Zilliqa : A high throughput Blockchain

Zilliqa : A high throughput Blockchain

bitcoin Blockchain Cryptocurrency
February 13, 2018 by Janhavi Arora
Zilliqa

With so many existing blockchains in existence, it has become impossible to keep track of them all. Zilliqa is a new high throughput blockchain platform that is designed to scale in an open, permissionless distributed network securely. Zilliqa is a new platform that has attracted a lot of attention with a focus on transaction throughput. The name Zilliqa is kind of catchy. The word Zilliqa means “ silicon for the high throughput consensus computer” Zilliqa brings various processes and protocols to the table to achieve higher transaction rates than any other blockchain in the world.Zilliqa has been encouraging mining from the beginning and is attracting miners to their platform with special incentives.

Zilliqa ICO

The Zilliqa ICO is an exceptional project in the crypto space. An all-star team, solid partnership, and first-mover status are all signs of a bright future for this protocol. Initially, the ICO price of Zilliqa was 0.038 US $, then it reached to 0.007 $. Now the current token price is around 0.058$. This clearly shows that the price hike is way too high which is a good sign.

Now let’s talk about the features of this project.

SCALABILITY

One of the most pressing problems facing blockchain platforms is the lack of scalability i.e. the ability to handle a larger number of transactions per second as the network grows. It has been widely discussed that existing blockchains are not able to scale the next generation of internet style applications. The vision is to increase the scalability by a large factor as the network expands. A large increase in the scalability will see a revolution in the type of apps running on the blockchain. Zilliqa is linearly scalable. Linear scalability means that as the number of participating nodes in the network increases, the transaction throughput also increases at an almost linear rate. Although it may sound intuitive, the fact is that, for most blockchains, the opposite is actually true i.e as the number of network nodes in the network increases, each transaction now has to be broadcast to a greater number of nodes before being validated and added to the ledger, thereby limiting transaction throughput. This is the reason why many solutions to increase transaction throughput depend on restricting the number of participating nodes on the network, which comes at the cost of a reduced degree of decentralization.

SHARDING

The core feature that makes Zilliqa scalable is sharding i.e dividing the network into several smaller component networks called shards which are capable of processing the transactions in parallel. It is a process of automatic splitting of the network of nodes into parallel chains called shards where each shard processes a small portion of all transaction in conjunction with other shards, resulting in a macroblock from each shard. It is a concept that has existed for distributed systems for a long time, where it is used to improve scalability, performance, and I/O bandwidth. However, the concept has not yet been implemented on any public blockchain. Zilliqa is now leading the way in implementing this automatic parallelization for public blockchains.

SPEED ISSUE

Zilliqa is not actually one protocol, rather it is a suite of protocols, a complete blockchain platform to view decentralised apps. Zilliqa not only promises to solve the scalability issue but it also solves the speed issue. It is faster than any other coin. Let’s just take examples of bitcoin and ethereum. Bitcoin network processes about 4-7 tx/ sec, whereas Zilliqa has already processed about 500 times more transactions per second on its testnet. Ethereum network processes about 10-12 tx/ s, whereas Zilliqa’s transaction throughput is already about 250 times higher. It is a game changer in the domain of public blockchains. It aims to rival traditional centralised payment methods such as VISA and MasterCard. In fact with a network size of 10000 nodes, Ziliqa will enable a throughput which matches that of VISA and Mastercard with much lower fees for the merchants. With scalability as the main goal, Zilliqa proposes a new smart contract language that scales much better for a multitude of applications.

Proof- Of- Work (POW)

Zilliqa uses POW just to establish mining identities, and not as a consensus protocol, thereby significantly reducing the overall energy footprint. This is fundamentally different from other PoW blockchains, like Bitcoin, where PoW is performed to mine every block, making the mining process energy intensive. Zilliqa uses POW only to prevent Sybil attacks and generates node identities. This is in contrast to many existing blockchain platforms ( in particular bitcoin and ethereum ) where POW is used to reach distributed consensus.

DATA FLOW SMALL CONTRACTS

Smart contracts allow applications to be built on top of the distributed ledger provided by the blockchain storage and consensus. With scalability as the main goal of Zilliqa, we propose a new smart contract language that is not Turing-complete but scales much better for a multitude of applications that range from automated auctions, shared economy to financial modelling.The smart contract language in Zilliqa follows a dataflow programming style, where the program can be seen as a directed graph
The current internal testnet of 2400 nodes can process 1,389 transactions per second. However, there are many more innovations and development milestones ahead that will enable further scalability and add many new features to Zilliqa.

It is believed that Zilliqa will be one of the top coins of 2018 since it has got many strengths.

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