Bitcoin, Crypto currency, Blockchain

Zilliqa: The Blockchain is the next Generation

82c17b0f91f8a83c07048e9cd964b2e2 - Zilliqa: The Blockchain is the next Generation

The Zilliqa Token, despite the past, chaotic weeks of the bear market-currently a relatively safe investment. The very young Token is following on from its successful Initial Token Offering (ITO) in January 2018, although in a downward trend started, but has since been relatively stable.

Despite the last few turbulent weeks, the price fell below a price of 0.033 EUR per ZIL, and to the editors of time 0,036 Euro.

The appropriate market capitalization is just under 244 million Euro. Hereby Zilliqa currencies ranked 45 of the biggest Crypto.

One of the biggest problems and greatest challenges for your current crypto-currencies is the limited number of transactions per second that can be processed. Although is sort of an Evolution from the Bitcoin network to keep an eye on Ethereum to NANO (formerly Raiblocks). Nano can currently process up to 7,000 transactions per second. However, the throughput is still limited.

Such a limitation can lead to significant problems, to Congestion on the network. Such an Overload, we were able to watch the last in February 2018 in the Bitcoin network. As a result, are incurred in this period, significant fees from up to 55 USD per transaction.

Both Bitcoin with Lightning, as well as Ethereum, with u. a. Plasma and Sharding are currently still working on the solution to the scaling problem. More crypto, such as IOTA, unlimited scalability promise of the currencies also.

Zilliqa: scaling by Sharding

To solve the scaling problem, Zilliqa divided its network into different “Shards”, using Sharding. This is not to be equated with the Sharding of Ethereum. A Shard is to be understood as a group of Nodes. The division into groups has the advantage of the parallel transaction verification. So a Block of the Chain in the Zilliqa network is created from several sub-blocks, which each of the Shards at the same time.

Through this novel technology, the potential transaction rate with the size of the network grows, in theory. In the latest attempt by the Zilliqa Testnet was at 3,600 Nodes, divided into 6 Shards, a transaction rate of 2.488 transactions per second. In comparison to the Ethereum network, which works with an average of 15 transactions per second, allows for the much smaller Zilliqa Testnet is a more than 100-times the transaction rate and has thus confirmed the theory already in Testnet successfully.

The transaction verification will not be performed, unlike Bitcoin or Ethereum by miners, but by the Nodes themselves.

Each Node executes a consensus algorithm that has been used in the Ethereum 1.0 Blockchain: Ethash. If this was executed at least once by the Node is detected the Node in the network and involved.

Since this Node can be executed on any standard device and thus expensive Mining Rigs become obsolete, in order to secure the network, is a Token of the Zilliqa very efficiently into the matters of operation of the network, but in spite of all Mining-friendly.

For further information, we recommend the Keynote from the 05.10.2017:

View

Currently Zilliqa exists first as ERC-20-Token on the Ethereum Blockchain. The first Version of the Testnet was launched at the beginning of 2018, and it seems to work successfully. Furthermore, from the developers of the first Tests of Smart Contracts on the network until the middle of the year are planned. In the third quarter of the year 2018, the plan is expected to be launched in the Mainnet, which should also make Dapps (Dezentralized Apps).

With Zilliqa the world of Kryptos could be a new breakthrough in terms of scalability. Also, the current price trend confirms that quite a lot of confidence in the new technology and, therefore, the Coin is placed.

Since the Launch of the Mainnet a few months will pass, it is certainly not wrong even now, in the development phase, to look at the Coin closer, and to keep in mind.

Official website: https://www.zilliqa.com/
White paper: read white paper

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