|Brief||Zilliqa is the world's first high-throughput public blockchain platform- designed to scale to thousands of transactions per second. Zilliqa brings the theory of sharding to practice with its novel protocol...|
|Last updated:||Saturday, March 6, 2021 2:00:02PM UTC|
|Crypto Volatility Index (CVIX):||61|
|Current price, USD:||0.112300|
|Market capitalization, USD:||1 237 303 395|
|Available supply:||11 020 913 383 ZIL|
|Volume 24 hours, USD:||96 725 507|
General ZIL facts, technical details and general information about Zilliqa crypto currency
Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.
Development work officially started on Zilliqa in June 2017, and its testnet went live in March 2018. A little over a year later, in June 2019, the platform launched its mainnet.
The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
Zilliqa was first conceived by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Saxena and several students in the School of Computing published a paper in 2016 that outlined how a sharding-focused blockchain could improve network efficiency and speed.
Around the same time, Saxena co-founded Anquan Capital alongside Max Kantelia, a lifelong finance and tech entrepreneur, and Juzar Motiwalla, former president of the Singapore Computer Society. The company incorporated Zilliqa Research in June 2017 to develop the Zilliqa network, bringing on Dong Xinshu as its CEO, Yaoqi Jia as its chief technology officer and Amrit Kumar as its chief scientific officer. All three previously worked as research fellows at the NUS School of Computing.
Zilliqa claims to be the world's first public blockchain to rely entirely on a sharded network. This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.
Zilliqa seeks to become the blockchain of choice for large-scale enterprise use, including among the advertising, gaming, entertainment and financial services and payments industries. In its 2018 position paper, its team states that the platform "aims to rival traditional centralized payment methods such as VISA and MasterCard."
Both Anquan Capital and Zilliqa Research, the company responsible for developing Zilliqa, hold significant reserves of ZIL.
Zilliqa has a fixed maximum supply of 21 billion tokens. ZIL was first made available for sale as an ERC-20 token as a part of a token generation event that concluded in January 2018. The tokens were subsequently transferred to the Zilliqa mainnet in a token-swap event that concluded in February 2020.
Before launching, Zilliqa generated 60% of all tokens (12.6 billion ZIL) to be distributed at the token generation event, and the remaining 40% (8.4 billion ZIL) will be created through the mining process. Ten percent of all tokens (2.1 billion ZIL) were reserved for Anquan Capital, 12% (2.52 billion ZIL) for Zilliqa Research, and 5% for contemporary and future Zilliqa team members — all of which were announced to be distributed quarterly over a three-year period.
Zilliqa is designed such that all tokens will be minted within 10 years, with the block mining reward slowly decreasing. According to its whitepaper, the project aims to have 80% of the tokens (16.8 billion ZIL) mined within the first four years and 20% (4.2 billion ZIL) in the remaining six years.
The Zilliqa network is secured through a practical Byzantine Fault Tolerance, or pBFT, consensus protocol, meaning that at least two-thirds of all nodes must agree that a record is accurate in order for it to be added to the blockchain. Each Zilliqa blockchain shard relies on a group of nodes to confirm a subsection of all the transactions, and once each shard has reached a consensus, a second group of nodes confirms the shards' collective results and adds a new block to the blockchain.
The network uses elliptic-curve cryptography to secure its consensus protocol and allows for multisignatures. In addition to the pBFT consensus protocol that secures its transaction records, Zilliqa also uses a proof-of-work algorithm to assign node identities and generate shards.
Zilliqa developed a new language, Scilla, for its smart contracts. Short for Smart Contract Intermediate-Level Language, Scilla is a safety-focused language intended to automatically identify and eliminate security vulnerabilities at the language-level and make it easier to formally verify the safety of smart contracts through mathematical proofs.
Zilliqa's native token, ZIL, is listed on several major cryptocurrency exchanges — including Binance, Huobi, Bitfinex and Bithumb — where it is available to be traded against fiat currencies, stablecoins and other cryptocurrencies.
We list daily Zilliqa historical data for the past 10 days
|Date||Open, $||Min, $||Max, $||Market cap, $|
|Feb 25||0.112500||0.112500||0.123600||1 248 351 406|
|Feb 26||0.109200||0.103000||0.114500||1 178 429 806|
|Feb 27||0.109200||0.109200||0.120100||1 303 435 686|
|Feb 28||0.116500||0.099410||0.116500||1 189 165 141|
|Mar 01||0.107700||0.107600||0.116900||1 259 944 965|
|Mar 02||0.115500||0.111900||0.119200||1 245 765 490|
|Mar 03||0.114400||0.114000||0.129500||1 397 647 791|
|Mar 04||0.127600||0.116300||0.127600||1 315 902 743|
|Mar 05||0.119100||0.111400||0.119100||1 285 183 978|
|Mar 06||0.116100||0.112300||0.118000||1 237 303 395|
|ZIL price change 24 hours||-1.64%|
|ZIL price change 7 days||-5.41%|
I always hear people saying that you can't trade on the basis of different news that come from different sides of the crypto industry. Well, it's good that I never listen to other people's opinions, because otherwise, I wouldn't have been making the...
Humus Nick March 13, 2020 ZIL
ZIL has let a lot of us down over this year, with their delay being a big reason for that. BUT I do think ZIL is going to make huge moves in terms of price. All the indicators are pointing towards a very green few months in crypto in general, but...
Amon March 29, 2019 ZIL
ZIL has been one of the overall bullish projects in the entire ecosystem. They still remain on time on all of their milestones, aside from a small delay in mainnet. The market reacts in negative ways to just about everything when it comes to news....
Neil March 13, 2019 ZIL
So Zilliqa has since started their mainnet. Do they have anyone onboard that utilizes their network? I understand their network is extremely fast, but could that have to do with the fact that no one is using the ZIL blockchain?...
Bobby February 27, 2019 ZIL
Pyotr October 27, 2017 ZIL
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