With the intention to provide our customers with more ways to engage with the crypto economy, we expand the list of trading assets on CEX.IO.
Now, we’re announcing the listing schedule of the next cryptocurrency — Zilliqa (ZIL).
We’ll launch ZIL deposits and ZIL/USD pair on September 29. Also, you’ll be able to buy ZIL instantly with your Visa or Mastercard using the CEX.IO web and mobile app. Check your CEX.IO balance to get ready!
ZIL withdrawals come on October 1.
ℹ️ About Zilliqa and ZIL coin
Zilliqa is the public blockchain built entirely on a sharded architecture.
The sharding technique helps Zilliqa scale in transaction rates. It divides the mining network into small shards, each able to process transactions in parallel.
With the launch of the mainnet in January 2019, Zilliqa became the first public blockchain platform to successfully employ sharding as a scaling solution.
Zilliqa has an intrinsic token ZIL. Users can use ZIL for paying transaction fees or running smart contracts.
Earlier, the project needed development funds, but the public mainnet for Zilliqa hadn’t been released yet. So, initially, ZIL was an ERC-20 token. After the release of the mainnet, the team behind Zilliqa has issued native ZIL.
ℹ️ What problem does Zilliqa solve?
Zilliqa’s developers believe that the project solves the issue of scalability using its own unique sharding technique. This method allows the blockchain to scale linearly as the network grows.
In theory, Zilliqa has no limit on the number of transactions per second it could process. In fact, this indicator depends on the number of nodes in the network.
Zilliqa divides the mining network into multiple groups. Each group is able to process transactions in parallel. For instance, if there are 8000 miners in Zilliqa, the network automatically creates 10 sub-networks each of size 800 miners. Consequently, if one sub-network can handle 100 transactions in a second, then 10 sub-networks — a total of 1000 transactions. To aggregate securely, it is important to ensure that sub-networks process different transactions so as to avoid double-spending.
Unlike most of the other blockchains, like Bitcoin or Ethereum, Zilliqa transactions do not require multiple confirmations to be verified. Thanks to Zilliqa’s consensus protocol, once a transaction gets processed, it becomes valid. Hence no confirmation is required.
ℹ️ What is the innovation?
Zilliqa uses its own peer-reviewed smart contract language, Scilla (Smart Contract Intermediate-Level Language). Scilla was created as a principled language with smart contract safety in mind. It also allows developers to code new decentralized applications directly in the network.
As Zilliqa team states, Scilla can make decentralized applications less vulnerable. It is possible by eliminating certain known vulnerabilities. It has an extensible static analysis framework and an automated scanner. These features help developers identify common security vulnerabilities directly at the language level.
Besides, Scilla is amenable to formal verification. Users can write mathematical proofs to confirm that a given contract satisfies certain safety properties.
ℹ️ Team and plans
The Zilliqa team is a mix of individuals with expertise in computer science and business.
In fact, Zilliqa was born from an Research and Development (R&D) project at the National University of Singapore.
As of May 2020, the team is working on over a dozen different projects to improve the Zilliqa blockchain:
- Implementation of staking mechanisms
- Adding privacy features to Zilliqa
- Efficient smart contract sharding
- Building a state channel infrastructure or an off-chain computing layer
- Making Zilliqa interoperable.
Zilliqa developers make good use of the ability to create decentralized applications. One of the most familiar is the Unstoppable Domains. The service allows users to buy a human-readable domain name to connect to their Zilliqa address. The domains end in the .zil extension. Zilliqa users have already purchased more than 100,000 of these .zil domains.
Another area for Zilliqa’s adoption is the gaming sector. Some popular titles released on Zilliqa include Ocean Rumble and the Krypton Galaxy.
Discuss Zilliqa with our Telegram community:
Note: ZIL is currently not available for US residents.
Disclaimer: The above content is for informational purposes only. You should not construe any such information or other materials as legal, tax, investment, financial, or other advice. Please study assets on your own before making any investment or trading decisions.