What i DON'T Like about Zilliqa - Crypto Analysis
15What i DON'T Like about Zilliqa - Crypto Analysis
What is Zilliqa?
Zilliqa is one-of-a-kind in the cryptocurrency industry because it focuses on sharding and scilla. The mainnet for Zilliqa’s sharding system came online in January 2019, putting it a step ahead of all other public blockchain platforms due to its recent completion date.
First of all, Zilliqa employs sharding. Sharding is a process of splitting up blockchain nodes into different groups. Each group has roughly the same number of nodes as each other, so if one shard can do ten transactions per second, all shards together can process 100 transactions per second. For information security, nodes must be sizeable. There are two types of transactions that may appear on the Zilliqa blockchain: transfer transactions and minting transactions. Transfer transactions occur when a user sends ZIL back or forth in a contract. Minting transactions happen when miners hash new blocks with new transactions added to them with more than 600 nodes.
Zilliqa’s consensus mechanism begins in a Proof of Work phase. During this phase, investors must confirm the blockchain by completing an individual hash. This process has finality, meaning that most nodes must agree on a mini-block before it is finalized.
In 2017, a team of scholars from the National University of Singapore created Zilliqa. In June that year, Xinshu Dong, Yaoqi Jia, Amrit Kumar, and Prateek Saxen joined as initial team members.
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