As everyone knows there has been a longstanding issue around scaleability on the blockchain. There are numerous ideas on how to address this.
Zilliqa is just one of these proposals. Zilliqa was formed with the goal of building a scalable public blockchain with sharding.
Zilliqa is a new blockchain platform that is designed to scale in an open, permission-less distributed network securely. The core feature that makes Zilliqa scalable is sharding — dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel. Zilliqa is the first company to implement this on a public blockchain.
So what is the Scalability problem?
Scalability basically refers to the increase of the throughput of blockchain technology. To put it in simpler terms, it is the need to increase the number of transactions per second (TPS) that a blockchain can process.
Currently, Ethereum can process 7-15 TPS while bitcoin is even slow with a TPS rate of about 7. Taken into real world context, Visa has the capability to sustain 2500-5000 TPS daily and the capability to increase this during busy periods such as Christmas. So clearly as demand and adoption of blockchain technology increase, there is more strain on the network, leading to slow processing times and increased fees. This highlights the enormity of the scalabilty problem.
Zilliqa is the world’s first high-throughput public blockchain platform designed to scale to thousands of transactions per second. It brings the theory of sharding to practice with its novel protocol that increases transaction rates as its network expands. The platform is tailored towards enabling secure data-driven decentralized apps, designed to meet the scaling requirements of machine learning and financial algorithms.
Zilliqa has been under research and development for two years, and they released they had to start from scratch and work from the ground up with an intireally new type of blockchain.
SO, what is “Sharding”?
“Sharding is a concept that has existed in distributed databases for a long time, but hasn’t been demonstrated for open, permissionless blockchains (where anyone can join and participate) at scale. The idea is to automatically split up a large network of machines processing transactions into parallel sub-committees or “shards”. Each shard processes its own microblock in parallel with other shards, and resulting micro-blocks are merged into a final one. This automatic network parallelization has now been made practical for open blockchains through Zilliqa!”
Basically each “Shard” contains 600 nodes, which work in parral to each other processing transactions, to create micro blocks which are then merged into one final block.
In September 2017, Zilliqa released the first experimental results clocking 1,389 transactions per second using 4 shards (with a total of 2,400 shard nodes). A month later, we released the second set of experimental results, clocking 2,488 transactions per seconds using 6 shards
Indeed Zilliqa has recently completed it’s first series of tests (testnet v1.0) which according to there latest blog update appears to have gone very well.
Zilliqa states on its blog “In our internal testing, we ran experiments on about 2,000 to 3,000 nodes achieving 2,000–3,000 transactions per second.” This is a significant milestone, Definite progress appears to be made!
What you are not (yet) able to do with this testnet?
Zilliqa states that this first version of the testnet does not allow users to:
- Run a node: We still require some more time to improve the stability of our implementation before inviting community members to run nodes for the testnet.
- Mine on Zilliqa: Mining for Zilliqa will only start when the Zilliqa mainnet is launched. The incentive layer for Zilliqa is still under development, and any tokens used on this version of the testnet are only for testing purposes and cannot be converted to ZILs.
- Run a smart contract: Our smart contract layer is still under development, and will only be integrated into our testnet in the next few months.
- Transaction validation: Transaction validation is not comprehensive, for instance nonce validation. This feature is slated to be enabled in the coming weeks.
But it is very exciting to see what is coming over the next few weeks and months. Q3 is where we are expecting the Mainnet to launch, this is when Zilliqa will switch over from the Etereum network. Don’t forget you will need to more you Zilliqa tokens over also.
Now, you may think that all my reviews at the moment are positive, and to be honest they are. I like looking at projects that are working towards improving the way cryptocurrecies work, how they are viewed by the general public and in general creating postivity in the community. There is more than enough negativity and FUD going around at the moment, beside me adding to it.
This is not to say that we won’t looking into suspect ICO’s or projects in the future. Certainly when the hype returns to cryptocurrecy and we see huge interest again from new investors, it is even more important then to be looking at scams.
Current Marketcap & Pricing: