Zilliqa (ZIL) - a cryptocurrency that focuses on speed

Scalability is one of the biggest challenges facing the cryptocurrency market today. Zilliq's project is focused on her - thanks to immediate confirmations, ZIL wants to break into the forefront of the blockchain world. And so far he's been doing pretty well.

We continue the cycle of the Forex Club portal in which we describe the largest, most interesting, most popular and most controversial cryptocurrency projects in the world. Today it's time for Zilliq, which can certainly be classified as the most promising.

Zilliq's answer to problems

Xinshu Dong, Zilliqa

Blockchain technology it has a lot of obvious advantages, but also imperfections that - so far - have been difficult for us to deal with. Undoubtedly, one of the biggest challenges facing developers is ensuring greater scalability. This is exactly what the Zilliqa team from Singapore under the leadership is focusing on Xinshu Dong. Over 30 coders and cryptographers are by far the strongest side of the project and a magnet attracting investors.

The idea of ​​increasing the capacity and guaranteeing the possibility of carrying out any number of transactions simultaneously is based on the so-called shardingu. It is, in a way, a division of the network into smaller ones, thanks to which each of them can deal with processing part of the data. Theoretically, you can divide the network into any number of smaller networks and each of them will be responsible for confirming other transactions.

ICO of the Zilliqa project

We got to know the source code of the project at the beginning of 2018. It was already known then that the test network allows for 2,5 thousand. transactions per second, which was a breakthrough result. Suffice it to say that Ethereum It was hardly achieving 30 transactions per second at the time. You can also run smart contracts on the web, but the not very developed and well-known Scilla programming language is its limitation. Ultimately, however, it is to be replaced by another.

All this made the ICO, which lasted from December 27.12.2017, 4.01.2018 to January 20, 30, a complete success. The equivalent of $ 40 million was raised at ETH and it was ready to go to work. Especially since only XNUMX% of the tokens hit the market then. The second as much was allocated to the authors of the project and its marketing, and XNUMX% was left to miners to dig.

How does ZIL

Sharding, on which the whole concept is based, is not a new solution in the IT world. Acted m.in. in databases, but in blockchain technology it had to be seriously modified - nodes are divided into smaller nodes, which, however, retain the full capacity of their predecessors. This allows more transactions to be processed at the same time. Each node divided into two means twice as many transactions, and then divided also can divide etc. The network started with 6 full nodes, and after a few months it had 3600 shards.

But how is it possible to maintain capacity despite splitting the node? This is ensured by a hybrid consensus algorithm. The Proof of Work Consensus only deals with determining the identity of nodes. Creating new blocks and confirming transactions is done using the Ethash algorithm. This not only allows for better bandwidth, but also protects against external attacks, ensuring greater decentralization.

Zilliq Quote (ZIL)

Currently, the ZIL token can be traded on 49 cryptocurrency exchanges from around the world. As of 16.07.2020/0,018/10,2, you must pay $ 185 for each token. There are over XNUMX billion units in circulation, which translates into a capitalization of over $ XNUMX million.

The peak of trading took place on May 10.05.2018, 0,23, when ZIL had to be paid $ 1,5, and the project capitalization exceeded $ XNUMX billion.