Zilliqa Blockchain: Everything You Need To Know

What is Zilliqa actually?

Zilliqa states itself as “The Next Generation, High Throughput Blockchain Platform”. At the present the zilliqa is valued at 1 Zilliqa = 0.023433 US Dollar (USD). Zilliqa (ZIL) is a cryptocurrency special token issued on the Ethereum platform.

As we know zilliqa works on nodes hence it can achieve thousands of transactions per second, a number that will only increase as the number of Zilliqa nodes grow. Zilliqa uses the concept of Sharding and pBFT protocol which makes it solving the problem of scalability of blockchains.

How To mine Zilliqa Cryptocurrency (ZIL)?
Zilliqa Blockchain

How Zilliqa works?

In other words, Shards are the small groups of nodes, divided within the network for parallelly processing the transactions schedules happening from the nodes as well as wallets. This way, all nodes are not engaged in the same work of validating a single transaction or set of transactions of Zilliqa. This concept increases the capacity of Zilliqa blockchain to parallelly process many transactions.

Zilliqa uses Zilliqa native cryptocurrency (ZIL) to run the token economics of the blockchain which is also the fuel of the Zilliqa blockchain. Zilliqa still uses the old concept of sharding. Once the node gets into shards, cooperating with other nodes it can run multiple rounds of consensus with other nodes in the shard.

Zilliqa team have a strong peer-reviewed concept of sharding which is applied to their blockchain technology for achieving security as well as high throughput. Zilliqa’s high throughput means that developers can focus especially on their fleshing out their ideas rather than worrying about network congestion.

Binance is the most active exchange that is trading Zilliqa. You can explore the addresses and transactions of Zilliqa on block explorers such as etherscan.io, ethplorer.io, enjinx.io, explorer.zilliqa.com, and viewblock.io.

How To mine Zilliqa Cryptocurrency (ZIL)?

The Zilliqa client is for Linux distros. Both AMD (with OpenCL) and Nvidia (with OpenCL or CUDA) GPUs are fully supportable.

To run Zilliqa, these are the following minimum system requirements:

  • x64 Linux operating system (e.g Ubuntu 16.04.05)
  • Intel i5 processor or later
  • 4GB DRR3 RAM or higher
  • NAT environment OR Public IP address
  • Any GPUs with at least 2 GB RAM
Build Zilliqa from the source code and command line:
# download the lastest stable Zilliqa source code
$ git clone git@github.com:Zilliqa/Zilliqa.git
$ cd Zilliqa && git checkout tag/v4.4.1
$ ./build.sh
$./launch_docker.sh

After which you will be asked to enter your IP address and sysinfo and other details like NAT address which you can find out more from here.

Buying and selling Zilliqa

Seeing the hike in Zilliqa the miners mainly tends to buy ZIL. There are enough exchanges that provide decent liquidity while buying and selling them. Some of them are listed down below:

  • Binance: Supported pairs are ZIL/BTC, ZIL/ETH, ZIL/BNB
  • Huobi: Supported pairs are ZIL/BTC, ZIL/ETH, ZIL/USDT
  • Gate.io: Supported pairs are ZIL/USDT, ZIL/ETH
  • KuCoin: Supported pairs are ZIL/BTC, ZIL/ETH
  • Ethfinex: Supported pairs are ZIL/BTC, ZIL/ETH, ZIL/USD
  • Bithumb: Supported pairs are ZIL/KRW

Though buying ZIL in fiat currencies is not possible for now like USD, EUR, etc, but in the future, it may happen keeping in mind Zilliqa’s popularity. Now all after mining and buying ZIL, it comes to store all of it which requires its supportable wallets.

Zilliqa Wallets

Unlike wallets like bitcoin and ripple, zilliqa backed by ethereum blockchain technology which doesn’t have the main wallet assigned. Thus for all the successful tokens are now stored in the following wallets. As of now, for storing ZIL tokens, you can use the following wallet options:

Future of Zilliqa

Seeing Zilliqa growth over the past years and focusing on the scalability of the blockchain, unlike ethereum and bitcoin.

On the another round Zilliqa is doing differently than other blockchains is, it is developing its own smart contract language called Scilla which will be non-Turing complete. This is because many applications don’t require Turing completeness as this approach can be buggy enough to cause incidents like DAO hack in Ethereum.

With sharding, pBFT, mining, and smart contracts language the Zilliqa is adopting different approaches which are looking very good theoretically on paper.

Though it’s Zilliqa is growing but in order to compete with blockchains such as Ethereum and Bitcoin which have been there in the market for some years now, Zilliqa will have to show its real worth and deliver on its promises. Down to this, there are other blockchains 3.0 competitors out there that are keeping a keen eye on Zilliqa.

Discussion channels

Here are some official links that will keep you updated on Zilliqa:

Join the community-managed Telegram channel: https://t.me/zilliqaminer

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About the Author: Yash Gupta

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