Zilliqa ZIL Price 0.02046824

The price Zilliqa today is 0.02046824 USD, and the trading volume in 24 hours - 26,768,769 USD. The crypto asset has grown by -2.6% over the day. Currently, the coin’s market capitalization is 392,585,942 USD, and has 0.00000000 coins in circulation with the max supply of 19,866,206,464 coins ZIL.

What is Zilliqa (ZIL)?

Zilliqa is a public blockchain with no access rights, which is designed to provide high throughput and the ability to perform thousands of transactions per second. It aims to solve the problem of blockchain scalability and speed by using segmentation as a second-tier scaling solution. The platform is home to a variety of decentralized applications, and since October 2020, it also allows you to stack and generate revenue.

Zilliqa officially began development in June 2017, and its test network was launched in March 2018. Just over a year later, in June 2019, the platform launched its network.

Zilliqa's own service token, ZIL, is used to process transactions on the network and execute smart contracts.

Who is the founder of Zilliqa?

Zilliqa was first conceived by Pratik Saxena, an associate professor in the School of Computing at the National University of Singapore. Saxena and several students from the School of Computing published an article in 2016 that described how a segmentation-focused blockchain could improve the efficiency and speed of the network.

Around the same time, Saxena co-founded Anquan Capital with Max Cantelia, a lifelong entrepreneur in finance and technology, and Juzar Motivalla, a former president of the Singapore Computer Society. In June 2017, the company established Zilliqa Research to develop the Zilliqa network, with Dong Xinshu as its CEO, Yaoki Jia as its Chief Technology Officer, and Amrit Kumar as its Chief Scientific Officer. All three previously worked as research associates at the NUS School of Computing.

What makes Zilliqa unique?

Zilliqa claims to be the world's first public blockchain to rely entirely on a segmented network. This allows you to achieve high throughput and high transaction rates per second, which, according to him, solves the problem of scalability. Since each segment processes transactions individually, as the network grows and the number of segments increases, the number of transactions that can be processed per second also increases. In addition, the records are immediately added to the Zilliqa blockchain after processing, which means that no additional time is required for confirmation.

Zilliqa aims to become the preferred blockchain for large-scale enterprise use, including in advertising, gaming, entertainment, financial services, and payments. In its 2018 position paper, its team states that the platform "aims to compete with traditional centralized payment methods such as VISA and MasterCard."

How many Zilliqa tokens (ZIL) are in circulation?

Zilliqa has a fixed maximum volume of 21 billion tokens. ZIL was first put up for sale as an ERC-20 token as part of a token generation event that ended in January 2018. The tokens were then transferred to the Zilliqa main network as part of a token exchange event that ended in February 2020. As of January 2021, almost 11 billion people were in the public domain. coins to ZIL.

How is the Zilliqa network protected?

The Zilliqa network is secured using the practical Byzantine Fault Tolerance Consensus Protocol, or pBFT, which means that at least two-thirds of all nodes must agree that the record is accurate in order to be added to the block chain. Each shard of the Zilliqa blockchain relies on a group of nodes to confirm a portion of all transactions, and once each shard has reached consensus, a second group of nodes confirms the collective results of the shards and adds a new block to the blockchain.

The network uses elliptic curve cryptography to secure its consensus protocol and allows for multiple signatures. In addition to the pBFT consensus protocol, which protects transaction records, Zilliqa also uses a Proof-of-Work algorithm to assign node IDs and create shards.