainment: Non-fungible tokens allow gamers to truly own and customize assets.
Digital Advertising: Improves programmatic advertising by automating payments and reducing the number of intermediaries.
Payments: High scalability results in low transaction fees, making it possible for DApps to make micro-payments across borders.
The Zilliqa blockchain is built using Sharding and pBFT Protocol to allow 1,000s of transactions per second. Shards: Small groups of nodes divided within the network for parallel processing of transactions, the division meaning that not all nodes are involved in the validation of a single or set of transactions. (Each node is required to complete a basic PoW in order to join the network and become assigned into a shard).
pBFT Protocol: The consensus protocol is used to facilitate the agreeing on the order of transactions verified across the respective shards.
Zilliqa was created and launched in 2017 by a group of scientists and academics and is led by Prateek Saxena from the University of California and Xinshu Dong and Amrit Kumar University of Singapore. There is a total supply of 21 billion Zilliqa (“ZIL”) tokens, 30% of which were issued during the Zilliqa ICO that concluded in December 2017.
Zilliqa tokens can be mined with GPU mining rigs, with Zilliaqa’s mining model estimated to limit GPU usage to just 12 hours at full capacity per month, the team limiting the use of electricity through the pBFT protocol and Ethash algorithm used at the initial Proof-of-Work stage of becoming a shard.
Some distinct differences and characteristics of Zilliqa include:
- There are no physical Zilliqa tokens, only virtual.
- Unlike fiat currencies, where governments and central banks are able to print more money, there is a finite number of Zilliqa tokens, capped at 21 billion.
- The very nature of Zilliqa’s decentralized blockchain means that the payment system runs 24-hours a day.
- Its high throughput supports cross-border micro-payments with low transaction feeds and capability of 1000s of transactions per second.