Zilliqa was launched in 2017 as a high-throughput public blockchain platform designed to scale thousands of transactions per second. Presently, Zilliqa is pursuing efficiency, trust, and transparency in Web 3.0.
Zilliqa is a layer 1 blockchain and the first public blockchain to use sharded architecture. This sharding technique allows transactions to be processed in parallel, resulting in a faster rate of transaction.
Founded in 2017 based on research done at the NUS School of Computing at the National University of Singapore, Zilliqa was inspired by work focused on implementing an architecture that allows for low-cost transactions at high speeds on a grand scale. There are currently over 250 projects built on top of Zilliqa, including gaming, DeFi, and metaverse applications.
How does Zilliqa work?
Securing the network
Miners can mine the native token of Zilliqa, ZIL. This allows them to save on energy costs. On Zilliqa, miners can switch from mining other tokens to ZIL and receive high aggregated fees. This is called Dual Mining.
A positive side effect of the sharding architecture is lower transaction costs. Fees tend to be high on legacy blockchains due to network congestion, transaction backlogs, and scalability issues. Sharding has helped Zilliqa to keep its fees low, with a standard blockchain transaction fee of 0.1 ZIL. Zilliqa's community decides these costs, considering the transaction volume, user demand, and the current price of ZIL.
Every gZIL represents one vote, and the more a user holds, the more voting power they have. This encourages long-term token holders to participate in the Zilliqa ecosystem.
Zilliqa in the DeFi space
Zilliqa launched the ZRC-6 NFT standard, which provides support for royalty payments, batch minting, and other features to enhance the experience for creators and builders. On Zilliqa-powered marketplaces, users can mint items and turn them into tamper-proof NFTs.
Metapolis and MaaS (Metaverse-as-a-Service)
Anyone seeking metaverse-building solutions can find them on Metalopolis, a metaverse-as-a-service (MaaS) platform launched on Zilliqa. Metapolis’ MaaS approach is designed to significantly shorten the journey from idea to implementation as the infrastructure is ready to use and already integrated into the Zilliqa blockchain.
Zilliqa has built an SDK that helps speed up game-building significantly. The platform is also capable of powering the latest technology in gaming, along with the graphics and gameplay one can expect from leading platforms.
What makes Zilliqa unique?
As smart contracts are irreversible agreements that handle and store valuable digital assets, it’s vital to ensure that they are well-designed and safe to use. With Scilla, developers can identify security vulnerabilities more easily, making it simpler for them to write safer smart contracts. Ultimately, the language aims to establish a foundation for greater dApp security across the network.
ZILHive offers a comprehensive channel to enable increased accessibility and acceptance of blockchain technology, from idea incubation through company development. Their worldwide network of partners and investors can help startups by offering a designed accelerator program to match the goals of each project with tools to assist developers along the way.
What is ZIL?
ZIL is the native token of the Zilliqa blockchain and the default way of utilizing and interacting with dApps built on Zilliqa. Transaction fees across the network are settled in ZIL. As Zilliqa uses PoW to secure its network, ZIL can be mined. ZIL can also be used to pay for products and services offered on the blockchain. This includes buying and selling NFTs on Zilliqa-powered marketplaces.
Token holders are incentivized to stake their ZIL to secure the network. These users, called delegators, stake their tokens with nodes to provide services to the network in exchange for block rewards. The network requires a minimum of 10 ZIL staked and rewards are distributed in ZIL tokens. The percentage return (APR) for staking depends on the total amount of ZIL in circulation at any given time.
How to buy ZIL on Binance?
You can buy ZIL on cryptocurrency exchanges like Binance.
Zilliqa powers innovation by providing a highly scalable, environmentally sustainable, and developer-friendly blockchain. Thanks to its architecture and community, Zilliqa is a popular protocol for developers to build their own applications.