What is (ZIL) and Why is zilliqa blockchain unique?

By akohad Oct16,2022


Well in this article we will be breaking down Zilliqa blockchain, why it is a unique project.

Now let’s talk about Zilliqa blockchain?
Zilliqa is a permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing Sharding as the second layer scaling solution.

Zilliqa coin (ZIL) is is the native crypto coin of the Zilliqa blockchain. ZIL is actually used to execute programs and use to pay for transactions on the blockchain. These fees are used to reward the nodes that perform the calculations to operate the blockchain.

Zilliqa uses sharding to maximize the number of transactions that can be confirmed per second. In addition, the blockchain uses an uncommon consensus mechanism. These concepts are explained in a bit more detail below:

A blockchain is a record of the balances and transaction history of a group of accounts. This record is shared by a large number of independent computers (called nodes) that must agree with each other on the exact details. Each time a new transaction is added, all of the nodes check whether it is fraudulent then add it to their copy of the record.

It is possible to break this record into smaller, simpler parts that are easier (and therefore faster) to add to. Each smaller part of the main record is called a shard.

Groups of nodes are assigned to each shard, and they perform the same operations as before, adding and checking new transactions. At routine intervals, a separate group of nodes combines the records from each shard to unify the information before sharding it again.

In this way, shards allow the balances and transaction data to be effectively accessible to the whole network, but without requiring every node on the network to have its own huge copy of the entire record. The nodes only handle the shard they’ve been assigned to.

A blockchain consensus mechanism allows independent nodes to share the same ‘truth’. In other words, to all have the same values for the balances and transactions histories of the accounts on the blockchain.

There are many different kinds of consensus, but they all work by making it either difficult or expensive for one node (or a small group of nodes) to trick the rest of the network into accepting fraudulent transactions.

Consensus allows good behavior to be maintained by all participants without a central authority.

Zilliqa uses an unusual consensus mechanism that combines proof-of-work (PoW) and Practical Byzantine Fault Tolerance (pBFT).

PoW makes it difficult to trick other nodes because doing so would require a lot of computing power. The new record (block) gets added only if it was the first one proposed. The first node to successfully propose a new block gets paid a block reward in ZIL.

pBFT makes it difficult to trick other nodes because all the nodes must unanimously agree on the truthfulness of the new block before adding it.

The only way to add fraudulent transactions would be to simultaneously control all the nodes. Every node involved in the unanimous decision gets a small share of the block reward.

The Zilliqa team claims that PoW and pBFT together create a secure mechanism that allows for mining with lower-cost computing.

Well there are indeed other primary features on Zilliqa.

You can join their official telegram community to learn more about about Zilliqa blockchain.

Link below⬇️

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By akohad

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