Zilliqa implements sharding to meet ecosystem demands, and it is the first public blockchain technology in doing so. It was launched in 2017 in Singapore and was initially based on the Ethereum blockchain. But in Feb 2020, Zilliqa has transitioned into its own blockchain technology. The tech they are currently using is probably an “Ethereum killer,” so you might have heard! It also solves the problem that all cryptos have, that is, scalability.
How does Zilliqa work?
Zilliqa works by implementing sharding technology. It means dividing the network of the platform into a group of nodes. A total of 600 nodes make up a shard. Then these work individually to process transactions and not in the form of a group. As the network grows bigger, the no of transactions and the no of shards does too. A total of 2,828 transactions can be done with the current 6 shards capacity. In 2020, the platform has seen a major boost and has also made an all-time high of $0.10. This is a total of 1700% growth.
The growth of the platform
The firm is more than satisfied with the spectacular growth it has seen in 2020. Their monthly transactions have been constantly increasing and are making new highs almost every month. As of now, the all-time high is 12 million. Taking a look at the growth of the no of monthly transactions, it is obvious that the platform is very active. Their marketing efforts have also been proven beneficial. This is because socialpay has been paying out Zilliqa as a reward in social media.
Another reason that has led to the growth of the platform is the benefits it provides. For example, Ethereum also has a staking option, but Zilliqa provides much less min staking requirements and also far lower barriers. It also provides tokens per 1000 Zil as rewards for staking.
What are your thoughts on Zilliqa, and do you think it can actually become an “Ethreum killer”? Let us know in the comments below. Also, if you found our content informative and interesting do like and share it with your friends.
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