Overview

09/10/18 05:03 UTC-4

Zilliqa and it's high throughput

Access possibility of Zilliqa
Access possibility of Zilliqa

The main feature of the crypto network called Zilliqa can be considered a high scalability level, due to which the block size is adjusted depending on the load the platform experiences with increasing the number of transactions. As we know, embarrassments with scalability of the Blockchain network is one of the main obstacles faced by all known Bitcoin and Ethereum shells.

 

Work principles

Today, the most popular Bitcoin platform is no longer able to promptly process the transaction without additional payment for the high speed of the operation. The same can be said about Ethereum, where the implementation of contracts is not as fast as we would like. Developers of blockchain networks are constantly working to solve these problems. This is the reason for the appearance on the market of such a platform as Zilliqa. The functionality available in Zilliqa guarantees a second negotiation of transactions and, theoretically, can process hundreds of thousands of operations per second. There is also support for smart-contracts performed by the Ethereum network.

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As is known, the more nodes a network creates, the more difficult it is to achieve consensus, in which a chain of blocks is formed. The system of voting and confirmation of work is becoming more and more difficult, therefore the future is only for platforms with broad capabilities in terms of scalability. The creators of the Zilliqa network have found a way to perform more operations with a hybrid consensus and the allocation of blocks to 600 separate nodes. Each group is a kind of fragment of the network and does the work without using all the power. Only after combining the fragments into a block, a chain of blocks is formed, which is performed by the Blockchain technical process.

As we have already said, the hybrid technology of confirmation of operations (consensus) is based on PoW and BFT algorithms. In addition to Zilliqa, the BFT technical process is configured on a well-known platform such as NEO. Smart-contracts are limited in functionality and perform only data exchange and user programming. Despite this, Zilliqa can be used to create decentralized dApps applications. On the basis of the network, the proprietary programming language Scilla was born. Scilla's main goal is to consolidate the computing power of the contract that is being performed. The new programming language does not support applications that require confirmation and are used only by a certain user.

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Capitalization

The Zilliqa network uses a ZIL token, which serves as a reward for the promotion of contracts and the maintenance of transactions. Also, ZIL has a common ERC-20 marker, which is part of the Ethereum chain. ZIL coins can be bought or sold on major crypto-exchanges. At the start of 2018, the coin's capitalization increased to $ 300 million. Considering that Zilliqa has an excellent potential for growth, we can say with confidence about the further development of this platform.

Editor: Yuliya Soroka

#Zilliqa #ZIL #cryptocurrency

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