Zilliqa
24Hr
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Started in 2017 by university researchers Amrit Kumar and Xinshu Dong, Zilliqa can be used for many purposes by investors and developers. Like Ethereum, this blockchain supports smart contract technology to reduce transaction time and fees. Zilliqa uses Scilla, an elegant contract language, to make this possible.
In terms of DApp building, Zilliqa is a great option. Developers can enjoy scalability and fast business using Zilliqa (which we will talk about shortly) as they are part of a rapidly growing ecosystem with many capabilities.
Zilliqa blockchain always emphasizes scalability. However, as the popularity of the crypto industry increases, blockchains are filled with a large number of transactions. This is the problem facing crypto, Bitcoin, and the developers in the market are now looking for a way to solve this problem.
A short story of Zilliqa
Zilliqa is said to be the brainchild of a group of scientists, technologists, and entrepreneurs. However, it was started in June 2017 by two researchers from the National University of Singapore who we now know as inventors; They are Amrit Kumar and Xinshu Don. When Zilliqa launched in 2017, it did so with its own ZIL token, which is based on the ERC-20 token standard on the Ethereum blockchain.
When its mainnet was launched in January 2019, the existing ZIL tokens were exchanged for a new ZIL coin on its new blockchain network. When the project first started in 2017, the initial coin offering (ICO) took place and the project made about US $ 22 million in Ethereum, which contributed to the overall well-being of the network.
How to use Zilliqa
The future of Zilliqa coin is bright as it continues with good intentions. You can use them in the following ways:
Exchange and trading: Zilliqa cryptocurrency can be used to exchange cryptos and trade with other cryptos. Investments: The value of digital currencies can increase in the coming years, so investing in them can be very profitable.
International Transfer: You can transfer money quickly anywhere in the world without worrying about direct debit fees. Online Payment: Zilliqa crypto can be used for online payment easily. As many e-commerce sites use them as a payment method.
Zilliqa working Principle
At the heart of the idea behind Zilliqa is the reliance on shared technology to overcome consolidation. But what is sharding and how does it work? Simply put, sharding is the division of a network into multiple nodes, called shards. This means that when miners are called upon to verify a transaction, they can do so in the same way. In other words, shards can organize different transactions from each other, rather than all of them joining together in a large group that gradually increases in size, as in the case of many other cryptocurrencies.
In a network based on sharding, the larger the network, the faster it can process transactions, because the more shards, the more transactions they can process at the same time.
A potential problem with sharding may be the difficulty of reaching consensus for the approval of transactions. The consensus process of some tokens, such as Bitcoin, requires half of the nodes to agree for a transaction to be confirmed. This can be a difficult process that Zilliqa avoids with its hybrid verification system, which is faster and uses less computation to process transactions than the methods used in blockchains like Ethereum and Bitcoin. It does this by transferring authentication at the shard level, where nodes don’t have to process all the information.
To ensure the effectiveness of this verification process, Zilliqa has a second layer of single gateways that form a transmission service tree that connects small blocks into a whole. Therefore, the DS committee can access the entire blockchain to ensure that the approval is valid.
Main features of Zilliqa
Zilliqa is designed to accommodate multiple dimensions. It provides a network-level segmentation mechanism to segment network nodes to process transactions uniformly, as well as an atomic transaction segmentation mechanism to ensure that transactions are accepted as if they were seamless. Zilliqa also offers a new compute sharing mechanism to allow computing applications to run efficiently on a network. To support their advanced understanding, we outline some of the concepts below.
Network Sharing
Zilliqa divides the network of blockchain gateways into different subgroups, called shards, where each shard is created to organize and achieve consensus in the business area. In this way, individual business units can be organized individually and business productivity is greatly increased by many orders of magnitude. Finally, these transactions are merged into new blocks that are added to the blockchain. The main challenge in achieving such network distribution is how to maintain protocol security.
The naive method will have a very high sensitivity to the broken block because the number of consensus groups is small under the network distribution. To address this security problem, we develop a new protocol that achieves scalability and robust security 9 , which is inspired by our research findings and other valuable research papers.
The core of our shared network protocol is to implement a proof-of-work (PoW) puzzle to select and update a registry service committee in a decentralized and democratic manner. The registry committee is responsible for coordinating the sharding process, as well as approving the blocks of transactions issued by each shard and checking whether they have received approval from a large enough quorum within the shard.
Unlike many existing blockchain platforms (such as Ethereum and Bitcoin), Zilliqa does not use PoW to achieve consensus. In fact, PoW is only used to prevent sybil attacks and perform sharding. Hence, it can be replaced by any other anti-sybil method such as Proof of Stake (PoS). Our choice of PoW is motivated by the fact that its security is well-researched in books like PoS which is still the subject of active research.
Secure & Efficient Consensus Algorithm
In the register of the Board and each section that organizes and accepts business, we work on a safe and sound contract. The system allows each shard to agree on the blocks to be issued. Our consensus approach is based on the concept of Byzantine Fault Tolerance (BFT) [4] with weighted optimization. We have chosen BFT to design our contract to ensure that the resulting restrictions are final, without the need for long-term approvals such as the popular “long-term” rules in cryptocurrencies require. However, the current BFT system involves a large communication bandwidth and therefore it is too late to integrate.
Therefore, they do not fit well in a large network of nodes. We specifically identify a recent CoSi [5] signature feature that can enhance the BFT process. The challenge we face here is that CoSi is being given to work in a less efficient environment than the public blockchain. With several significant improvements we are developing for the CoSi plan. In particular, we add additional measures to the message cycle in the CoSi protocol on the part of both the principal side and the participant side to prevent bad principals and signatories of the protocol.
Additional measures and checks ensure that misconduct is detected as soon as possible. For this reason, we obtain a protected plan and apply it to create a scalable BFT system for verification in Zilliqa.
Business sharing
Zilliqa uses an account-based strategy. The account-based processing allows segmentation of transactions based on the sender’s account. This ensures that a double spend attack or replay from the same shard can be prevented. For better scalability, Zilliqa makes two attractive options in business sharding configuration:
1) Zilliqa offers three business transactions without inter-shard communication which is often expensive and complicated.
2) Zilliqa allows transactions to be processed individually on the 10 block blockchain. Zilliqa adopts a “drop and try” method to process transactions simultaneously as multiple nodes are updated.
