Zilliqa (ZIL), founded in 2017, is a high-performance blockchain platform developed to provide scalability and high throughput without sacrificing decentralization or security. It launched its mainnet in January 2019 with sharding as the panacea for the scalability problems the earlier blockchain platforms suffered from. It achieves high transaction speed by implementing a new sharding mechanism called Zilliqa, which makes it ideal for dApps and enterprise use cases. The ZIL token is used to power the Zilliqa ecosystem; it’s a form of transaction, staking, and governance within its network.
Zilliqa was founded by a team of researchers from the National University of Singapore, including Xinshu Dong, Prateek Saxena, and Amrit Kumar. Dong is a blockchain researcher and cybersecurity expert. He co-founded Zilliqa to solve scalability problems in blockchain technology in order for it to handle high-throughput applications. Saxena is a computer scientist and researcher who helped in some theoretical foundations related to the sharding mechanism behind Zilliqa. And Kumar is the former president at Zilliqa, playing an essential role in the development and adoption of this platform. Their common vision was to build a blockchain that could scale for enterprise and real-world use cases, drive innovation, and achieve mainstream adoption.
Zilliqa introduces several unique features that enable scalability and efficiency. Zilliqa is the first blockchain to implement sharding, dividing its network into smaller partitions called shards that process transactions in parallel, increasing the network’s throughput as the number of nodes grows.
Zilliqa is based on the smart contract language Scilla, designed with security and efficiency in mind, hence offering minimal chances for vulnerabilities. It works on a dual-layer architecture, separating consensus from transaction processing, thereby enhancing scalability and performance.
Zilliqa uses a Practical Byzantine Fault Tolerance (pBFT) consensus protocol that allows fast and secure finality of transactions, ensuring low latency and high security. While implementing its unique mining algorithm, pure Proof of Work (PoW) is applied only for the identification of miners, significantly reducing its energy use compared to traditional PoW systems.
At optimal conditions, Zilliqa can achieve 2,500+ transactions per second (TPS), which is notably larger compared to earlier blockchains like Bitcoin (7TPS) and Ethereum (15-30 TPS).
XCAD Network positions the blockchain within the creator economy by enabling direct tokenization for creators, incentivizing them to take their creations where audiences are. Aqilliz partners with Zilliqa in digital advertising, introducing blockchain for greater transparency, efficiency, and trust, making transactions between advertisers and publishers more secure and effective.
Metapolis, a metaverse-as-a-service powered by Zilliqa, allows brands and users to build custom metaverse experiences, making Zilliqa a frontrunner in immersive digital worlds. Integration with Crypto.com increases access to the ZIL token, fostering global adoption and bridging the gap between traditional and decentralized finance.
Recent developments include the introduction of Metapolis, allowing brands and users to create metaverse experiences, increasing the utility of the ZIL token with new use cases. Zilliqa has become a hub for NFT projects, offering low fees and high throughput for minting and trading, attracting artists and developers seeking efficient blockchain solutions.
Staking and governance features allow ZIL holders to earn rewards and participate in the platform’s future, encouraging community involvement and strengthening network decentralization. The release of ZilSwap, a decentralized exchange, marks a significant step in Zilliqa’s DeFi journey, attracting new users and developers.
Zilliqa is exploring cross-chain solutions for interoperability with other blockchains, enhancing the utility of the ZIL token. Committed to going carbon-neutral, Zilliqa aligns its operations with global sustainability goals, appealing to environmentally conscious consumers and businesses.
Through strategic partnerships, continuous innovation, and commitment to sustainability, Zilliqa solidifies its position as a leading blockchain for enterprise applications, DeFi, NFTs, and the metaverse.
As of December 2024, ZIL trades at approximately $0.023 with a market capitalization of $416 million, making it one of the leading scalable blockchain solutions.
ZIL reached its all-time high (ATH) of $0.2563 on May 6, 2021, and its all-time low (ATL) of $0.0024 occurred on March 13, 2020. Factors influencing price movements include the recent introduction of Metapolis and its metaverse applications, which piques more interest in ZIL. Adoption for NFTs and DeFi raises demand for the token, while participation increases across the ecosystem. Additionally, competitive staking opportunities introduce more ZIL holders and investors into the system.
Zilliqa is a scalable blockchain with a high performance that utilizes various state-of-the-art technologies like sharding for high transaction throughput and performance. By focusing on large enterprise usage, DeFi, and the metaverse, it finds great versatility toward a wide span of
use cases. Be it continuous innovations, strategic partnership deals, or sustainability concerns, Zilliqa is considered one step ahead in competition to stay alive in the longer run.
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FAQs
Q1. What is the purpose of Zilliqa?
- A: ZIL is utilized for transaction fees, staking, and governance within the Zilliqa ecosystem.
Q2. What makes Zilliqa unique?
- A: Zilliqa’s sharding technology makes it one of the fastest blockchains for dApps and enterprise use, given its high throughput and scalability.
Q3. What is Scilla?
- A: Scilla is the secure-by-design smart contract language developed at Zilliqa to minimize vulnerabilities in blockchain applications.
Q4. How does Zilliqa achieve scalability?
- A: By sharding, Zilliqa can process parallel transactions, and the network capacity scales linearly with the number of nodes.