What is the popular Zilliqa or ZIL?
Zilliqa or (ZIL) is an ERC-20 token on the Ethereum network and adapted the Zilliqa ecosystem as a platform for Smart Contracts.
Zilliqa was developed to increase the size of blocks and the speed of the blockchain by utilizing the process known as “Sharding,” which is a method of creating many small nodes to verify a transaction instead of waiting for verification from the entire network.
Zilliqa is able to verify transactions more than 1000 transactions per second. Currently, Zilliqa has already also developed its own blockchain.
Additionally, Zilliqa had also developed its own computer language for Smart Contracts, known as Scilla (Smart Contracts Intermediary Level Language). The purpose of developing its own computer language is to enhance its security, which allows developers to write Smart Contracts or dApps effectively.
Zilliqa was founded in 2016, from a thesis project on blockchain technology by Prateek Saxena and Loi Luu, while they both were studying in the National University of Singapore. After the publishing of their thesis project, Saxena had created Anquan Capital and Loi Luu created Kyber Network. Soon after, Xinshu Dong was assigned as a lead engineer in Anquan Capital, where they had begun the development of Zilliqa.
Prominent Points of Zilliqa
Ability to handle a large amount of Transactions
Zilliqa is able to handle a large amount of transactions, at a rate of 1000 transactions per second. This is done by the process of Sharding, which increases the speed of verification.
Low Transaction Fees
Since Zilliqa is able to handle a lot of transactions, individuals wouldn’t have to pay a large fee to process transactions.
Mining Zilliqa takes only 1 minute, which results in significantly lower power consumption. This paves the way to a greener future.
Creating Secure Smart Contracts
As mentioned, Zilliqa had created its own computer language, known as Scilla, which was developed to create Smart Contracts securely.
Scilla, which is Zilliqa’s Smart Contracts computer language, was developed with the intent of creating a secure environment for creating contracts.
The reason why Zilliqa had developed Scilla is because of a common error in Smart Contracts, which can be seen in the loophole found in The DAO, which led to the lost of almost 50 million dollars and Parity Wallet, which lost about 32 million dollars.
Scilla is then introduced to address this issue with the following characteristics.
Rechecking Developers’ Work
Scilla has an error detection feature that analyzes the security and risks that may occur, which allows developers to correct any errors that they may have missed.
Separating and Clarifying Components
Scilla’s infrastructure separates and organizes different components clearly to prevent any misconceptions.
Sequence of Execution
Developers are not able to write loops or create replicate instructions. Loops and replicates must be written with logic and clarity.
Scilla is also able to work along with other blockchain networks as well.