Zilliqa (ZIL)
Zilliqa is a blockchain platform designed to enhance scalability and transaction efficiency by using sharding technology. This approach divides the network into smaller groups called shards, which process transactions concurrently, offering a solution to Ethereum's limitations in scalability and transaction processing. The platform was co-founded in 2017 by Amrit Kumar, Max Kantelia, Xinshu Dong, Prateek Saxena, and Juzar Motiwalla, with Matt Dyer serving as the CEO.
Overview of Zilliqa
Zilliqa is recognized for its scalable, efficient, and secure blockchain platform, leveraging sharding to address traditional scalability issues. By processing transactions in parallel, Zilliqa increases throughput, allowing for efficient handling of high transaction volumes. The platform employs a hybrid consensus mechanism combining practical Byzantine Fault Tolerance (pBFT) and Proof-of-Work (PoW), ensuring security and decentralization. Additionally, Zilliqa supports smart contract development through its native programming language, Scilla, which emphasizes minimizing vulnerabilities.
| Ticker | ZIL |
| Category | Smart Contract Platform |
| Website | https://www.zilliqa.com/ |
| @zilliqa | |
| Telegram | zilliqachat |
| https://www.reddit.com/r/zilliqa/ |
Zilliqa Group
The Zilliqa Group oversees the development of Web3 and blockchain applications on the Zilliqa network. By transitioning from Zilliqa Research, the group aims to establish a new corporate structure that enables subsidiaries to deliver innovative services using internal technology. This shift enhances network integration across industries, supporting the growth of blockchain applications.
Zilliqa 2
In September 2023, Zilliqa Group announced plans to upgrade to Zilliqa 2. This update aims to improve network performance and utility while maintaining compatibility with the current version, including EVM compatibility. Key improvements include a faster consensus algorithm, enhanced scalability and sharding capabilities, and support for EVM-based smart contracts.
Technology behind Zilliqa
Sharding
Zilliqa's sharding involves network, transaction, and computational layers, with network sharding being the foundational layer. This technique divides the network into shards for parallel transaction processing, boosting scalability.
- Network Sharding: Divides the network into smaller groups, or shards, for parallel transaction processing, enhancing scalability.
- Transaction Sharding: Assigns transactions to specific shards based on the sender's address, ensuring high throughput.
Nodes in Zilliqa
Various nodes in the Zilliqa Mainnet perform distinct roles:
- Shard Nodes: Function as mining nodes within assigned shards, handling transactions and achieving consensus.
- Directory Service (DS) Nodes: Aggregate shard microblocks to form the Transaction Block and generate the DS Block.
- Lookup Nodes: Store complete blockchain data and distribute transactions to shards and the DS Committee.
- Seed Nodes: Handle JSON-RPC requests and forward transactions to lookup nodes.
- Staked Seed Nodes (SSN): Operated by staking partners to handle community requests, receiving rewards based on performance.
Scilla
Scilla, or Smart Contract Intermediate-Level Language, is tailored for the Zilliqa blockchain to enhance smart contract safety by addressing vulnerabilities through formal verification, ensuring predictable contract behavior.
ZilStream
ZilStream is a market tracking and data provider within the Zilliqa ecosystem, offering accurate market data and insights, leveraging TradingView technology for comprehensive price charts.
Ecosystem of Zilliqa
ZilSwap
ZilSwap is a decentralized exchange (DEX) on Zilliqa, developed by Switcheo Labs. It uses an automated market maker model on a permissionless liquidity protocol, allowing users to trade tokens and contribute to liquidity pools.
ZilBridge
ZilBridge enables asset bridging between Zilliqa and Ethereum Mainnet networks, with plans to support additional chains. It is a collaborative project involving Zilliqa, Switcheo Labs, and PolyNetwork.
ZILHive
ZILHive is Zilliqa's ecosystem growth division, established to foster decentralized application development. It offers programs like the ZILHive Student Practicum, Incubator Program, and Accelerator Program, supporting technical talent and entrepreneurial projects on Zilliqa's platform.
Metaminds
Metaminds, formerly Metapolis, is a Metaverse-as-a-Service (MaaS) platform provider using spatial web technologies to create immersive metaverse experiences, offering clients personalized metaverse experiences.
ZIL: The native token
ZIL is the native token for the Zilliqa blockchain, facilitating interactions within the Zilliqa ecosystem, including financial services and NFT marketplaces.
Tokenomics
The total supply of ZIL is 21,000,000,000, with initial distribution allocated to early contributions, mining rewards, and the company and team.
Governance ZIL (gZIL)
Launched in October 2020, gZIL is the governance token for Zilliqa, allowing long-term token holders to participate in ecosystem decisions.
Partnerships
Google Cloud
In September 2023, Zilliqa Group formed a strategic alliance with Google Cloud to enhance the Zilliqa blockchain's scalability and resilience.
GMEX ZERO13
Zilliqa partnered with GMEX Group's ZERO13 initiative to launch a carbon offset platform, encouraging retail customers to engage in corporate environmental initiatives.
ChainUp
In October 2023, Zilliqa Group partnered with ChainUp to expand Web3 infrastructure offerings, enhancing partnerships related to loyalty, gaming, tokenization, and metaverse projects.