Zilliqa

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Discover Zilliqa's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Zilliqa?

Zilliqa (ZIL) is a blockchain network designed to address scalability issues in traditional blockchain networks. It uses sharding, a technique that divides the network into smaller, parallel chains, allowing for faster transaction processing and increased security. Zilliqa supports the development of decentralized applications and smart contracts using its custom programming language, Scilla, which enhances security and scalability. The network's native token, ZIL, is used for transactions, staking, and rewarding node operators.

How is Zilliqa used?

Zilliqa (ZIL) is the native token of the Zilliqa blockchain and serves several purposes:

  1. Smart Contract Execution: ZIL is used to execute smart contracts on the Zilliqa network, which supports high-volume transactions and decentralized applications (dApps).

  2. Mining and Staking: ZIL is used as a reward for miners and stakers who validate transactions and maintain the network's integrity. Staking also grants users a role in network governance.

  3. Transaction Costs: ZIL is used to cover the costs of transactions on the network, ensuring that users can efficiently process transactions.

  1. Investment and Trading: Some users hold, buy, and sell ZIL as an investment opportunity, taking advantage of its potential for long-term value appreciation.

  2. Network Governance: Stakers who hold ZIL have a say in the governance of the Zilliqa ecosystem, allowing them to influence the direction of the network.

Overall, ZIL is a versatile token that supports the functionality and growth of the Zilliqa blockchain.

How do I store Zilliqa?

To store Zilliqa (ZIL) tokens safely, you can use various wallets that support native ZIL tokens. Here are some options:

  1. Atomic Wallet: This wallet allows you to encrypt and store your 256-bit private key on your desktop or smartphone. It also offers additional security measures such as password-protected files and regular updates to prevent hacking vulnerabilities. Atomic Wallet supports over 500 crypto tokens, including ZIL, and offers staking and swap features.

  2. Ledger Hardware Wallet: Ledger is a highly secure hardware wallet that stores your private keys offline, making it resistant to malicious attacks. You can manage your Zilliqa tokens using the Ledger Live App, which is available on desktop and mobile. Ledger supports a wide range of cryptocurrencies, including ZIL.

  3. Moonlet Wallet: Moonlet is a blockchain-agnostic wallet that supports Zilliqa and other coins. It is non-custodial, ensuring users keep full control over their funds. Moonlet also supports Ledger hardware wallets, providing an additional layer of security.

  1. ZilPay: ZilPay is a browser extension that allows you to connect to the Zilliqa blockchain without running a full node. It is an HD wallet that keeps private keys stored only within the user's browser, ensuring security. ZilPay is also open-source, allowing the community to review the code for security.

  2. Math Wallet: Math Wallet is a multi-chain wallet that supports over 143 tokens, including ZIL. It is accessible on various platforms, including smartphones, browsers, and hardware wallets like Ledger. Math Wallet is non-custodial, ensuring that only the user has access to their funds.

  3. Zillet.io: Zillet is a wallet specifically designed for Zilliqa, allowing users to hold, stake, and transact with ZIL tokens. It is simple to use and supports Ledger hardware wallets. Zillet also supports staking directly through its wallet, allowing users to earn a return while securing the Zilliqa blockchain.

When choosing a wallet, ensure it is compatible with native ZIL tokens, keeps private keys under user control, has an active developer community, and offers solid security and backup features. Regularly backing up your wallet files and keeping your operating system up to date are also crucial for securing your ZIL tokens.

How to buy Zilliqa?

To buy Zilliqa (ZIL) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports ZIL, such as CEX.IO, KuCoin, Kriptomat, or Securities.io. Each exchange has its own set of features and fees, so compare them to find the best fit for you.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing personal information, verifying your email address and identity, and setting up a secure password.

  3. Add Funds: Deposit funds into your account using a payment method accepted by the exchange, such as a credit or debit card, bank transfer, or other cryptocurrencies.

  1. Buy ZIL: Navigate to the exchange's trading platform, select ZIL from the list of available cryptocurrencies, and enter the amount you want to purchase. Preview the transaction and confirm your purchase.

  2. Store Your ZIL: Once you have purchased ZIL, consider transferring it to a secure wallet to ensure the safety of your assets. This can be a non-custodial wallet or a wallet provided by the exchange itself.

Remember to always follow the specific instructions and guidelines provided by the exchange you choose, as the exact steps may vary slightly.

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History of Zilliqa

Zilliqa (ZIL) was founded in June 2017 by co-founders Amrit Kumar and Xinshu Don, both researchers at the National University of Singapore. The project aimed to solve the scalability issue affecting Layer 1 networks like Bitcoin and Ethereum by employing sharding as a Layer 2 scaling solution. Nine months after its founding, the testnet went live, and in January 2019, the Zilliqa mainnet was launched.

Key Milestones
  • June 2017: Zilliqa was founded by Amrit Kumar and Xinshu Don.
  • March 2018: The testnet went live.
  • January 2019: The Zilliqa mainnet was launched.
  • 2020: Tokens were transferred to the Zilliqa mainnet as part of a token swap, making Zilliqa an independent blockchain with its native token.
Token Generation and Distribution
  • 2017: Zilliqa released its native ERC-20 token, ZIL, through a token generation event (TGE).
  • Q1 2018: The TGE was terminated.
  • 2020: Tokens were transferred to the Zilliqa mainnet.
  • Fixed Supply: ZIL has a fixed maximum supply of 21 billion coins, with 80% to be mined in the first four years and the remainder in the next six years.
Recent Developments
  • December 2021: Zilliqa launched Metapolis, a metaverse as a service (MaaS) platform, which allows users to build and maintain their own metaverses.
  • 2020: Zilliqa introduced staking and yield farming on its platform.

Zilliqa's unique features, such as its sharded network and hybrid consensus mechanism, position it to rival traditional centralized payment methods and make it an attractive option for developers of large-scale enterprises.

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How Zilliqa works

Zilliqa (ZIL) is a high-performance, permissionless blockchain designed to solve scalability and transaction processing issues faced by other blockchain networks, particularly Ethereum. Here's how it works:

Sharding Architecture

Zilliqa is built on a sharded architecture, which means the network is divided into smaller groups called shards. Each shard processes transactions independently, and the transactions from each shard are eventually aggregated into blocks and relayed to the main chain. This allows the network to scale linearly as more nodes join, making it capable of handling a large number of transactions per second.

Hybrid Consensus Mechanism

Zilliqa uses a hybrid consensus mechanism that combines practical Byzantine fault tolerance (pBFT) and proof-of-work (PoW). Miners are required to perform PoW consensus for only five minutes out of every 1.5 hours. This approach ensures that more miners receive rewards compared to traditional PoW-based blockchains.

ZIL Token

ZIL is the native cryptocurrency of the Zilliqa blockchain. It serves multiple roles within the network, including:

  1. Currency: ZIL is used to pay for transaction processing and execute smart contracts.
  2. Reward: Miners are rewarded with ZIL for securing the network.
  3. Governance: ZIL holders can participate in network governance by staking their tokens, with voting power proportional to the amount of ZIL staked.
Scilla Language

Zilliqa uses a custom-built blockchain programming language called Scilla, which is designed to be more secure than other languages. Scilla has undergone a peer-reviewed process to remove security issues known to occur in Solidity, the language used by Ethereum.

Staking

Zilliqa users can stake their ZIL tokens to earn rewards. The platform supports non-custodial staking through various staked seed node operators, offering annual returns of 6% or more.

Applications

Zilliqa is ideal for high-volume applications, such as:

  1. Decentralized exchanges
  2. Automated auctions
  3. High-performance scientific computing
  4. Applications requiring highly accurate results

The blockchain's high transaction throughput and low fees make it an attractive choice for enterprises and developers seeking a scalable and efficient solution.

Partnerships and Development

Zilliqa has partnered with several prominent organizations, including Deloitte, FwD, Mintable, and PepsiCo, to develop blockchain-based solutions for various industries. The development team, led by Dr. Amrit Kumar, includes experts with Ph.D.s in computer science and cryptography from prestigious institutions.

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Zilliqa's strengths

Zilliqa (ZIL) has several strengths, including:

  • Scalability: Zilliqa is known for its high throughput and scalability, making it a viable alternative to traditional centralized payment methods like VISA and Mastercard.
  • Sharded Architecture: It is the first public blockchain to fully utilize a sharded architecture, which allows it to process transactions more quickly and efficiently.
  • Hybrid Consensus Mechanism: Zilliqa's consensus mechanism is designed to process transactions rapidly with less computational power than legacy blockchain systems like Bitcoin and Ethereum.
  • Scilla Language: The blockchain uses a custom language called Scilla, which is designed to automatically improve the security of the network by proactively identifying and eliminating security vulnerabilities.
  • Staking: Zilliqa supports non-custodial staking, offering annual returns of 6% or more, and giving stakers a say in the governance of the Zilliqa ecosystem.
  • Security: The network's sharded architecture and hybrid consensus mechanism make it more secure than other blockchain systems.
  • Dapp Ecosystem: Zilliqa already has several Dapps under development and live on the network, with more expected to launch in the future, offering a cost-efficient alternative to Ethereum's gas prices.
  • Governance: Holders of Zilliqa who stake their tokens can participate in the governance of the Zilliqa ecosystem, with their voting power proportional to the amount of ZIL they stake.

These strengths position Zilliqa as a promising blockchain solution for developers and users alike.

Zilliqa's risks

Zilliqa (ZIL) carries several risks that investors should be aware of. One of the primary risks is the possibility of losing staked tokens due to network attacks or vulnerabilities. Although Zilliqa has implemented various security measures, no system is completely immune to attacks, and stakers must ensure that their chosen staking platform has proper safeguards in place.

Another significant risk is the volatility of the cryptocurrency market. The value of Zilliqa can fluctuate significantly, which means that the value of staked tokens may also change. If the price of Zilliqa drops significantly, stakers may end up with fewer tokens than they initially staked.

Additionally, there is the risk of slashing, which refers to the penalty imposed on stakers for malicious behavior or network rule violations. If stakers fail to follow the staking rules or engage in any malicious activities, they may face a reduction in their staked tokens as a penalty.

Technical issues or bugs in the staking platform can also lead to unexpected downtime or loss of staked tokens. It is crucial to choose a reliable staking platform with a strong track record and regular updates to minimize the risk of technical failures.

Furthermore, there are risks associated with the regulatory landscape. Cryptocurrency regulations are still evolving in many jurisdictions, and there is a possibility of new regulations impacting staking activities. Stakers must stay informed about the legal and regulatory environment and ensure compliance with any applicable laws.

Smart contract vulnerabilities are another risk, as any vulnerabilities in the code can be exploited by malicious actors. It is essential to ensure that the smart contracts used for staking Zilliqa have undergone thorough security audits and are regularly updated.

Network congestion can also impact the staking process, potentially leading to delays or other issues. Stakers should monitor the network's performance and choose a staking platform that can handle high transaction volumes.

Lastly, there is the risk of technological advancements rendering the current staking model obsolete. The blockchain and cryptocurrency industry is rapidly evolving, and new technologies or consensus mechanisms may emerge that could impact the staking model. Stakers must stay informed about the latest developments and adapt their staking strategy accordingly.

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Did Zilliqa raise funds?

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Zilliqa’s team

  • Mark: Chairman of the Board, bringing strong leadership and experience from tenures as President of Cboe Europe and Executive Vice President of Cboe Global Markets.
  • Matt: Interim CEO, leveraging over 20 years of enterprise experience to manage operations and drive global commercialization.
  • Richard: Chief Technology Officer, overseeing the technology roadmap and strategy, with a Ph.D. in Computer Science from the University of Cambridge.
  • Tom: Head of Business Development for Sports and Gaming, with extensive experience from IBM as Sports and Entertainment Lead.
  • Bradley: Head of Investor Relations, with over a decade of experience in investment management, startups, and tech innovation.
  • Alex: Head of Communications, with over a decade of experience in journalism, finance, legal, and blockchain sectors.
  • Max: Co-founder, a serial entrepreneur with a successful track record spanning over 25 years.
  • Juzar: Co-founder and Board Member, an expert in building state-of-the-art blockchain platforms and a veteran venture capitalist.
  • Dr. Amrit Kumar: In charge of Zilliqa development, with a doctorate in philosophy and a master's degree in cryptology.
  • Xinshu Dong: CEO, holding a Ph.D. in Computer Science from the National University of Singapore.
  • Prateek Saxena: Chief Scientific Advisor, with a Ph.D. in Computer Science from the University of California, Berkeley.
  • Loi Luu: Co-founder of Kyber Network and notable member/advisor.
  • Alexander Lipton: CEO of StrongHold Labs and notable member/advisor.

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