What is ZIL (Zilliqa)?
ZIL is unique in being the world’s first blockchain to be built on sharded architecture.
So what is sharding? Zilliqa can divide its network into multiple categories. Each can process transactions in tandem. For example, if six shards (each with 600 nodes) process transactions individually, then all the shards will collectively be able to process around 2828 transactions per second. The sharded architecture allows the throughput of the platform to increase almost linearly as the network expands.
Zilliqa’s goal is to provide a secure and logical smart-contract layer to allow security-by-design, smart-contract programming, and verification.
The Ziliqa blockchain is powered by the ZIL cryptocurrency (ZILs). These are, in effect, what ETH is to the Ethereum network. Used to pay fees to the nodes on the network.
What are the project's goals?
Scaling, and scaling some more. The obsession of the Network. It’s why they created the sharding protocol, which allows 2,800 transactions per second to be processed. If you look across the cryptosphere, you'll see many projects, good ones, and bad that struggle to scale. Even Bitcoin has struggled with the gargantuan task from inception. If ZIL can steal a march in this area and create the partnerships to back it up, they’ll have a real chance of achieving their goals.
ZIL also allows developers to build smart contracts - dapps - on their blockchain, which make it attractive for new adopters and could pull in partnerships/users from competitors such as Ethereum & EOS.
How much ZIL is on the open market?
ZIL has a plentiful supply of 10,364,090,154 ZIL. Total supply is 21,000,000,000 ZIL
What the bears are saying
- dApp limitations: Zilliqa is coded in a ‘Non-Turing Complete Langauge.’ What this means is that a blockchain with a ‘Turing Complete Language’ can support more complicated apps than with a ‘Non-Turing Complete Langauge’. So, limitations on the complexity of what can be designed and built compared with competitor blockchain projects.
- Storage: Terabytes of data need to be available to store all of the data in each node. Can they continue this upkeep once the blockchain is being used at capacity? Will it grind to a halt?
What the bulls are saying
- They deliver: Many cryptocurrencies promise much but deliver little. With an industry full of hype and vapourware, its refreshing to see Zilliqa come straight out and have sharding implemented from the get-go.
- Security: A Secure Network - Zilliqa has a very secure & unique consensus algorithm, Practical Byzantine Fault Tolerance (PBFT).
- All-star team: Way back in 2015, The CEO, Xinshu Dong, has pronounced experience working on the security and scalability of blockchain.
Many of the team members are highly educated and have PhDs in computer science or engineering, with the project’s list of advisors includes Kyber Network co-founder Loi Luu, founding partner of FBG Capital Vincent Zhou, and many more.
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
This content is correct as of October 2020
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