Zilliqa (ZIL) - Coin of the Week
Zilliqa (ZIL) is a blockchain project that aims to develop a global financial network based on decentralized technology. Zilliqa is one of the various blockchain projects that want to develop an ecosystem of decentralized applications (dApps).
The history of Zilliqa (ZIL)
The Zilliqa project was launched in June 2017 by Amrit Kumar and Xinshu Don, two researchers from Singapore. In a 2017 funding round, in which it sold ZIL units, the Zilliqa team raised over USD 22 million. The blockchain network went live in January 2019. Zilliqa is supported by the company Zilliqa Research, as well as a company focused on the development of the project, called ZILHive.
How does Zilliqa (ZIL) work?
ZIL is based on the "sharding" process, which involves a technique that divides the blockchain network into several fragments, allowing blockchain nodes to process only a fraction of the network's transactions. Each fragment acts as its own blockchain and allows nodes to store data, process transactions, and add new blocks to the network. Shard nodes contain a specific subset that does not store all transactions from the main network to increase security.
Another key element for Zilliqa is the governance mechanism that keeps the blockchain network synchronized. In order for nodes to feed the blockchain network and vote on changes, they must block units of ZIL, which means that anyone who owns ZIL can help operate the network. The governance mechanism ensures that all nodes assigned to fragments are verified.
Zilliqa only needs PoW consensus every 100 blocks. This strategy uses PoW only to prevent attacks and generate node identities. In addition, the network uses a signature algorithm widely used in many of the leading blockchains, such as Ethereum.
Zilliqa technology use-cases
- Data mining
- Machine learning
- Data-based academic research
For more information about ZIL, go to the Zilliqa (ZIL) Price page.
Advantages of Zilliqa (ZIL)
The advantages of the Zilliqa cryptocurrency are mainly due to the sharding process on which it is based.
- Scalability
- Sustainability
- Security
- Decentralization
For more information about ZIL, go to the Zilliqa (ZIL) Price page.
Zilliqa (ZIL) in 2023
Matt Dyer, interim CEO at Zilliqa identified two important trends for the Singapore project in 2023:
- The company has identified a development area in the space of Web3 and blockchain games. In 2023, the blockchain project is focused on developing an efficient ecosystem of Web3 type games.
- DeFi continues to be a major area of interest for the Zilliqa community, which is why the company is committed to developing even more decentralized finance tools and applications that improve the Zilliqa user experience.
Zilliqa (ZIL) Financial Indicators
Market Cap: 367 million EURO
Zilliqa price today: 0.02 EURO
Zilliqa trading volume (24 hours): 30 million EURO
Zilliqa (ZIL) Community
Latest Zilliqa (ZIL) news
- To speed up the network's decision-making process, Zilliqa released a proposal that would reduce the quorum needed to approve votes to 8%. The proposal includes greater decentralization and offers more possibilities to ZIL users. The proposal was made with the help of the governance platform within the Zilliqa ecosystem.
- ZIL, the native cryptocurrency of the Zilliqa blockchain, has been listed on OKCoinJapan, one of the most popular crypto trading platforms in Japan. The move represents a desire of the Singaporean company to become a major presence on the digital assets market in Asia.
How to buy Zilliqa (ZIL)
On Tradesilvania you can buy and sell Zilliqa or other types of cryptocurrencies, such as Ethereum (ETH) and Bitcoin (BTC). In our platform, you have the possibility to include Zilliqa units (ZIL) in the Savings service, through which you can generate passive income.