What is ZILLIQA and How To Buy Zillliqa ZIL Instantly With Credit Debit Card
Updated: Sep 20, 2021
Zilliqa was created in 2017 by a group of computer scientists and academics. The team is lead by Prateek Saxena from the University of California and Xinshu Dong and Amrit Kumar from the University of Singapore. Its website describes Zilliqa as a “next-gen, high throughput blockchain platform.” But what does that mean? Put simply, Zilliqa is a faster, more advanced blockchain. Bitcoin was the first generation of cryptocurrency, platforms like Ethereum were the second, and newer platforms like IOTA and Zilliqa, which are the third. Third-generation platforms are trying to solve some of the problems that have affected older cryptocurrencies. The main problem Zilliqa is trying to solve is scalability. Zilliqa is the world’s first public blockchain built entirely on a sharded architecture, and it is important to say that Zilliqa diverges from Bitcoin and Ethereum networks because everything goes much quicker.
The fees on Zilliqa are extremely low, and this platform can scale to meet the needs of a growing ecosystem in the best possible way. As a result, Zilliqa has experienced tremendous growth in its user activity this year, and the price of this cryptocurrency. In the last 24-hours, more than 50 million USD worth of Zilliqa coin has been bought and sold. Not bad for a platform that hasn’t even launched yet! The total value of all Zilliqa on the market now is over 630 Million USD.
Zilliqa has two unique security features:
1. Hybrid consensus mechanism (HCM):
The first layer of Zilliqa’s HCM verifies the identity of nodes. This stops Sybil's attacks from happening.
Note: A Sybil attack is where one hacker poses as lots of different nodes to gain control of a network or send invalid transactions.
The second layer of the HCM gives transaction finality so there can be no hard forks on the network.
Zilliqa has its coding language called Scilla. Scilla only allows developers to create software that will run safely on the Zilliqa network. Users can trust the smart contracts that are written using it.
Overall, Zilliqa is a safe platform but it’s important to remember that it’s still being developed. This means that there are some things that it can’t do safely yet. Improvements need to be made to stop the platform from being abused.
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