Introduction
Zilliqa was first introduced as a concept in November 2016 by Dr. Zhixue (Joe) Xiao. This cryptocurrency uses a new consensus method to produce more transactions in parallel than Bitcoin and Ethereum can. Building A New Consensus Mechanism While other blockchains (Bitcoin, Ethereum, etc.) have a Proof-of-Work based consensus mechanism, a different, more efficient consensus mechanism has been designed for Zilliqa. What’s more is that it does this in a decentralized way without any central server. Zilliqa uses a totally new consensus mechanism called Merkle-Foundation (MF), which has been compared to Bitcoin’s proof-of-work and Ethereum’s proof-of-stake. The blockchain nodes run a Merkle tree along with a network hash, and then nodes connect to this tree.
What is Zilliqa?
Zilliqa (ZIL) is the world’s first fully functional proof of stake (PoS) cryptocurrency which boasts speed, scalability and privacy. In a nutshell, the network’s algorithm automatically scales to meet demand with its Proof of Stake (POS) consensus algorithm. The Zilliqa blockchain platform is fast, efficient and has the fastest transaction confirmation time of any blockchain. It is created by the Ethereum-based cryptocurrency concept, and has an inter-blockchain scaling mechanism that avoids blockchain bloat. As a result, there will be fewer blockchain forks and transactions can be processed in parallel. Other blockchain networks have issues when the network reaches a peak, which causes a backlog of transactions and large transaction fees.
How does Zilliqa work?
The Zilliqa protocol and chain are similar to Bitcoin’s blockchain but they are different in one key aspect. Bitcoin is a private blockchain but Zilliqa is a public blockchain. What makes Zilliqa different is that its blockchain is designed in a way that enables everyone to participate in its network by connecting their own networks and projects together. These network nodes can join Zilliqa by joining a consortium or consortium chain which is based on a particular block. Zilliqa makes the networks’ participation in its network a central theme and provides a mechanism that allows these networks to function as many times as the number of nodes in Zilliqa. This means that networks can run more frequently and in an infinite number of network nodes.
Zilliqa vs. Ethereum
Zilliqa does not really compare to Ethereum. The two platforms are actually quite different. For one, Zilliqa is not aimed to replace Ethereum. Ethereum, Zilliqa, and others are all open-source. Therefore, there is no specific blockchain or specific implementation which can be compared to others. Zilliqa vs. Nxt and NEO There is no point comparing Zilliqa to the Nxt or NEO blockchain. One of the main reasons is that Zilliqa does not have a working prototype at the moment. Besides, there is not much difference between the two projects either. If you want to compare them, it should be with the Masterchain project which is yet to be implemented in a stable version.
Zilliqa vs. other blockchains
Since its founding in July 2017, Zilliqa has achieved many milestones, including breaking the $1M value barrier for the first time. Since its launch, Zilliqa has reached its peak price at US$4.3 in May this year. The value of Zilliqa has since declined, losing 43% of its value over the past few months. Founder and CEO Zheshang Jiang How is Zilliqa Different from Other Blockchain Platforms? Zilliqa, with its design for scalability and smart contracts, can solve the scaling problem in blockchain platforms, a problem that has been threatening blockchain startups and users for years. Zilliqa was born from the need to solve the problem of scaling on blockchain platforms, particularly Bitcoin.
Zilliqa’s team
Zilliqa was founded by developers Christopher Lu, Heiko Hees, Iqbal Gandham, Adam Ludwin, Shan Wu, and Yves-Alexandre Lesur in 2016. Iqbal Gandham is the chief technology officer of Zilliqa and Christopher Lu is the CEO of Zilliqa. Adam Ludwin is the chief executive officer of Openledger. Financials The team intends to raise $100 million through an initial coin offering (ICO) in August 2018. The funding will be used to fund the development of the Zilliqa’s network and other projects. Solutions to scaling problems. What makes Zilliqa different from other public blockchain platforms is the scalability solution incorporated in the platform. Zilliqa is designed to scale up by using the first and second generation features of the Ethereum blockchain.
Conclusion
By using a focused and innovative approach, Zilliqa is about to become one of the most sought-after projects.