Zilliqa: Revolutionizing Blockchain with Scalability and Security
I will assume that most of you reading this might know about Blockchain or if you belong to that category of people that goes like — “What is Blockchain?” —
Alright people, Let’s start from the beginning for one last time.
Blockchain is a distributed ledger technology that allows for secure, transparent, and tamper-proof recording of transactions. It is a decentralized database that is shared across a network of computers.
I’m pretty sure you know the rest
Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. This makes it very difficult to change or hack the blockchain, as any changes would need to be made to every participant’s ledger. Blockchain is used in a variety of applications, including cryptocurrency, supply chain management, and voting.
Now that you know what blockchain is…..
TL;DR? — Skip to the conclusion.
Zilliqa: The Intro
Founded in 2017 by Max Kantelia and Amrit Kumar, Zilliqa is a blockchain platform that is designed to be scalable and secure. The platform was launched in 2018. It uses a unique sharding mechanism to divide the network into smaller shards, each of which can process transactions in parallel.
It is the world’s first sharding-based blockchain. Because of this sharding- Zilliqa can achieve high throughput while maintaining high security.
Before you might ask — “Oh come on! Now what is sharding?”
Sharding
It is a technique that divides a blockchain network into smaller shards (pieces), each of which can process transactions parallelly. This allows the blockchain network to scale horizontally, which means that it can handle more transactions without sacrificing performance.
Zilliqa uses a unique sharding mechanism called “elastic sharding.” Elastic sharding allows the number of shards in the Zilliqa network to increase or decrease dynamically, depending on the load on the network. This ensures that Zilliqa can always handle the desired throughput.
Sharding can improve the performance of a blockchain network by reducing the amount of data that each node needs to store and process. This is because each node only needs to store and process the data for the shards that it is responsible for. It can improve the security of blockchain networks by distributing the workload across more nodes. This makes it more difficult for an attacker to compromise the entire network.
Nothing in this world is without drawbacks. Right? It can be complex to implement and manage, and it can introduce new security vulnerabilities if not implemented correctly. There are a few more challenges -
- Sharding requires ensuring that the shards are secure. If a malicious actor were to gain control of a single shard, they could potentially disrupt the entire network. However, Zilliqa uses a number of techniques to mitigate this risk, such as requiring that the shards communicate with each other and using a secure consensus mechanism.
- Sharding also requires ensuring that the shards are consistent with each other. If the shards were to disagree on the state of the blockchain, it could lead to a fork in the network. Zilliqa addresses this challenge by using a technique called “cross-shard consensus,” which ensures that the shards are able to agree on the state of the blockchain.
Zilliqa: contd.
Not just sharding, but Zilliqa integrates advanced sharding protocols in combination with a unique consensus mechanism to enable it to process thousands of transactions per second.
Zilliqa was primarily built to eliminate scalability concerns, and it already has a number of dAapps under development and lives on the network. These dApps run the gambit from exchange protocols to games, and more. In the future, the Zilliqa dApp ecosystem is set to see rapid expansion as more developers seek out cost-efficient alternatives to Ethereum’s gas prices.
ZIL
Zilliqa uses “ZIL” as the native token used to allow and develop decentralized apps in industries ranging from finance to NFT marketplaces. The main driver behind Zilliqa’s growth is the launch of its “Metapolis” — I know you want to read more about it.
Metapolis by Zilliqa
Metapolis is a virtual environment that allows premium brands and businesses to develop digital goods and economies using blockchain-based solutions. It combines augmented and virtual reality components, powered by Zilliqa’s scalable metaverse blockchain.
The platform is created with advanced technologies such as Unreal Engine, Unity, and Nvidia Omniverse, enabling hyper-realistic images and immersive experiences. Metapolis aims to provide visitors with social activities, gamification, and e-commerce opportunities. It also eliminates the high-fee entrance hurdle, allowing smaller participants like brands, corporations, and individual artists to make use of metaverse technology.
There have been several big partnerships. Investors and launch partners of Metapolis include Swedish eSports franchise Ninjas in Pyjamas, Indonesia’s RRQ, and MAD Lions of Spain, who have contributed $2 million in pre-launch income.
A recent deal with Agora, a global talent awards platform, to provide international support and visibility to users of Metapolis. Zilliqa wants to use these agreements to make Metapolis stand out in sectors such as esports, luxury, and music. The support and awareness from a broad range of brands, businesses, and organizations will be essential for the growth and adoption of Metapolis as a “Metaverse-as-a-service solution” (MaaS👀)
But why Zilliqa?
Zilliqa has the potential to address the scalability and security challenges of other blockchain platforms. The platform has a number of features that make it a good choice for building decentralized applications. Some of the potential applications that can be made using Zilliqa include:
- Decentralized finance (DeFi) such as decentralized exchanges, lending platforms, and insurance products.
- Non-fungible tokens (NFTs) — NFTs are unique digital assets that can represent ownership of anything, from artwork to real estate.
- Gaming — These games can be played without the need for a central authority, and they can offer players a more fair and transparent experience.
- Supply chain management — Zilliqa can be used to track the movement of goods and products through the supply chain. This can help to ensure that goods are not counterfeited, and it can also help to improve efficiency in the supply chain.
Still now convinced?
- Low fees & Fast transactions — Zilliqa is a cost-effective platform for building and using decentralized applications and a good choice for applications that require real-time or near-real-time transactions.
- It is Environmentally friendly — Zilliqa uses a proof-of-work consensus mechanism that is more energy-efficient than other consensus mechanisms.
The Conclusion
To sum up the entire article -
Zilliqa offers a promising solution to the scalability and security challenges faced by other blockchain platforms. Its unique sharding mechanism and advanced features make it an attractive choice for developers and users looking to build and use decentralized applications. Zilliqa’s native token is ZIL.
Metapolis, which is the main driver behind Zilliqa’s growth, is a virtual environment that allows businesses to develop digital goods using blockchain-based solutions. Zilliqa packs in a lot of features like Scalability, Security and Flexibility. Additionally, Zilliqa has a growing community of developers and users. This community is actively involved in the development and promotion of the platform.
