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Learn about Zilliqa and what sets it apart from other blockchain platforms

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Learn about Zilliqa and what sets it apart from other blockchain platforms

Blockchain technologies of various kinds have witnessed a significant growth during the current year, as some factors contributed to the rise in the prices of digital currencies significantly, to be able to exceed their previous value even before the Corona pandemic, but as is known, these currencies are not the only use of blockchain, as it became possible to benefit Including them in several different areas today, which opened the door again to the Scalability problems that still plague most platforms today.

Of course, blockchain technologies today have become distinctly different from their old form when they began to be used with cryptocurrencies in 2009, as many new platforms have appeared that have provided various solutions to scalability problems so that they can be used on a larger scale, and Zilliqa is considered one of the most prominent new projects. Which aims to solve these problems, and in this article we will get to know them with an explanation of the difference between them and other platforms, so follow us.

What is the Zilliqa network?

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Zilliqa Network is a third generation blockchain platform, created a few years ago with the aim of solving the many problems that other platforms face, and the most important of these problems is of course scalability, as Zilliqa network describes itself as a high-performance platform that can achieve thousands of conversion transactions Per second, which is many times what popular platforms like Bitcoin, Ethereum, and many others offer.

The first generation of blockchains began with the Bitcoin platform, which used to offer various features in terms of transferring money between parties safely and reliably away from traditional systems, and then the second generation appeared with modern platforms like Ethereum that provided additional features such as smart contracts and decentralized applications while opening the field. Lots of developers have to build their apps on it, however, the scalability issue remained an obstacle to any actual deployment of these platforms.

The third generation to which the Zilliqa network belongs is the newest now, as it includes other platforms such as AION, EOS and many others, and the main difference between these platforms and previous generations is their ability to work without much energy consumption while also providing much better performance, in addition to many methods. New disclosures to overcome scalability issues as well.

  • The advantages of the Zilliqa network over others

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Zilliqa’s network is distinguished from many other platforms by adopting a unique technology called Sharding, and despite the fact that this technology is not considered recent, Zilliqa was the first to use it with an open blockchain platform that does not require a license to join (Permissionless Blockchain), In addition, it chooses a consensus algorithm known as pBFT to streamline the processing of transfer transactions.

The Zilliqa platform seeks to be the first choice for large companies and other related fields of work, so that it becomes possible to use it within the field of advertising, games and many others, in addition to its aspiration to compete with traditional payment systems such as Visa and MasterCard to completely replace them in the future, which it may be able to achieve with increasing The number of its users and the ability to process the largest possible number of transfer transactions.

It is possible for the platform’s users to make profits through several methods, the most important of which is trading its ZIL digital currency in addition to the possibility of investing it through staking or using it through a process called Yield Farming that helps to achieve negative profits (Passive Income) only by depositing digital currencies In a decentralized finance (DeFi) application.

How does Sharding technology help improve platform performance?

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This technology helps to improve the performance of the Zilliqa platform by dividing the participants in the network into groups or small sections (Shards), thus it becomes possible to process a larger amount of transfer transactions when distributed to those groups to work all at the same time instead of all participants working on a transaction One transfer is the same as with other blockchain platforms.

Suppose that the Zilliqa network has 1000 participants within it, and using Sharding technology, the participants are divided into ten groups, each of which contains only 100 participants, now and instead of all the participants processing the same available conversion transactions and consuming more time, Zilliqa network divides those transactions between those groups To all work at the same time, thus reducing the time required to process them all.

After the groups finish processing the transfer transactions, they are grouped and arranged into a single entity and then sent to all participants within those groups to be recorded. The distinctive feature of this technology is that the increase in the number of participants in the network is directly proportional to the improvement of its performance, as it is possible to simply divide the new participants into other groups and distribute the processing load of the transfer transactions to everyone and reduce the time required for completion.

What about ZIL cryptocurrency?

Zilliqa launched an ICO financing campaign at the end of 2017, and decided to sell only about 30% of the entire reserve to issue of its ZIL coin of 21 billion. The currency had a good position in the cryptocurrency market and was able to overcome the difficult period that witnessed the market crash at the beginning of 2018, and despite its slightly lower price, it has returned to growth again, achieving a significant improvement this year.

At the beginning of 2020, the price of ZIL did not exceed $ 0.004, and although it was affected by the Corona pandemic in the middle of last March, its price increased after that to about $ 0.031, meaning that it grew by 675% since the beginning of this year until the first week of December , And its market value reached more than $ 340 million, ranking 50 in the largest digital currencies on the CoinMarkerCap site.

Also read: ICO Funding Campaigns Largest ROI

What is the future of the Zilliqa network, and will it be able to compete with other large platforms?

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Given the scalability problems that still plague large blockchain platforms such as Ethereum and Bitcoin, over time developers may begin to look for alternative options to deploy their decentralized applications and take advantage of smart contracts with increasingly scalable platforms to reach new users, which is what Zilliqa does. To achieve it today, but in order for it to be able to do so, it must attract more developers to try it and make sure that it is able to expand as required.

At the moment, the idea of switching between platforms may not seem attractive to all users and developers alike, but once the scalability problems start to stand in their way, some will start looking for other alternatives that can meet their requirements, which may give Zilliqa network the opportunity to achieve something Aiming at him in this area.

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