Zilliqa is the Blockchain of the Future – Here’s Why!
There are many different types of blockchains out there, each with their own goals, plans and ideas for the future of the world. Some wish to revolutionize how payments work, some want to make tracking items easier, and some want to make the world a better place. Zilliqa combines all of these facets into one powerful and promising blockchain.
Developed as what is known as a 3rd generation blockchain, Zilliqa improves on previous blockchains and solves a number of key problems that prevent 1st and 2nd generation blockchains thriving.
What is Zilliqa?
Zilliqa is a 3rd generation blockchain platform that focuses on high throughput and can therefore scale to thousands of transactions per second. By using an improved Practical Byzantine Fault Tolerance (pBFT) consensus mechanism, miners get better payouts and confirmations are no longer needed for transactions to clear.
The Zilliqa token, ZIL, allows holders to take part in the network in a variety of different ways, ranging from staking to creating and using smart contracts. Fees are designed to remain as low as humanly possible, even during times of high transaction volume, while remaining resistant to spam attacks.
Smart contracts are written in Zilliqa’s very own languages known as Scilla, which stands for Smart Contract Intermediate-Level Language. It’s designed to boost security for smart contracts, allowing developers to create mathematical proofs to ensure code meets certain specifications. Scilla gives Zilliqa a massive boost in the smart contract department, making it a stand-out option for developers.
How Long Does a Transaction Take on Zilliqa?
When it comes to making transactions, speed and cost are everything. A general rule of thumb for transactions on Zilliqa, expect to wait about 4 minutes for everything to go through and be ready to spend. It’s better to overestimate the time it takes rather than get caught short. For the most part, transactions are completed in around a minute.
Each block on Zilliqa takes around 43 seconds to be mined, and around 50,000 transactions fit in each block. Thanks to instant block finality, block confirmations are not needed, so as soon as your transaction is included in a block, it’s ready to be used again in another transaction or staked.
There are plans to decrease block time to around 30 seconds, which will further increase the number of transactions the network can handle and the speed at which transactions are processed. This is expected to go live in the next network upgrade.
How Does Zilliqa Address Scalability Issues?
Scalability has plagued the best blockchains out there, bringing them to their knees during periods of high transaction volume. For example, when trying to use Ethereum on a busy day, a simple transaction will cost you a small fortune. Over on bitcoin, your transaction can sit in the mempool for hours on end.
Zilliqa addresses these issues by using a technique called sharding. Sharding means that the blockchain network is broken down into lots of smaller chunks, known as shards. The miners are then distributed evenly amongst the shards, allowing for multiple transactions to pass in parallel. This increases the maximum transaction throughput and creates unparalleled scalability.
How Can I Stake ZIL?
Being able to stake your ZIL tokens is a major bonus for ZIL holders. You lock your tokens away, pledging them to the network. In return, you get a nice pile of interest that is generally better than the interest rate you’d get from your bank. This makes staking a nice alternative to a savings account.
There will be multiple phases for Zilliqa’s staking program, but right now it’s just launched Phase 1. In Phase 1, you are able to directly transfer your funds to the staking smart contract, removing intermediaries from the process. ZIL stakers can use the Zillion staking portal to manage their staked funds.
The APY for the non-custodial staking, which is what’s happening with Phase 1 staking, is variable. This amount depends on what percentage of circulating ZIL tokens are staked. For example, if 80% of the current circulating supply of ZIL is staked, you’re looking at about 6% APY on your staked tokens. Issue ZIP-9 goes into more detail on how the staking rewards work, which is well worth a read if you need more information about staking payouts.
There is an unbonding period of around 2 weeks when you wish to withdraw your staked ZIL tokens. Once the unbonding request has been made, you will no longer earn interest on those tokens. The minimum number of ZIL you can stake is 10ZIL.
Has Anyone Notable Built on Top of Zilliqa Yet?
Zilliqa is a powerful blockchain platform, appealing to developers that are looking for a blockchain with high throughput. As a result, more than 60 projects are now using the platform to run their smart contracts, dApps and services. These range from payment service providers all the way to a blockchain domain provider.
Unstoppable Domains has already launched crypto domains using Zilliqa’s blockchain, allowing people to get paid to human readable addresses at the click of a button. Xfers is an e-payment solution that’s using Zilliqa to power its StraitsX stablecoin. StraitsX, better known as XSGD, is pegged to the Singaporean Dollar and has the full support of the Monetary Authority of Singapore.
Zilliqa offers grants to teams in order to develop tools and applications to run on Zilliqa. As well as funding, selected teams will also receive guidance and technical support from the Zilliqa team. This shows that Zilliqa cares about its community of users, looking to improve on itself and offer a better range of services to the wider public.
Where Can I Buy Zilliqa?
Whether you want to take part in the various smart contracts available on Zilliqa, want to speculatively hodl ZIL or feel like joining the ZIL staking game, it’s never been easier to get your hands on ZIL. You can get your very own ZIL tokens right here at changeangel.
If you’re all about speed and ease, then we’ve got a treat for you. You can swap any one of 92 different coins into ZIL at the click of a button, which is officially the fastest way to get your hands on ZIL.
If you want to get your hands dirty and help out with the hard work, you can put your computer to good use and start mining ZIL. Zilliqa has a pretty comprehensive guide to mining, so you can get set up and start earning your ZIL tokens the way PoW blockchains intended.
If you’ve got any questions about Zilliqa, drop them in the comments below and we’ll do our best to answer them!