Scalability is a problem that current platforms face after the recent increase in cryptocurrency transactions. This means they have a limit on the number of transactions that can be processed per second. Bitcoin, for example, is limited to a maximum of 7 transactions per seconds, while Ethereum can only process 15 transactions. This leads to an increase in the cost of transactions.
As the use of public crypto currencies and smart contracts platforms grows, it is anticipated that there will be a growing demand for transactions to be processed faster.
Learn more about these and other fascinating coins
Zilliqa is a blockchain platform that can scale up transaction rates. Zilliqa is predicted to be able process 1,000 times more transactions than Ethereum. Zilliqa’s core is sharding, which divides the mining network into smaller shards that can process transactions simultaneously.
Zilliqa’s whitepaper states that the platform has undergone research and development over two years. Zilliqa is built around the concept of sharding, which divides the mining network up into smaller groups of consensus called shards. Each shard can process transactions simultaneously. Zilliqa creates ten sub-networks of 800 miners each, automatically, without the need for a co-coordinator. If one sub-network is able to agree upon a group of 100 transactions (say) in a time-epoch then ten sub-networks could agree upon a total 1000 transactions. To aggregate securely, it is important to make sure that each sub-network processes different transactions without any overlaps.
Zilliqa’s Testnet Trial Run revealed that the current processing speed of transactions was 2,488 transactions every second. The network was expanded to 3,600 servers (6 shards). All nodes run on AWS EC2 instances.
The team
A diverse team of venture-creators, financial experts, and deep tech professionals make up the team. The team is led by CEO Xinshu Dog (PhD National University of Singapore), a scientist who has built secure systems ranging from web browsers to blockchains. He was responsible for the development and research of Anquan’s proprietary, scalable and secured blockchain. This technology is used in financial and ecommerce apps.
Yaoqi Jia, the blockchain architect at Zilliqa. He has a background in building web-based and distributed systems that are secure, privacy-preserving and use cryptographic methods. In his research, he proposed a number of technologies as building blocks for the next generation blockchain. These technologies addressed privacy and consensus issues. He has published his research in prestigious international conferences such as CCS and USENIX security, PETS, RAID and ESORICS. The Best Paper Award was given to him at W2SP 2014 and ICECCS 2014. Google (CVE 2014-7948) and Apple CVE 2015-5907 have acknowledged his work. He has also received coverage in media such as Dailydot Gizmodo, Techspot and Gizmodo.
Advisors
Alexander Lipton, a Fintech expert with a wealth of knowledge in banking and Fintech industry experience and Stuart Prior have joined the Zilliqa Team.
Alex is a multi-faceted professional with a varied background. He was the former Managing director at Bank of America and led the Quant Group, among other positions. He is currently the Founder and Chief Executive Officer of StrongHoldLabs. Additionally, he holds positions as Connection Science Fellow and Visiting Professor at EPFL. Alex is an expert on distributed ledgers, digital currencies, and payment systems. He has published two books, over 100 research papers, and edited six other books.
Stuart has over 20 years of experience in Corporate and Investment Banking. He is also a proponent for blockchain technology and cryptocurrency finance. In his exciting career, he has developed ultra-high-frequency / low-latency trading applications and large-scale database management in several of the largest global banks including Credit Suisse and Deutsche Bank.
ZILs or Zillings
ZILs or “Zillings”, as they are known, are the tokens used on Zilliqa. ZILs are used to give holders platform rights for paying to send transactions or run smart contracts. Zilliqa’s token supply is limited to 21 billion, 60% of which will exist at the Token Generation Event.
The 21 billion tokens are divided into the following categories: Mining Reward, Early & Community Contributions (E&C), Company, Team and Agencies.
- Mine Rewards– 40% of the total tokens are used as incentives to encourage miners to expand the network.
- Community Contributions– Maximum 30% of tokens (6,3 billions) will go to community and early contributors following the TGE. All tokens that are not allocated to a contributor following the TGE, will be destroyed permanently. Tokens will be distributed to contributors in 2 weeks after the TGE and can be transferred thereafter.
- Team, Company The remaining 30% (6.3 billion tokens) of the total will be distributed to different parties. For example, 10% (2.1 billion tokens) go to Anquan which will support the Zilliqa Project, while 12% (2.52 billion tokens) are allocated to Zilliqa Research a newly formed entity that will lead the Zilliqa Research team in research, development and community engagement.
Market cap and price
ZIL’s market capitalization is $380,000,000 at the time of this writing. The daily volume traded for ZIL was $9.6 Million or 34,526 BTC, and the price was $0.058414.
On January 26 th2018, the market capitalization was $541million, and at that time, $0.15 was the price.
Huobi, which launched the token 25 January, offers ZILs. Huobi, which is located in Singapore, is an innovative digital asset exchange that serves global traders and explores investment opportunities. It currently offers trade and investment of almost 10 digital assets.
Scalability is one of the main problems with current blockchain platforms. This means that they are not able to handle a greater number of transactions each second, as the network expands. Zilliqa, a blockchain platform designed for scalability in a permissionless network that’s open to all users.
Zilliqa’s network of 10,000 nodes will allow it to match the throughput of VISA or MasterCard while charging much less for merchants.
