What is Zilliqa (ZIL)?
Zilliqa - A public blockchain designed to perform thousands of transactions per second.
- Zilliqa is a public blockchain designed to perform thousands of transactions per second.
- The Zilliqa platform is multi-purpose, allowing it to host many decentralized applications, as well as staking, stake participation and performance farming.
- Its native token, ZIL, is designed to be mined over a 10-year period, so the mining reward tends to decrease as its value increases.
Zilliqa Key Metrics (ZIL)
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What is Zilliqa (ZIL)?
Zilliqa is a public (permissionless) blockchain specially designed to offer high performance in terms of transactions per second. It was created primarily to solve the multiple problems of scalability and fragmentation, using a 'second-stage scaling' solution technology.
It was created by Prateek Sazena, following ideas from a paper he published with his students at the University of Singapore in 2016, who were trying to describe how a blockchain could be fragmented to improve efficiency and overall network speed.
When Zilliqa was created, many decentralized applications were launched. From 2020, the platform began its growth by enabling activities such as staking, participation in betting and the inclusion of one of the main novelties at the time: performance farming.
After its launch, Zilliqa claimed to be the first public blockchain to rely entirely on a sharding network, achieving high performance and a high rate of transactions per second. It works very easily and in 3 steps:
- Each shard processes transactions individually.
- When the network grows, the number of shards grows.
- The more shards in the network, the more transactions can be processed.
- It does not require additional time to confirm transactions, so the speed increases.
The Zilliqa (ZIL) token.
Following the creation of its blockchain, Zilliqa created its own token: ZIL. With a fixed total supply of 21 billion tokens, ZIL was offered for sale as an ERC-20 token through a token generation event that concluded in January 2018.
60% of ZIL tokens were distributed at a launch event, while 40% of them were created through the mining process. Speaking of the mining process, ZIL is designed to have the total of its tokens mined within 10 years.
Its main feature is that mining rewards are slowly diminished while the total price is preserved. According to its whitepaper, 80% of the available tokens should be mined during the first 4 years and 20% in the remaining 6 years.