Zilliqa (ZIL)

The exchange rate of one ZIL at 12:51 UTC is 0.02294$

Chart | Average rate

“Zilliqa” is a scalable, secure, high-performance public blockchain platform for building decentralized applications. To overcome the scalability issues inherent in Ethereum and Bitcoin, Zilliqa pioneered the use of sharding technology.

“Zilling” (ZIL) is the platform's own utility token. Participants pay them for processing transactions and executing smart contracts. The token is traded on leading exchange platforms.

Zilliqa's development team is primarily made up of computer professionals with academic backgrounds. The idea came about as a result of a research project carried out by a group of enthusiasts from the National University of Singapore.

Before launching the ICO, the team spent two years of painstaking work building a functioning blockchain. Project CEO Xinshu Dong and chief scientist Prateek Saxena stepped down from active roles in the project and joined the Board of Directors in May 2019. The co-founder of the project, Amrit Kumar, took over as president.

Because the mainnet was not yet ready, and the developers needed money for further work, the project was launched on the Ethereum platform with ERC-20 tokens.

Zilliqa launched its network on January 31, 2018, stating that the new blockchain will be 1,000 times faster than Ethereum, which is capable of verifying a maximum of 19 transactions per second. The first transactions on the platform were enabled in the 1st quarter of 2019 and smart contracts followed in the 2nd quarter of 2019. The functionality of smart contracts has allowed developers to write and run their own code snippets.

The ICO began at the end of December 2018 and in a few days, as part of a private funding round, increased the total capitalization by $22 million. One of the largest investors was Danhua Capital, a well-known Chinese venture capital firm.

In 2019, Zilliqa conducted a token swap. The conversion of “ZIL ERC20” from the Ethereum network to native “ZIL” on the Zilliqa network occurred at a rate of 1:1.

ZIL tokens are available for mining using a hybrid “proof-of-work” (PoW) consensus protocol. This means that regular PoW is only used for identity verification when you start mining and during the specified time intervals.

Zilliqa has developed its own language called “Scilla”. It has built-in code checking for errors. Its internal library of standard operations facilitates the development process. Its various operational components, such as communication with other contracts and calculations, are clearly separated from each other. This helps protect applications from hacker attacks.

It is also worth saying a few words about sharding technology. This is a scalable solution that involves dividing the database (blockchain) into parts or segments and distributing the load between several servers.

The main idea behind sharding technology is that it is not necessary for every transaction to be confirmed by all nodes. It is enough to get confirmation from a limited number of participants. A transaction confirmed by, for instance, 100 participants (who make up a segment) will be just as secure as a transaction confirmed by 10,000 participants. As soon as the segment completes its work, a new transaction is connected to the main network. This helps to verify transactions much faster and reduces network fees significantly. Theoretically, this approach can help validate an unlimited number of transactions per second.