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Founded in 2017, Zilliqa is a blockchain platform that seeks to improve on the scalability and efficiency of blockchain technology.
Zilliqa was the first public blockchain to implement the concept of ‘Sharding’ – a data management concept which breaks a large database into smaller segments which would in theory help improve performance and reduce query response time of a network.
In the context of blockchains, Sharding would break up the blockchain network into individual subsets of data servers; These smaller groups are known as Shards on Zilliqa, and would increase the efficiency verifying transactions (which are essentially chunks of data) within individual servers.
As opposed to Bitcoin’s original approach of involving the entire network to verify transactions – which some blockchain sub-communities believe to be a cause of inefficiency for blockchain technology – this would significantly increase the number of transactions that can be processed on the blockchain would increase by a large amount.
DID YOU KNOW: Each Shard is made up of 600 nodes and operates like mini block-chain networks.
However, Sharding comes with a few complications. As mentioned earlier that the process breaks transactions into smaller groups, this means that information stored in it would also be incomplete. Thus, the information stored in nodes in Shards only contains part of the blockchain information.
To counter these complications, Zilliqa uses a hybrid consensus mechanism which refers to an agreement system. This system ensures that there is no conflicting information within the nodes, leading to the network processing transactions efficiently.
Zilliqa (ZIL) is a blockchain platform founded in 2017 back in our home, Singapore.
ZIL is Zilliqa’s native token where it is used to power Zilliqa’s blockchain. It can be used for smart contracts execution, as a form of incentive to miners and paying transaction fees.
ZIL is fully supported on Coinhako, this means that you can trade and manage ZIL at Coinhako!
Zilliqa's aim has always been to provide solutions to improve on the blockchain ecosystem.
Besides, scaling and increasing the efficiency of blockchain technology, it has been reported to work on security solutions, such as its collaboration with Singapore’s digital asset custody service to secure its network’s assets. These efforts by the Zilliqa team will help to increase trust in the digital financial scene going forward.
You can view Zilliqa's Whitepaper to learn more about the digital currency
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