Introduced in 2017, Zilliqa (ZIL) is centered around the idea of ‘Sharding’ and was designed to enhance the scalability of cryptocurrency networks such as Ethereum. Sharding is analogous to the concept of ‘divide and conquer’, where transactions are divided into smaller groups for miners to perform parallel transactional verification. The upshot of this is the ability to reach consensus more quickly, which would increase the number of transactions in a given period. According to the white paper, transactions speed could scale to approximately 1000x that of Ethereum’s network. Zilliqa’s high throughput means that developers can focus on fleshing out their ideas rather than worrying about network congestion.
what is Zilliqa?
Zilliqa blockchain is created by Zilliqa research as a high performance and security blockchain that has smart contract.functionalities and focuses on security and scalability. The Zilliqa platform uses an adapted model of sharding technology, which allows the network to grow while transactions are being processed in parallel. The platforms native token ZIL can be used for transactions, dapps, and as gas fees for participating miners.
Zilliqa blockchain currently accommodates over 2,400 transactions per second and it was founded and developed through academic research at the National University of Singapore in 2017. Decentralized application, that have been popularized by distributed ledger technologies (DLT), such as the Ethereum Blockchain, are allowed in Zilliqa blockchain also as smart contracts. Scilla is the native smart contract programming language developed by Zilliqa, that allows developers to leverage formal verification.
Aqilliz has recently launched digital advertisement with the help of blockchain technology. Aqilliz is the official digital marketing arm of Zilliqa and will use the Zilliqa blockchain. Similarly, Payment platform Xfers has recently released a Singpore Dollar back stablecoin on the Zilliqa blockchain called XSGD under the StraitsX project. The company was approved by the Monetary Authority of Singapore as a widely accepted stored value facility, joining EZ-Link Card, Nets CashCard, NETS FlashPay, CapitaVoucher, and AliPay Merchant Services.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.