Zilliqa Coin Review


Zilliqa Overview

Zilliqa (ZIL) is a public(permission-less), high-performance blockchain cryptocurrency, built with the purpose to enable developers to program smart contracts in the most secure fashion using the Scilla language. Moreover, Zilliqa is the first public blockchain platform that operates with the unique ‘sharding’ process. For that matter, there was quite a boom when this high throughput blockchain platform first emerged on the market in 2017. Especially since the purpose of Zilliqa was to revolutionize the whole concept of the entire crypto-experience. It is options such as sharding that make Zilliqa so unique. This unique feature enables Zilliqa Coin to scale in an almost linear manner, all for the purpose of satisfying the growing number of new users. Consequently, the decentralized nature of this blockchain platform makes for censorship-free transactions. Given the ability of this platform to deal with all kinds of crypto-transactions, regardless of the magnitude. And this is very important, since micro-transactions for example, are not a subject of any fees whatsoever.

Zilliqa History

This crypto-coin exists thanks to a paper(study) written by Lui Loo on 27 August 2017. As a matter of fact, it is the subject of Mr. Loo’s paper that pretty much gave birth to the Zilliqa coin. Consequently, starting 26th of January, the coin began with its official global distribution. Being the first ever public blockchain to apply shrading to its mainnet, Zilliqa quickly became one of the most sought after on the crypto-trading scene. Especially if you consider that one of Zilliqa’s objectives is to eliminate all potential scalability issues. One of the things that makes Zilliqa special is the speed with which it processes transactions. Although built on the model of the Ethereum Blockchain, Zilliqa is far more practical when it comes to handling transaction volume.

That is due to the fact that Zilliqa applies complex shrading protocols, in addition to a one-of-a-kind consensus mechanism. This is crucial in order for Zilliqa to process the hundreds of thousands of transactions that are occurring per second. Or, to put it this way, its throughput for processing payments is around 200 times faster than today’s most popular blockchains.

What is Zilliqa & How it Works

Zilliqa is one of the more unique crypto coins currently at disposal. There are several major contributors to the status of Zilliqa. Yet, nothing comes close to the Shards feature. Especially if you consider that Zilliqa is the first official and public blockchain technology that fully optimized this unique option. Shards are an independent group of nodes that have a task to validate just a fraction of the transactions. Specifically, the term sharding applies to the action of splitting the mining network in small groups, i.e. shards. Furthermore, each shard is required to choose its own consensus. This procedure is done via the Byzantine Fault Tolerance Algorithm or the PBFT protocol. For that matter, only at the highest of levels, a new leader is selected for each shard.

Consequently, the leader in question will authenticate a continuous number of transactions, thus creating a new block. Afterward, this block will be authenticated by the rest of the nodes from the shard. If the majority of the authenticating shard nodes confirm and accept the block, it will automatically be subject to review by the DS Committee. All with the purpose of the block in question to be accepted by the majority consensus that operates the Zilliqa blockchain.

Zilliqa Unique Features

Considered as one of the revolutionary crypto coins, Zilliqa Coin combines several unique features and options for the sake of improving the overall crypto-experience. One such feature is the sharding concept upon which this platform operates. As mentioned above, Zilliqa primarily uses Shards in order to guarantee thousands of ultra-fast, low-fee crypto transactions. Consequently, as the network grows, so does increase the demand for new shards. The shards do not cause transaction interference, since each processes the action separately. This is quite appropriate if you consider that the word Zilliqa actually means “silicon for the high-throughput consensus computer”. Moreover, as a result of the public nature of this coin, it makes for a linear scaling, proportionally as the coin grows in size. Additionally, Zilliqa works with Proof of Work protocols, similar to Ehtereum and Bitcoin.

In addition to using Elliptic Curve Based Schnorr Signature Algorithm (EC-Schnorr) technology, specifically for the purpose of when miners are signing blocks. And just like the top blockchains, the SHA3 is located on Keccak as well. Although operating with PoW system, thanks to the PBTF consensus, it doesn’t consume as much energy as Bitcoin or Ethereum for example. The unique practical byzantine fault tolerance protocol makes for the transactions to be processed by the network. Consequently, this approach practically nullifies the waiting time in for the multiple confirmations.

How to Buy Zilliqa

Buying Zilliqa should be the easiest part of your entire crypto-adventure. Especially if you consider how easy it is to obtain one of the ZIL coins. That is due to two key factors. One is the fact that Zilliqa is a public blockchain platform, and the second is that it is quite affordable. As a matter of fact, the current trading price of Zilliqa Coin on the market at the moment of writing is just $0.06108. And with a trading volume in the last 24 of the moment of writing of $43,520,740.25, it is quite clear that the ZIL coin is quite sought after. For that matter, Zilliqa currently has 12 billion ZIL coins in circulation. All in all, they have a total supply of 21 billion ZIL coins. Consequently, due to the unique sharding nature, high coin supply, and affordable price that makes for the high Zilliqa trading volume.

Should you decide to buy ZIL coins, you can do so by registering an account at ANY of the well-known trading platforms. Where you choose to deposit is very important, since you don’t want to end up at a scam platform just to have your personal info compromised. For that matter, we suggest established platforms such as Binance, Kraken, CEX.io, Coinbase. After you create an account, just deposit a designated amount of fiat currency, and head to the trading market. Find and select the ZIL coin, and that is it. Just remember to start small if you are a newbie in crypto. Cheap crypto coins may seem lucrative, but without the proper knowledge, you can easily become a victim of the fast-changing crypto market.

Summary

Being one of the crypto-coins that use several unique features definitely comes with its own pros and cons. Despite everything, it seems like the ZIL coin is actually doing quite well in the crypto-trading world. Especially if you consider that there are 12 billion ZIL coins in circulation at the moment of writing. One of the biggest strengths of the Zilliqa coin is definitely flexibility. More specifically, thanks to the smart contract language, enables developers for a far more responsive and better all-around programming environment. In addition, Zilliqa also offers users the chance to stake ZIL coins, which is a well-known tactic to increase your funds. It is through the proprietary system called the Zillion portal, that the platform makes non-custodial staking possible. And traders are loving this. Especially since there are multiple different stake node operators on disposal to the users. More specifically, there are Zillacracy, Moonlet, Atomic Wallet, and a bunch more similar platforms. All with the purpose of staking your funds for a 100% secure return.

We already said that sharding is what drives the Zilliqa platform. Given its unique nature in the way it processes transactions. However, it is worth mentioning that ‘sharding’ worries a lot of experts. Especially since there is always a possibility of one shard taking over another. This may potentially result in the loss of important data. However, Zilliqa is yet to experience a hacker attack. Or any cyber-misfortune for that matter. Consequently, this makes Zilliqa one of the best possible options to invest in at the moment. And the best part is that you don’t need a lot of money to do so. With just a couple of USD, you can become an owner of one of the most interesting, affordable, and unique crypto coins currently on the market.

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