What is Zilliqa (ZIL)?Jul 06, 2018 at 15:32
Zilliqa is a blockchain-based solution which aims to solve the challenge of scalability within the public blockchain system by increasing the number of transactions that can be processed per second.
Zilliqa uses a solution called sharding which works by dividing the network into groups of 600 nodes, with each group known as a shard. The shards divide the work being done on the network, with each shard responsible for just a portion of the network transactions.
Each shard creates a microblock with the transactions it processes. Meanwhile, all of the shards process transactions in parallel, and at the end of the parallel processing period where microblocks are combined to form a full block.
The team behind Zilliqa also intends to lower the cost of mining but with a more stable reward system and a competitively lower transaction fee for users as it is also developed to ultimately support smart contracts.
The team who developed the blockchain project is comprised primarily of experts in computer science with an academic background. The chief executive officer of the project is cybersecurity expert, Xinshu Dong, who completed his doctorate degree at the National University of Singapore.
Zilliqa has a token called ZIL for its ecosystem that serves as mining incentive and gas for contract execution, and tender for paying transaction fees.
Where to buy?
ZIL is available in major exchanges globally, including Binance, Huobi, Bithumb, Gate.io, OKEx, Kucoin, Hotbit, Koinex, Idex, Coinex, and Etherdelta, among others.
Is it mineable?
ZIL is mineable with a maximum supply of 12,600,000,000 tokens. At present, there is already 7,575,893,444 ZIL in circulation.