Listing of a new coin on our website – Zilliqa (ZIL)

What does the company/project do?

Zilliqa is the world's first high throughput platform designed to scale to thousands of transactions per second. Zilliqa has been under research and development for two years. It brings the outline theory into practice with its new protocol that increases the speed of transactions as the network expands. Zilliqa processes more transactions per second as more nodes join the network. This may seem natural at first, but it turned out to be technically difficult to accomplish, and of course it was not possible due to past blockchain protocols. Reaching consensus in a wider audience is technically more difficult! This new Zilliqa consensus protocol solves this problem. With Zilliqa's scalability, we can support dApps that require transaction rates outside of today's blockchains. Zilliqa is ideal for launching dApps requiring transactional rates behind today's blockchains. To name a few large parallel auctions, a transparent digital advertising supply chain and payment networks that rival today's centralized infrastructure speeds are part of Zilliqa's expansion plan.

Problems and Solutions

The Neo platform was developed in China. While not as popular as Ethereum, there are numerous DApps on the platform and more are in development. Unlike Ethereum, there were no major congestion issues. Unlike Ethereum, the blockchain has two native tokens - the NEO token, which is designed to verify the security of the Stake network, and GAS tokens, which are used to pay for transactions. One of the main problems of distributed ledger technology is scalability. The cryptocurrencies of the future must be able to scale, which means that they will have the ability to make thousands of transactions per second. Currently, Bitcoin and Ethereum can do less than 10 TX/s. By comparison, VISA can handle 8000 TX/s. There is a huge gap between these two numbers that will need to be filled before cryptocurrencyization payments can be considered.

• Zilliqa is trying to solve the scalability problem with sharding, a technology. The team recently achieved a breakthrough by increasing their platform bandwidth threshold to 2488 TX/s on the internal testnet. This is a great achievement.
• There are more high-frequency transaction projects next to Zilliqa that are currently in development:
  1. Raiden Network is an Ethereum-free payment processing platform compatible with ERC-20 tokens.
  2. Lightning Network is an instant bitcoin payment and low transaction delay systеm.
  3. There is also a plasma protocol powered by Ethereum founder Vitalik Buterin.
  Both the Raiden Network and the Lightning Network operate by requiring participants to agree to a transaction over a separate channel, after which the blockchain updates its accounts accordingly. This can be done without the need for miners or third parties such as digital wallet providers. At what stage of development these projects are and when they will be ready, it is difficult to say.
• The Raiden Network and Lightning Network will require a new set of nodes in addition to the existing Bitcoin and Ethereum base nodes. Zilliqa, on the other hand, won't, as it's built from the ground up using scaling technology at its core.

Features

In addition to providing a blockchain platform for dApps that scales to thousands of transactions per second of throughput, Zilliqa offers several other options for dApps and miners, including:

• More stable miner payout with lower variance.
• Low connection cost for miners with Ethash compatibility.
• Better use of energy by using PoW for identity verification only.
• Quantitative security for dApp users with different budgets for secure computing.
• Secure and smart data entry style contracts.

Technical details

Zilliqa based proof (POW)?

Zilliqa only uses PoW to create identities. This process protects against a sybil attack and is also used to perform a network bypass. Unlike other blocks, Zilliqa does not use PoW to reach consensus. PoW is only done at large intervals, not by every miner on every block. Thus, it has a much smaller energy footprint. We have stayed with PoW as it is well studied in the literature and field tested, while its newer alternatives (such as PoS) are still in active research.

Consensus Protocol

The protocol has new advances in relation to what was published by members of the Zilliqa team in scientific conference papers. It includes a comprehensive directory committee level and refinement of the PBFT protocol in each shard. Zilliqa uses the Schnorr Elliptic Curvature (EC-Schnorr) signature algorithm with multi-write or signature aggregation. This means that the signature size remains small even when many miners sign a block. Moreover, using an efficient network topology, Zilliqa's consensus scheme reduces communication complexity to O(N), i.e. linear in network size.

Sharding

Sharding is a concept that has been around in distributed databases for a long time, but hasn't been demonstrated for open, stepless blocks (where anyone can join and participate) on a scale. The idea is to automatically split the large network of machines processing transactions into parallel sub-committees or "shards". Each shard processes its own microblock in parallel with other shards, and the resulting microblocks are merged into the final one. This automatic network parallelization is now practical for open blockchains via Zilliqa!

New scaling options

There are many different proposals. Some propose moving transactions off-chain, some override block sizes, etc. Zilliqa's proposal is orthogonal and directly targets the scalability of the underlying blockchain itself. While moving transactions off-chain or restructuring data structures is useful, the blockchain consensus protocol itself must support high on-chain transaction rates! Several blockchains are considering PoS to reach consensus; however, in such solutions there is a trade-off in the completion of the transaction. Zilliqa offers the final transaction through the use of PBFT style consensus. Through the use of PoW for identity only, an efficient population signature scheme, and an outline, Zilliqa offers a new design for a scalable blockchain.

Conclusion

The Zilliqa concept is good and much needed in block space. The first DApp platform that efficiently processes transactions is similar to the interest of developers and startups who want to build blockchain applications. The team is very strong on an educational and technical basis. Five out of ten team members have PhDs. Such a team is great for developing a technical product, but perhaps not so great for the business side. There are a number of projects that already have ICOed that promise to deliver basically the same product as Zilliqa (for example, Cardano, Eos).