Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.
Development work officially started on Zilliqa in June 2017, and its testnet went live in March 2018. A little over a year later, in June 2019, the platform launched its mainnet.
The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
Zilliqa was first conceived by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Saxena and several students in the School of Computing published a paper in 2016 that outlined how a sharding-focused blockchain could improve network efficiency and speed.
Around the same time, Saxena co-founded Anquan Capital alongside Max Kantelia, a lifelong finance and tech entrepreneur, and Juzar Motiwalla, former president of the Singapore Computer Society. The company incorporated Zilliqa Research in June 2017 to develop the Zilliqa network, bringing on Dong Xinshu as its CEO, Yaoqi Jia as its chief technology officer and Amrit Kumar as its chief scientific officer. All three previously worked as research fellows at the NUS School of Computing.
Zilliqa claims to be the world's first public blockchain to rely entirely on a sharded network. This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.
Zilliqa seeks to become the blockchain of choice for large-scale enterprise use, including among the advertising, gaming, entertainment and financial services and payments industries. In its 2018 position paper, its team states that the platform "aims to rival traditional centralized payment methods such as VISA and MasterCard."
Both Anquan Capital and Zilliqa Research, the company responsible for developing Zilliqa, hold significant reserves of ZIL.
Zilliqa has a fixed maximum supply of 21 billion tokens. ZIL was first made available for sale as an ERC-20 token as a part of a token generation event that concluded in January 2018. The tokens were subsequently transferred to the Zilliqa mainnet in a token-swap event that concluded in February 2020.
Before launching, Zilliqa generated 60% of all tokens (12.6 billion ZIL) to be distributed at the token generation event, and the remaining 40% (8.4 billion ZIL) will be created through the mining process. Ten percent of all tokens (2.1 billion ZIL) were reserved for Anquan Capital, 12% (2.52 billion ZIL) for Zilliqa Research, and 5% for contemporary and future Zilliqa team members — all of which were announced to be distributed quarterly over a three-year period.
Zilliqa is designed such that all tokens will be minted within 10 years, with the block mining reward slowly decreasing. According to its whitepaper, the project aims to have 80% of the tokens (16.8 billion ZIL) mined within the first four years and 20% (4.2 billion ZIL) in the remaining six years.
The Zilliqa network is secured through a practical Byzantine Fault Tolerance, or pBFT, consensus protocol, meaning that at least two-thirds of all nodes must agree that a record is accurate in order for it to be added to the blockchain. Each Zilliqa blockchain shard relies on a group of nodes to confirm a subsection of all the transactions, and once each shard has reached a consensus, a second group of nodes confirms the shards' collective results and adds a new block to the blockchain.
The network uses elliptic-curve cryptography to secure its consensus protocol and allows for multisignatures. In addition to the pBFT consensus protocol that secures its transaction records, Zilliqa also uses a proof-of-work algorithm to assign node identities and generate shards.
Zilliqa developed a new language, Scilla, for its smart contracts. Short for Smart Contract Intermediate-Level Language, Scilla is a safety-focused language intended to automatically identify and eliminate security vulnerabilities at the language-level and make it easier to formally verify the safety of smart contracts through mathematical proofs.
Zilliqa's native token, ZIL, is listed on several major cryptocurrency exchanges — including Binance, Huobi, Bitfinex and Bithumb — where it is available to be traded against fiat currencies, stablecoins and other cryptocurrencies.
* Forex Rating accepts no liability for any errors in the Zilliqa Price or ZIL Information. For the most recent information please visit the Zilliqa official site.
# | Cryptocurrency | 7 days | |
1 | ![]() |
Bitcoin | -1.59% |
---|---|---|---|
2 | ![]() |
Ethereum | -0.96% |
3 | ![]() |
Tether | -0.02% |
4 | ![]() |
BNB | -14.11% |
5 | ![]() |
USD Coin | 0% |
6 | ![]() |
XRP | 2.85% |
7 | ![]() |
Cardano | -9.91% |
8 | ![]() |
Lido stETH | -3.32% |
9 | ![]() |
Dogecoin | -5.18% |
10 | ![]() |
Wrapped TRON | 3.46% |
11 | ![]() |
Solana | -9.63% |
12 | ![]() |
Polygon | -13.08% |
13 | ![]() |
TRON | 3.94% |
14 | ![]() |
Litecoin | -5.19% |
15 | ![]() |
Polkadot | -4.28% |
16 | ![]() |
Binance USD | -0.03% |
17 | ![]() |
Avalanche | -1.63% |
18 | ![]() |
Dai | 0.05% |
19 | ![]() |
Shiba Inu | -5.76% |
20 | ![]() |
Wrapped Bitcoin | -1.71% |
# | Broker | Cryptos | |
1 | ![]() |
OctaFX | |
---|---|---|---|
2 | ![]() |
FXCC | |
3 | ![]() |
HFM | |
4 | ![]() |
FxPro | |
5 | ![]() |
MultiBank Group | |
6 | ![]() |
Exness | |
7 | ![]() |
Kiexo | |
8 | ![]() |
Dukascopy | |
9 | ![]() |
eToro | |
10 | ![]() |
FOREX.com | |
11 | ![]() |
Forex4you | |
12 | ![]() |
LH Crypto | |
13 | ![]() |
YCM-Invest | |
14 | ![]() |
FXOpen | |
15 | ![]() |
ITRADER |
The cryptocurrency market capitalisation fell 1.8% to $1.1 trillion over the last 24 hours as risky assets lost traction, dragging the Nasdaq lower. Markets were surprised by interest rate...
8 Jun 2023
The cryptocurrency market is up 2.7% to $1.121 trillion, approaching the middle of its trading range for the past month. Strong growth momentum late on Tuesday allowed...
8 Jun 2023
The cryptocurrency market hit a sell-off on Monday night, losing 3.8% in the last 24 hours, down to a capitalisation of $1.091 trillion - near almost three-month lows...
7 Jun 2023
When Ripple first released XRP in 2012, the boasted improvements on Bitcoin caused a stir in the crypto space, and XRP was considered by many to be a better technological choice for global adoption...
2 Jun 2023
The crypto market has lost another 0.8% of its capitalisation in the last 24 hours, rolling back to $1,128, where it was last Friday. Bitcoin is down 1.4%, Ether is down 0.8%...
1 Jun 2023
Cryptocurrency market capitalisation fell 1.8% over the last 24 hours to $1.136 trillion. After failing to build on Wednesday's gains, the cryptocurrency market came under pressure during the Asian session...
31 May 2023
© 2006-2023 Forex-Ratings.com
The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.