You must be thinking what Zilliqa is and why I am stating that it could be the next big blockchain platform, SERIOUSLY. You are probably going to ask me how can I state that Zilliqa will be great in the future if it is such a new project. Well, it is a project that has been in development for more than two years and I can assure you that by the time you read this article you will share my opinion.
At CoinDiligent we are constantly informing you with the latest ICO’s we believe could transform into something big, but what is so special about Zilliqa? This project started developing because they realized how little transactions could be made in blockchains such as that of Bitcoin, and also how slow they were. This team wants to increase the speed of transaction processing and bandwidth of the blockchain network. In other words, Zilliqa aims to be “the world’s first high-throughput public blockchain platform”. Basically, they will create the next big blockchain, but what interests me the most is that they state that they do not want to compete with Ethereum nor Bitcoin, but “collaborate” with them in the sense that they can help each other in order to be better. I just think that is a magnificent strategy.
When I first heard the name of the project I was very surprised since I did not understand the meaning of it, but after investigating I found out that it isn’t just a plain name they gave just because they had to, (others just name their projects with funny names for no reason), it has a real meaning. It stands for: “Silicon for the high-throughput consensus computer”. If you know about chemistry, then you probably will understand that Silicon is a semiconductor which can conduct electricity as well as behave as an insulator, which is what I think the team tries to stand: they are versatile.
Before jumping into the features of Zilliqa, I would like to note something about the team members. I am of those people who believe that something great comes from little good things. The members of this project all have something that can help the company grow, and that is crucial in order to grow. The variety they have to cover every aspect is what makes me most happy because that means that they will make sure to have a good balance in their features.
Their advisors are also great. For example, Loi Luu really makes me think that Zilliqa it is a serious project. Loi had developed the first open-source security analyzer for Ethereum smart contracts called Oyenete, as well as other open-source related to the cryptocurrency world.
You can look this short video to get to know some of the team members involved in the project:
One of the problems blockchains are facing is the lack of speed in their transactions. Cryptocurrencies have been developing so much, that most are thinking that it could be the way to eliminate FIAT money and start using only virtual currencies, but that is impossible if all blockchains are as slow as they are now. Zilliqa wants to create a blockchain fast enough so that someday it could be used by most of us to make transactions and, hence, be able to use it as a daily currency exchange.
If you know how mining works, then you probably also know how expensive it is. The amount electricity that needs to be used in order to mine is astronomical. This translates into high fees to pay electricity and a very high impact on the environment itself. Zilliqa is trying to cut these costs and impacts in different ways, and they have achieved something incredible. They stand that the cost of electricity needed to mine Zilliqa is close to 10 times less than that of mining other big cryptos such as Ethereum. Why is this important? Well, without miners, blockchains do not work. If in the near future Zilliqa wants to have as many users as possible, then they need more miners in order for the blockchain to function properly. A thumbs up for that!
“What are Zillings?!” Do not panic. Zillings are the tokens used by Zilliqa and they are used for “something useful”. You might be wondering why I am saying something useful and the reason is that nowadays, projects are making these tokens which have no use at all and people are buying them. I mean, what is the reason for buying something that is useless… Imagine paying a thousand dollars worth of rocks to then keep them in a massive box in your bedroom, what is the point? ZIL’s are used by users so that they can pay for transactions, process, or launch smart-contracts. Speaking of smart-contracts, they will have the highest level of concurrency with Zilliqa. This translates into users being able to do parallel auctions, manage the economy, and many other possible features.
What would you think if I told you that Zilliqa can potentially have more transactions at a time than Visa? You probably think I am crazy, but it is true, and they have tested it. This is the technical information that the team states about sharding:
Sharding is a concept that has existed in distributed databases for a long time but hasn’t been demonstrated for open, permissionless blockchains (where anyone can join and participate) at scale. The idea is to automatically split up a large network of machines processing transactions into parallel sub-committees or “shards”. Each shard processes its own microblock in parallel with other shards, and resulting micro-blocks are merged into a final one. This automatic network parallelization has now been made practical for open blockchains through Zilliqa!
To be more general, let’s put the scalability of the blockchain compared to that of Visa, which I think it is very interesting and it looks like the team it’s proud of it. Ethereum’s and Bitcoin’s network can handle around 10 and 6 transactions per second respectively, which sound pretty poor compared to the number of transactions per second that Visa can achieve in practice which is around 25 000. At the current moment, Zilliqa can handle 2 500 trx/s with the number of nodes it has. If it reached Ethereum’s amount of nodes, it would be handling around 15 000 trx/s. Do you see where we are getting to? If there are enough nodes in the future, the number of transactions per second permitted in the blockchain could be potentially much higher to that of Visanet. Cool right?
If you want to know even more about this project, check out their official site and you can also look at their presentation if you have some time, it is worth it:
Speed, more transactions at a time, useful features, great team… See what I said at the beginning? Zilliqa looks very promising and at CoinDiligent we think that this is a massive step forward into the crypto world as we know it, so we encourage you to follow this project and keep track because they will for sure becoming something big.
Tell us your thoughts about Zilliqa, and remember you can read their official site.
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