CV Coin Update: Zilliqa (ZIL) Up 44% And Still Rising; Here’s What You Need To Know

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Zilliqa, the “world’s first high-throughput public blockchain platform”, continues to gain prominence in the market after entering into the top 30 cryptos by market cap this week with a 44% surge.

 

What is it and how does it work?

Zilliqa is a public blockchain project that began in 2015 and has been designed to address the core problems of blockchain technology that inhibits its mass market adoption potential; scalability and transaction throughput.

It does this by implementing an on-chain sharding solution using PoW to establish node identities, that works by subdividing the total amount of nodes on the network into smaller groups (shards), whereby each shard can process transactions in parallel to each other.

An example of this would be a network of 1000 nodes which is subdivided into 10 shards each containing 100 nodes. Let’s say that each shard can process 100 transactions per second. This would mean that the total throughput capability of the network is 1000 transactions per second and would continue to grow exponentially as the network itself grows. This means that as more full nodes join the network, the more the network throughput increases.

Zilliqa uses practical byzantine fault tolerance (PBFT) in its consensus protocol to cope with the rapidly increasing network throughput. Each node in every shard is placed in an order, with an elected leader in each shard. If leaders are suspected to be malicious, then all nodes in the shard can vote for them to be replaced by the next node in the queue.

A 3 step process is employed between the elected leader and the respective nodes in each shard to reach consensus on the next transaction block.

The team explains in a medium post,

There are several reasons why we chose PBFT as our consensus protocol. The main one being that its efficiency depends on the size of the network and hence can potentially exploit the small size of the shards

Unlike typical PoW consensus protocols, PBFT also removes the need for network confirmations once a block has been selected.

The ZIL token is a temporary ERC20 token that can be traded in for a native ZIL token once the mainnet platform goes live sometime around September this year. 

It has a total coin supply of 12.6 billion with a circulating supply of around 7 billion coins. 

 

ZIL Price action

ZIL has continued to rise a staggering 225% over the past 4 weeks from $0.04 to a height of $0.13 - following new exposure on Indian and South Korean exchanges, Koinex and Gopax, in the last 2 days.

ZIL is currently correcting down to $0.12 after a new all time high was achieved today at $0.137.

At the time of writing, Binance exchange currently accounts for just over 60% of all ZIL trades today. With Huobi exchange following behind with 13.49% against tether.

What to expect next

The Zilliqa project is promising a big month ahead, with new partnerships and an introduction to their new smart contract language coming soon. At only $0.13, this is looking like a very bullish alt-coin going into Q2 with a very promising future ahead.