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Zilliqa Crypto
Zilliqa is a blockchain platform designed to scale and secure high-throughput applications. It uses sharding to split the network into smaller sub-groups, which allows it to process multiple transactions in parallel and achieve high transaction speed and throughput. Zilliqa’s native cryptocurrency is ZIL, which is used to pay for transactions and computational services on the platform.
How Does Zilliqa Work?
illiqa works on the principle of sharding, which is a method of dividing a large network into smaller sub-groups, or shards, to increase scalability and processing power. In Zilliqa, each shard processes transactions in parallel, allowing the network to handle a high volume of transactions per second.
Here’s how it works:
- Network Formation: When a new node joins the network, it goes through a process of identity and capability verification. Once verified, the node is assigned to a shard.
- Transaction Processing: When a transaction is initiated, it is broadcast to all nodes in the network. The nodes in the shard assigned to validate the transaction work together to reach consensus on the validity of the transaction.
- Consensus: Zilliqa uses a consensus algorithm called Practical Byzantine Fault Tolerance (PBFT) to reach consensus on the validity of a transaction. In PBFT, nodes communicate with each other to reach agreement on the state of the network, ensuring the integrity of the blockchain.
- Block Creation: Once consensus is reached, the shard creates a block containing the validated transactions. The block is then broadcast to the entire network, and once a certain number of blocks have been added, the shard leaders come together to create a new block on the central chain, further solidifying the state of the network.
In this way, Zilliqa is able to scale and handle a large number of transactions, while still maintaining the security and decentralization of a traditional blockchain.
Who Are the Founders of Zilliqa?
Zilliqa was founded by a team of researchers and technology professionals, led by CEO Xinshu Dong. The other co-founders of Zilliqa include Amrit Kumar, Jia Yaoqi, and Max Kantelia. The team has extensive experience in cryptography, distributed systems, and financial technologies, and they came together with a shared vision of creating a high-performance blockchain platform to meet the needs of the growing decentralized economy. Zilliqa was first introduced in 2017 and has since become one of the leading blockchain platforms in the industry.
What Makes Zilliqa Unique?
Zilliqa is unique in several ways, including:
- Sharding: Zilliqa is one of the first blockchain platforms to implement sharding, which allows the network to divide into smaller sub-groups, or shards, to increase scalability and processing power.
- High Throughput: Due to its sharding architecture, Zilliqa is able to process a high volume of transactions per second, making it a suitable platform for high-throughput applications.
- Security: Zilliqa uses a consensus algorithm called Practical Byzantine Fault Tolerance (PBFT) to ensure the security and integrity of the network. PBFT is designed to handle potential failures or malicious behavior in the network, making it a secure and reliable platform for decentralized applications.
- Smart Contract Platform: Zilliqa is a smart contract platform that allows developers to build and deploy decentralized applications. It uses its own programming language, Scilla, which is designed to be secure and prevent common vulnerabilities in smart contracts.
- Energy Efficiency: Zilliqa is designed to be energy-efficient, with a focus on reducing the energy consumption of the mining process. This makes it a more sustainable option compared to other proof-of-work blockchain platforms.
Overall, Zilliqa’s unique combination of sharding, high-throughput, security, smart contract capability, and energy efficiency make it a standout player in the blockchain industry.
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How Are New ZIL Tokens Created?
New ZIL tokens are created through the process of mining, similar to other cryptocurrencies. Miners use computing power to validate transactions and add them to the blockchain, and in return, they receive newly minted ZIL as a reward. The supply of ZIL is capped at 21 billion, and the rate of token creation is designed to decrease over time, making mining more difficult and reducing the overall rate of inflation. The mining process also helps secure the Zilliqa network by incentivizing miners to act honestly and prevent malicious activity.
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