Transaction speeds have been the talk of the water cooler these days in the crypto world. With Bitcoin and Ethereum continuing to only get bigger and bigger, more concerns have arisen when it comes to their blockchain’s stability. The more users and more transactions that these systems will have to accommodate, the more pressure will be felt. No one wants to overload the blockchains to the point that they become too laggy or slow for even basic functions. This is where Zilliqa comes into play.
Zilliqa had their ICO back in January of this year and it was very successful. Their presale completely sold out with all $22,000,000 worth of 7 billion tokens being bought. Even to this day the value of their ZIL token is slowly increasing, which has given the company the reputation and good will they have received thus far. Zilliqa is decentralized in both the virtual and the physical sense as the three co-founders come from all over the world: France, the United States and Singapore.
What the team of Zilliqa has done to earn all this praise and hype is promise to nip at the bud the growing concerns in the crypto community over scaling issues. Essentially what their platform intends to do is to increase the amount of transactions per second that will be capable on their blockchain. Having more transactions in less time is going to become a vital property of crypto services in the future as more and more people use their software. Ever growing blockchains are a side effect of growing user bases and the fact of the matter is, more people means more transactions.
Zilliqa has a specifically designed architecture that will scale over time in order to accommodate the inevitable growth of any large blockchain. The use of sharding technology is one of their primary features and this is something that other crypto brands have begun doing as well. This includes well known titans such as Ethereum or underdogs like QuarkChain. Sharding is becoming the new buzzword in crypto these days, and if you ask us, it has earned its status.
A shard is like a micro processing unit that is connected in a large chain to multiple other shards. The purpose of this infrastructure is so that each individual shard can process a set amount of information. This makes for a much more efficient system than having one large processing unit because the load can be more evenly distributed. More importantly, this process provides elasticity, so to speak, so that the amount of shards can be modified over time if the blockchain load increases. This is what is meant by scalability. As the blockchain gets larger, so does the number of shards.
A shard is essentially a unit that is comprised of precisely 600 nodes. Since each shard organizes hundreds of nodes into one group, it eliminates the confusion of traveling information so that everything is more easily delegated and organized. Zilliqa has been working on their system to make the sharding process even more efficient so that even more transactions can be performed per shard.
How much higher are transaction rates with sharding technology? According to a test run that was performed back in Q4 2017, Zilliqa announced that they were able to achieve around 1200-1300 transactions per second. A second test revealed that they nearly reached 2500 transactions per second using only six shards and 3600 nodes.
This is much higher than what other blockchains achieve. It is generally estimated that the Bitcoin blockchain on average reaches a speed of three or four transactions per second but this number could easily hit less than 1.5 per second on a slow day and perhaps seven or so on a good one. Zilliqa’s test runs have shown that when launched, their platform could be in first place when it comes to speed and second place would be extremely far behind.
Zilliqa is also leading the way in programming languages. In order to have security that is as optimized and stable as possible, the team at Zilliqa have created an all new proprietary language named “Scilla” which likely takes its name from the flowery herb. Scilla is designed to bridge the gap between functional communication and computational labor. That means Scilla is capable of understanding the differences between processes that are dependent on the Zilliqa platform and functions that are not yet supported by Zilliqa. In theory, this makes it easier for communications to be put through such as sending contracts or transferring funds.
While the Scilla language is still in early testing phases, it does seem like a very fascinating way to achieve greater efficiency and optimization for a blockchain. Very few startups introduce their own new coding language, and Zilliqa taking this much effort to achieve their claims goes to show how dedicated they are at reaching their ambitious goals.
Zilliqa is planning on having their next test in the second quarter of 2018. The expectations are that their record for transactions per second will be even higher. Their main net launch is projected for the fall of this year.
Zilliqa is an important new platform, not just for the diversification of decentralized platforms, but for the future of decentralized currency itself. As many new ICOs aim to bring cryptocurrency to an already pre-established market, Zilliqa is admirably working to sustain the future of crypto technology by helping to pioneer and advance sharding technology. We hope they succeed in all of their efforts not just for their sake but for the sake of all blockchains everywhere.