Zilliqa Coin – What is this?

– Zilliqa Coin – or ZIL for short – is designed to solve one of the biggest problems blockchains have ever faced: scalability. Blockchains like Bitcoin and Ethereum groan among the millions of transactions every day. Zilliqa is creating a platform for this problem that will relieve the blockchains of the burden of transactions with a new technology: Sharding.

Zilliqa Coin – Is this crypto currency good for the Bitcoin trader?

Blockchains have an inherent problem, most of them cannot scale infinitely. At Bitcoin, for example, transaction fees are becoming more and more expensive, as seen on onlinebetrugĀ miners are hardly able to keep up with the creation of new blocks. As a result, the blockchains cannot grow indefinitely and cannot cope with the onslaught of daily transactions.

Zilliqa’s solution is called “Sharding”. The nodes of a network are of central importance here. The protocol divides the nodes of a blockchain into groups of 600 nodes each. Each group forms its own shard. These shards allow transactions to be processed in parallel. In contrast to other blockchains, the speed of Zilliqa theoretically increases as the network grows.

With Bitcoin, Ethereum and many others, the opposite is true: as the size increases, it becomes increasingly difficult to verify new transactions. Zilliqa’s test network consisted of 3600 nodes, divided into 6 shards. This test net achieved a total transaction rate of 2,488 transactions per second. By comparison, Ethereum currently only manages 15 transactions per second. On the test net, users were already allowed to use the Zilliqa Wallet and carry out transactions.

As the size increases, the Bitcoin revolution becomes increasingly difficult to verify new transactions

The nodes are the ones that verify the transactions on the onlinebetrug review, not the miners. The applied consensus algorithm is called Ethash and was already used in the Ethereum 1.0 blockchain. Zilliqa coin mining is nevertheless possible. Expensive mining rigs are not absolutely necessary, the coin can also be mined with normal hardware. Zilliqa Coin serves as a reward for the miners and is used to pay transaction fees. Currently, the token is still based on the Ethereum blockchain. When the network goes online, the crypto currency will also move. Apart from that, Zilliqa is also introducing a new programming language for Smart Contracts, which will be better and more innovative than Ethereum’s.

At the private Zilliqa Coin ICO at the end of December 2017, Team Ether was able to earn up to 12 million US dollars. Thereafter, Ethereum’s crypto currency price will rise, bringing its profit to 20 million dollars. In January 2018 the public sale took place. In total, the maximum number of ZIL Coins should amount to 12,600,000,000.

Posted in transactions | Leave a comment