Cryptoknowmics, the best crypto quick news website, has made it possible for crypto enthusiasts in exploring several topics like Zilliqa blockchain, MICS crypto price status, and various other crypto-related topics. Well, one should understand that Bitcoin alone is not the only thing that gained attention in the economic world.
With it, people also came to know about blockchain technology on which the latter cryptocurrency operates upon. But this digital ledger technology is facing some serious challenges. One such is scalability, a capability of processing multiple transactions in a short period.
No matter Bitcoin has been the most popular cryptocurrency in the world, it did have to go through rough times in the processing of transactions. Plus, the fees have also increased accordingly. But it is not the only case with Bitcoin, the second-most popular digital currency Ethereum has also faced the same.
Long ago in 2017, the craze of a blockchain game on Ethereum, named CryptoKitties came to halt for a week. Now, this has bred the need for a consensus method (PoS) and sharding for Ethereum with a motive to bring modification to the network. And this is why we are going to discuss the public blockchain that has been curated with sharding operation. It is:
Zilliqa blockchain
The blockchain which we are going to discuss is Zilliqa. It was launched via a private ICO in 2017 and a small public offering the following year in January. It became one of the new tokens in the same year. Zilliqa is the one blockchain technology that is designed with sharding operation which helps scale the linear fashion with growth in the size of the network.
In 2018, when it ran on its testnet, the much anticipated Zilliqa mainnet was launched in January 2019. Since then, continuous efforts have been made by the development team with an essential objective to bring progress in the speed and security of the network. How does blockchain reach consensus, due to scaling of parallel sharding solution to Zilliqa network size? This is a fundamental change. From a theoretical point of view, Zilliqa facilitates the processing of an infinite number of transactions per second.
But when it comes to practice, it is nothing like that, there are limitations in the processing of several transactions depending on the numerous codes in the network. 3 years ago in August, the network was efficient enough to process around 2,828 transactions much faster. It is expected to think about the capability of Zilliqs blockchain in processing thousands of transactions.
The team behind the Zilliqa blockchain also referred to the support of smart contracts. This indeed is a big technical problem because operating smart contracts on the sharded network comes with difficult tasks. While discussing the Zilliqa blockchain, let us delve into knowing more about how it deals with the scalability of transactions and smart contracts.
How Zilliqa resolves scalability issue
Scalability is one major issue faced by blockchain technology. It is not being efficient in it. The problem stems from the growth of numerous nodes in a network. Hence this becomes very complex in reaching a consensus. The solutions meted for this by blockchain come with the enhancement of block size so that it would lead to confirmation of more transactions in every round of consensus. Another way is shifting some of the information completely from the blockchain.
Well, these solutions might seem useful in solving the technical issue of scalability in the short term, they would prove inefficient in terms of the amount of scaling required by blockchains for the process of thousands of transactions every second. These short-term solutions are unfit for resolving the basic problem.
To resolve the problem of scalability, the complete framework of blockchain technology has to be re-crafted so that the speed and size of the network would not be co-related opposite further. And this has to be solved by keeping the security still in preference. And to achieve remarkable speed and throughput, network security must be taken seriously.
Zilliqa blockchain is putting the focus on the issue of scalability with their solution that would result in the processing of more transactions following the entrance of more nodes in the network. It recreates the framework of blockchain from the scratch. They are implementing a hybrid consensus protocol that would expand throughput with every six-hundred nodes added to the network.
Zilliqa’s Divide and Conquer technique
The results are worth positive in the application. But how well does Zilliqa does it is the curiosity that needs to be known. The solution which is being used is the sharding technique. With it, the network is divided into groups of 600 nodes. Every group is called a shard. When Zilliqa performs upon the test on their test net with 1,800 nodes, then there is a division of three shards. And when it rises to 3,600 nodes, then the division expands up to six shards. Every new group of six-hundred codes leads to the creation of a new shard in the network.
Scilla: The new operational programming language of the Zilliqa blockchain
Zilliqa blockchain is not the only newbie innovation to be known. A new operational programming language that you haven’t heard earlier has been created by its development team. It is Scilla. This programming language finds its need for checking and verifications. With the help of Scilla, it would become easy for the developers in conducting detailed checking for ensuring the proper functioning of their smart contracts as per their expectations. Moreover, by using its own programming language Scilla, coding new decentralized apps will also become possible for the developers by Zilliqa.
