- Category: Zilliqa Ecosystem
- Coin Launched: June, 2017
- Resources: White Paper
- Official Website: Zilliqa
- Reddit: Zilliqa
Zilliqa History / Information / Buying / Staking
The Zilliqa project was founded in 2017 by a group of researchers from the National University of Singapore. Initial team members included Xinshu Dong, Yaoqi Jia, Amrit Kumar, and Prateek Saxena (who previously worked with Loi Luu, CEO and Co-Founder of Kyber Network), among others. They incorporated the company behind Zilliqa (called Zilliqa Research) in Jun. 2017, a few months before the team launched its first testnet.
Zilliqa brings the theory of sharding to practice with a protocol that aims to address the scalability limitations seen in some other blockchains. Its sharded design allows concurrent chains to execute transactions in parallel, thereby increasing the overall capacity of the network. The team’s primary motivation in building this product was to create a platform that could process smart contracts at scale without sacrificing core blockchain principles, such as the decentralization of node management.
HOW ZILLIQA WORKS
Zilliqa is a software that seeks to incentivize a global, distributed network of computers to run a blockchain platform that aims to increase user scalability through sharding. In this way, Zilliza is one of a number of competing blockchain aiming to grow an ecosystem of decentralized applications (dapps) and cryptocurrencies, such as Ethereum, Tron and EOS.
BENEFITS OF USING ZILLIQA
Some of the benefits of using Zilliqa are:
Zilliqa uses advanced sharding technology to increase scalability
Zilliqa supports the use of smart contracts by using Scilla, which adds a substantial number of benefits to the platform
Zilliqa has a very secure & unique consensus algorithm Practical Byzantine Fault Tolerance (PBFT).
LOW TRANSACTION FEES
Ziliqa’s unique POW + PBFT algorithm allow for much lower transaction fees than competing blockchains like Ethereum and NEO.
CAN YOU STAKE ZILLIQA
The only way to stake Zilliqa is through the Zilliqa decentralised application (dApp).The token is primarily staked for contingency purposes, rather than being used to validate and process blockchain transactions, the Zilliqa platform is the one generating rewards.
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