Zilliqa news: all you need to know about the ZIL cryptocurrency
Zilliqa is an cryptocurrency designed to focus on network decentralization goals, overcoming the problem of scaling up the Blockchain. In today's article, let us learn about what Zilliqa is, how it works, where to create wallet to store ZIL and what is the most cheap, safe and reputable trading platform?
Zilliqa (ZIL) is a new generation blockchain platform designed to overcome the speed of processing transactions when expanding the network of old Blockchain technologies. Zilliqa can handle thousands of transactions per second, in addition Zilliqa is a research project of the National University of Singapore (National University of Singapore) and is funded and cooperated with many large investment funds in this country like FBG and GBBL, EPFL.
Zilliqa claims to be the next generation high-speed blockchain 3.0 platform, while changing the Blockchain's consensus system. This cryptocurrency solves the growing scale of digital money.
Zilliqa starting point is a research and development project of Singapore National University. Zilliqa has linear scaling when new nodes can join the network and increase the blockchain's productivity. Generally speaking, the more nodes join, the faster the network’s speed. This is different from most other blockchain when the number of nodes increases, the speed of the network will decrease.
Unlike many other projects that are still in the idea stage, developing or just on the desk; Zilliqa had the product and successfully launched testnet on March 31, 2018 at a speed of 2,000 - 3,000 tps.
Zilliqa has found a solution to solve the problem of more transactions as well as more nodes participating in the system.
This electronic currency will rebuild the Blockchain like the original and the new system will implement a consensus protocol with the combination of about 600 new nodes joining the system.
In theory, for every new 600 nodes, the Zilliqa input processing system will increase by sharing the work.
In fact, slow problems will occur when this system is really big (more than 1 million nodes). And 1 million nodes are a difficult number to reach. At the time of writing. Bitcoin has about 11,000 nodes and Ethereum has only about 25,000 nodes.
For Bitcoin and Ethereum, there are more than 10,000 nodes in the system, about 3-4 transactions per second. One calculation shows that Zilliqa network can handle 1218 transactions in a second when 1800 nodes in the system work. This number will be increased to 2488 transactions per second when the number of nodes in the system increases to 3600.
Sharding is an on-chain method. In fact sharding is not a strange concept. This is a technique derived from distributed data systems but has not been applied much to blockchain development. The idea of sharding is to use algorithms to separate the nodes in the network into smaller clusters (called shards) and process transactions in parallel.
The processed data will then be pooled and communicated on the network to achieve the final unified result. With the design based on sharding technology. Zilliqa is the answer to the expansion problem and still ensures decentralization and security.
There are two main parts of the Zilliqa network. Users and miners.
1. External users use Zilliqa infrastructure to transfer money and / or run smart contracts. Users pay for processing transactions or running smart contracts in ZIL token form.
2. Miners in the network run Zilliqa's consensus protocol and receive rewards in ZIL for the service.
• The blockchain network will be expanded along the route when more nodes join the network. In short, the more miners, the faster of Zilloga.
• Zilliqa uses the main consensus algorithm, Practical Byzantine Fault Tolerance (PBFT), one of the algorithms with extremely high security features. In addition, Zilliqa uses the Proof Of Work (PoW) algorithm to determine the identity of the node and against Sybil attack. This makes Zilliqa mining much more economical. Miner only takes about $22 month for Zilliqa mining (Ethereum mining costs about $28 month).
• Network transaction fees are cheaper thanks to the combination of PBFT and PoW algorithms.
• Smart contract and own smart contract language (Scilla).
• Zilliqa will add identity security features for seamless transactions and connections with other blockchain networks in the near future.
Zilliqa owns a strong team consisting of many professors, PhDs,, leading scientists in computer technology from National University of Singapore.
• Xinshu Dong, CEO - Ph.D., leads the blockchain development segment in Anquan.
• Prateek Saxena, Chief Scientist - Doctor, professor of computer science of National University of Singapore. Prateek is also the teacher of Dr. Luu Luu, CEO and Founder of Kyber Network.
• Yaoqi Jia, Head of Technology - PhD, research on security technology at Singapore National University.
• Amrit Kumar, Head of Research - PhD, research on computer security, cryptography and encryption at National University of Singapore.
• Loi Luu, CEO and Founder of Kyber Network.
• Evan Cheng, technical director at Facebook.
Investing in Zilliqa has its own risks. ZIL is a very BIG idea and is trying to solve a BIG problem that the current blockchain suffers from today. As a first pioneer in the sharding arena they have a huge advantage.
After some thorough research of the team is not impressive and not alarming. Many of the members do not have much experience working with any major technology company. However, the advisers on Zilliqa really stand out because two of them are Kyber project advisers.
You can now buy ZIL at the following exchanges:
Currently Zilliqa is an ERC20 token, so you can store in the wallet that allows Ethereum and ERC20. In addition, on January 31, 2019, Zilliqa will proceed to switch to a private Mainnet, so there will be separate wallet software.
Zilliqa is the ideal platform to run dApps (decentralized applications) that require transactions that exceed the capacity of the current blockchain. Examples of parallel auction applications, transparent digital advertising supply chains and global payment networks.
In addition to providing the blockchain platform, Zilliqa also brings the following dApps and miners applications:
• Stable payment for miners with low variance
• Low fee and interoperability with Ethash
• Make better use of energy by leveraging PoW only for identity settings
• Quantitative security for dApps users with different budget levels to calculate security
• Smart security contracts and model data streams.
Like Vechain (VET) , ZIL token in Zilliqa acts as an ETH of Ethereum and Bitcoin's BTC. Currently ZIL Token ERC20 is run on Ethereum platform and will be converted to Zilliqa blockchain after launch.
ZIL token will be rewarded to miners through the mining process and users of Zilliqa or smart contracts will use ZIL token to pay as transaction fees.
A total of 12,599,999,804 ZIL token was create and a part will be issued during the ICO round to call for capital to develop the project.
Zilliqa's ICO was successful on January 4 with $ 22 million collected.
Before deciding to invest in ZIL, you need to update ZIL news today daily. According to the latest Zilliqa news, ZIL is priced at 0.067 USD per unit and has a total market capitalization of 440 million USD, ranking 36th on CoinMarketCap ranking.
In conclusion, ZIL is not only an ICO project that is of great interest, but also a solution for digital money technology in the near future. Many investors are increasingly interested in ZIL token andZilliqa news. Is Zilliqa can be crypto game changer like QTUM, to be able to update ZIL news today, don't forget to visit our website. We hope you will have useful information.