With increasing adoption of blockchain technology across various domains, the heterogeneity of requirements has become inevitable. One-size-fits-all solutions do not meet user expectations, nor does the need to compete for block space on a single chain with fluctuating transaction prices.
Zilliqa aims to address these challenges by introducing a new scaling concept based on the idea of state sharding.
The story of Zilliqa began in 2015 as an idea of a respected research professor at the National University of Singapore, Asst Prof Prateek Saxena. The project has a long history of pioneering the real-world applications of blockchains.
They partnered up with banks looking into issuing debt on-chain, they were the pioneers of RWA by tokenizing barrels of whiskey for a world renowned distillery and more. Their mission has always been to create differentiating tech that drives real-world adoption, no matter the segment.
They are ever evolving to remain relevant and to deliver on their promise. Let’s dive into what Zilliqa is and the exciting Zilliqa 2.0 on the horizon!
Zilliqa is a pioneer in the blockchain space, noted as the first blockchain to implement the sharding approach to scaling. Its network offers features like smart contracts, token creation and transaction settlement. What sets it apart is its high scalability; their whitepaper states that the transaction processing rate doubles every couple of hundred nodes that are added to the network.
Zilliqa is a layer-1 blockchain that divides its network into smaller, autonomous groups known as shards. Each shard operates independently, capable of processing transactions in parallel. Each shard functions as a mini-network, hosting nodes responsible for storing information, executing transactions, and appending 'microblocks' to their individual shard chains.
It is important to note that these shards require to hold only a portion of the Zilliqa’s blockchain, without the need for complete historic data. The microblocks are later consolidated into transaction blocks by Directory Service (DS) nodes and integrated into the Zilliqa mainnet.
Additionally, Zilliqa introduces Scilla, its native programming language, designed for writing smart contracts and facilitating development of dApps. Scilla is specifically tailored to leverage the sharding infrastructure for efficient, large-scale computing.
Zilliqa is secured through Practical Byzantine Fault Tolerance (pBFT), a consensus mechanism that ensures synchronisation among nodes. For a transaction to be validated and added to the network, agreement from at least two-thirds of the nodes is required.
Within each shard, a network of nodes validates a microblock. Upon reaching consensus, these microblocks are compiled into a transaction block and appended to the main network. Zilliqa employs elliptic-curve cryptography to safeguard its consensus processes.
The ZIL token was launched in January 2018, just before the start of the bear market. It has been well present in the 2021/22 bull market and has since evolved to remain relevant with the fast paced crypto world.
The team has unveiled the roadmap and whitepaper of Zilliqa 2.0, the next step towards a network of fast, efficient and secure blockchain. There are some important changes in the new version of Zilliqa which include:
From its beginnings in the National University in Singapore, the Zilliqa team expanded to 50+ scientists, engineers, venture creators and industry experts with deep experience from various industries.
These are the team members from top left to bottom right.
Moreover, Zilliqa managed to raise around $22 million in different funding rounds, notably through an ICO during the 2017 mania. Notable investors include Polychain Capital, FBG Capital, IOSG Capital, or Kenetic Capital.
ZIL is the native token for the Zilliqa blockchain and powers its entire on-chain economy built to enable and scale decentralised apps, from financial services to NFT marketplaces. The maximum supply of ZIL is set at 21 billion, 60% of which were available since TGE while the rest are distributed and vested until June 2029.
On that note, this was the initial supply distribution of ZIL:
Source: Zilliqa
The reward structure on Zilliqa 2.0 aims to reduce ZIL inflation while fairly compensating validators for their role in maintaining the security of the network.
Staking rewards are adjusted based on the utilisation of the block space, allowing for a dynamic model that stabilises the total amount staked by validators. The formula used to calculate the total staking rewards awarded to validators is outlined in the Zilliqa 2.0 whitepaper.
It is also important to note that Zilliqa 2.0 aims to become a zero-inflation protocol, which is useful for preventing the depletion of the capped maximum supply of ZIL.
Zilliqa has been going full steam buidl mode and has some exciting months ahead. At the time of writing, the team is close to completing the Jasper phase. If you wish to learn more about the up-to-date progression of their roadmap, make sure to follow their Twitter account and regularly check their roadmap .
We are happy to tell you that ZIL is coming to the SwissBorg app! We have partnered with their team to bring our BORG Campers additional value. All Borg Campers are eligible for these rewards, with the requirement for the lowest camp being holding 100 BORG tokens.
Here are the details of the listing rewards campaign.