About zilliqa
Zilliqa Coin Review: Mining Guide, Price & Analysis of Zilliqa Cryptocurrency
Zilliqa is the only cryptocurrency designed to scale linearly. This is because the blockchain has functioning sharding. The platform has one of the most secure blockchains that exist. This is because the development team continues to innovate for improvements.
Moreover, it is one of the fastest blockchains in the market. In theory, The platform has no limit on the number of transactions per second. In practice, there are restrictions. However, eventually, the company could process tens of thousands of transactions per second.
This is because the number of transactions processed depends on the number of nodes. Growth in the number of nodes would mean a rise in the number of transactions per second.
Understandably, the company has a lot of following among the cryptocurrency enthusiasts. The technology the platform provides is intriguing. People understand that it has a lot of advantages. Hence, the entity is seeing a lot of attention from the community.
How Zilliqa Works
Zilliqa seeks to solve the prevailing problem that most blockchains experience. This is the issue of scalability. It solves this problem using a sharding technique. This allows the blockchain to scale linearly as the network grows. Moreover, it increases the ability of the network to handle a large volume of transactions.
To understand this better, let’s look at what sharding is. Sharding is a mechanism in which the blockchain splits data into small divisions called shards. Distributed labour allows for the processing of multiple transactions in parallel. This results in high throughput. Moreover, it leads to greater operational efficiency. All this while maintaining decentralization and security.
This approach enables the network to scale as the number of participating nodes increases. This makes it ideal for enterprise needs.
We cannot forget that The platform is also decentralized. Many benefits come with this. It removes the need for a trusted coordinator. Hence, participants have full control of their money and assets.
Additionally, Zilliqa has a smart contract system. It offers another layer of security in the blockchain. Therefore, there are many use cases for the coin. The use of smart contracts opens the door for developers. This increases the versatility of the blockchain.
Can Investors Mine Zilliqa Coins?
Yes, investors can mine Zilliqa coins. The coins are very vital to the ecosystem. They power all operations son the blockchain. Moreover, Zilliqa coins are critical in the execution of smart contracts. Further, they cover all transaction fees.
Zilliqa makes use of the Proof of Work algorithm and the practical Byzantine Fault Tolerant protocols. Coin This combination makes mining reasonably easy on the blockchain. Miners use the Proof of Work protocol to establish their identities on the blockchain. Miners then get assigned to a consensus group. These groups can run multiple rounds of pBFT consensus.
In turn, performing one PoW writes multiple blocks to the chain. This means higher and guaranteed rewards. Moreover, sharding provides several mining benefits. For example, it ensures there is a constant mining cost per transaction.
Further, sharding leads to high aggregated fees for miners. Therefore, miners have a cost-effective process. We expect many miners to move to mining this coin.
The Team behind Zilliqa
The Zilliqa team consists of individuals with experience in many areas. These include computer science, business and marcom. The leader of the team is Amrit Kumar. He is the CEO and chief scientific officer of Zilliqa.
Amrit Kumar has a PhD from the University of Grenoble-Alpes. Additionally, he has a Master’s degree in cryptology. Amrit Kumar has a lot of experience in computer science and blockchain technology. This makes him ideal to spearhead Zilliqa into the future. Moreover, he has a great team backing him.
Beside him is the Chief Technology Officer, Saayan Choudhury. He is a 20-year software specialist veteran with tons of experience. From this, it is safe to say that Zilliqa is in safe hands. Moreover, more team members provide extra support and expertise.
Privacy and Security
Zilliqa has excellent security features. One of them is distributed design. Nodes in the network work together to keep the network secure. Moreover, nodes help each other recover in case of an attack. This makes it computationally expensive to hack the network successfully. It is easier to mine and get rewards.
Furthermore, Zilliqa employs smart contracts in its operations. These smart contracts are written in a new smart contract language called Scilla. Scilla addresses many vulnerabilities still prevalent in other languages.
Additionally, Zilliqa has a cryptographic layer. This layer relies on the elliptic curve cryptography for digital signatures. Further, it applies hashing functions using the SHA3 hashing algorithm.
Zilliqa does not stop there. The development team makes sure the system is secure by applying a multi-signature scheme. All this togetherleadsd to one of the most secure blockchains that exist.
Governance
Zilliqa has a native governance coin, $gZIL. Holders of this governance coin can make decisions on the direction of the Zilliqa blockchain. They do this by voting on development proposals. Moreover, holders can submit proposals for the community to review. This is an excellent approach as it steers Zilliqa towards complete decentralization. It would make Zilliqa a DAO.
Users can get $gZIL coins as rewards alongside their coins. For every 1000 Zilliqa coins in rewards, miners receive 1 $gZIL coin. This system rewards long-term Zilliqa coin holders. It is an incentive to adopt Zilliqa coins long term. Users can also obtain $gZIL coins from exchange within the blockchain environment.
Our Take on Zilliqa
Zilliqa offers a practical solution to one of the most significant issues facing blockchains. Zilliqa allows for scalability that is not available with other blockchains. It will enable blockchains to plan for a longer period into the rupture. Moreover, users can adopt blockchains without worry.
There is a good chance this sharding technology will be in use in other blockchains in no time. This is because the project is groundbreaking. The only thing that remains is for the platform to see more adoption from the community.
Advantages
- Offers a solution to scalability.
- The coins are easy to mine.
- Fast transaction times.
Disadvantages
- The coin might see competition from more established blockchains like Litecoin.
How to Buy Zilliqa Coins
The easiest way to obtain cryptocurrencies is by buying. Zilliqa is a top 50 coin in market cap share. Hence, it is a great coin to add to your portfolio. Fortunately, many exchanges allow for the trading of Zilliqa coins. Some of these include Binance, Bitfinex, Huobi Global, OKex, Biki and VCC Exchange.
This coin is a great coin to hold and sell at a later date. The price of one Zilliqa coin stands at $0.034888. It ranks 50th in market cap share with a $374,014,670 market cap. The circulating supply is currently at 10,720,547,502 Zil.
There are several wallets that you can use to store your Zilliqa coins. Some of the best wallets include Ledger, Moonlet, Trust Wallet and Zillet.
Final Verdict
It will be interesting to see where this coin ends up once other networks implement the sharding approach. However, as it stands, Zilliqa is the first of its kind. Understandably, it sees a lot of success. It is outperforming a lot of cryptocurrencies that have been in the market longer. Zilliqa coins have the potential to see mass adoption. This is because Zilliqa does not have scalability issues.
Zilliqa
(ZIL)
