What Is Zilliqa (Zil) Coin?

As the world of cryptocurrency rapidly evolves, scalability and efficiency issues are also on the rise. In addressing this challenge, Zilliqa (ZIL) Coin has emerged as a significant project offering solutions that shape the future of cryptocurrencies.

What is Zilliqa (ZIL) Coin?

Zilliqa is a blockchain platform seeking to address scalability issues. Its primary goal is to achieve high efficiency and low congestion, implementing a sharding technology that divides the network into parallel nodes to increase transaction speed.

How Does Zilliqa Work?

Zilliqa operates with sharding technology, allowing the network to process transactions in parallel by dividing them into shards. This enhances the overall transaction speed. Zilliqa also employs a hybrid consensus mechanism, ensuring energy efficiency.

Founders of Zilliqa:

Zilliqa was developed by Prateek Saxena, an award-winning research professor at the National University of Singapore. Saxena, along with several students, researched sharding blockchain concepts in 2015, forming the basis for Zilliqa. Max Kantelia and Juzar Motiwalla are also co-founders of Zilliqa.

Unique Aspects of Zilliqa:

Zilliqa stands out as the first public blockchain built on a fully sharded network. Its high efficiency and transaction speeds make it capable of competing with traditional payment methods like VISA and Mastercard.

Contributions of Zilliqa:

Zilliqa introduces a staking system allowing users to earn rewards by staking ZIL tokens. The limited token supply makes ZIL a potential long-term value store. Additionally, Zilliqa enhances security by using Scilla, a specialized language for writing smart contracts.

Current Circulation of Zilliqa:

There are currently 17,441,542,452 ZIL tokens in circulation. Some tokens are allocated to founders, the development team, and miners.

Other Technical Details:

Zilliqa has integrated with Chainlink for Oracle integration, providing access to real-world data and expanding the application of smart contracts.

Ensuring Security of Zilliqa Network:

Zilliqa focuses on creating a secure platform by using practical Byzantine Fault Tolerance consensus, elliptic curve cryptography, and smart contracts written in a language called Scilla.

How to Use Zilliqa:

As a public blockchain platform, Zilliqa allows users to develop various applications to benefit from high transaction speeds. ZIL tokens can be used for transaction fees and rewards.

Choosing a Zilliqa Wallet:

Users can opt for official Zilliqa wallets like Zillet or ZillPay. Additionally, hardware wallets, software wallets, and online wallets can be chosen based on security, ease of use, and storage needs.

Risks and Security:

Zilliqa (ZIL) Coin carries certain risks to consider when investing. Its price can be highly volatile, and it is sensitive to market fluctuations. Care should also be taken regarding the security of online wallets, and implementing good security measures is essential.

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