Coin Analysis – ZILLIQA

cryptohu (22)in #zilliqa • 6 years ago (edited)

Zilliqa is a new blockchain platform that is designed to scale in an open, permission-less distributed network securely.

Problem

Blockchain technologies have a lot of problems with scalability. Scalability means the ability of a system to expand to meet its business requirements. In case of blockchain, this means the increasing number of transactions. This is a huge problem of the existing technologies, for Bitcoin and for Ethereum as well. Although, there are efforts to solve this problem, like Lightning Network (Bitcoin), it is a non-chain solution (Transactions inside Lightning Network don’t appear on blockchain, only the opening and closing transactions).

While Bitcoin is able to manage 3-4 transactions/second and Ethereum 15-20/second, Zilliqa increases it to 2500/second on its testnet with the number of 3600 nodes. But with increasing the number of nodes, Zilliqa can reach 15.000 – 20.000 TPS! Experts claim that Zilliqa will be able to compete even with Visa.

Technological solution

Unlike Bitcoin’s POW (Proof of Work) and Ethereum’s POS (Proof of Stake) consensus, Zilliqa uses BFT (byzantine fault tolerance). BFT is not a unique solution, NEO and Stellar are also based on this. The innovation is sharding. The core of sharding is that nodes are divided into shards and these shards of nodes are able to validate different transactions parallel and at the same time. At the moment, on the testnet, the 3600 nodes are divided into 6 shards that can validate 6 blocks at the same time. Obviusly, the more nodes are in the network, the more shards can be created and the TPS rate will increase.

Advantages

Scalability
High TPS (transactions per second)
Acknowledged mathematicians behind the project
Well detailed, dynamic roadmap: Public mainnet will be released in Q3 2018.

Disadvantages

Blockchain-related security issues. Currently, 33% of the nodes might be able to validate fake transactions on the blockchain. On the Bitcoin blockchain, this number is 51%. ·
Other projects in 2018 are also aim to improve the TPS rate, so there will be a massive competition (Neo, EOS, Credits, Icon)
It is very popular to talk about massive TPS (for example Credits claim 400.000 TPS without showing a proof). We will see which companies will be able to deliver the promised numbers. The first public testnets/mainnets will give us the answer.

Price, exchanges

Zilliqa’s token, ZIL reached a growth of 50x compared to ICO price after hitting the exchanges. ZIL is tradable on the biggest exchanges, like Binance, Kucoin, Huobi etc.

Roadmap

The implementation of the roadmap has been rescheduled, the public mainnet will come expectedly in Q3 2018 (plan was Q2).

Team

Asian team, with a very strong academic, mathematician background. You can find lots of acknowledged professors in the team, working in the most popular universities. More information about the team: https://www.zilliqa.com/team.html

Project details as of date 25 March 2018