What Is Zilliqa?
Zilliqa Coin is the only blockchain that has functioning sharding, which allows the blockchain to scale in a linear fashion as the network grows in size. After running on its testnet for most of 2018, the highly anticipated Zilliqa mainnet was launched in January 2019. Since then the development team has continued making improvements to the security and speed of the network.
gZIL is essentially a governance token, which empowers long-term token holders and frequent engagers to become a decision-maker in the Zilliqa ecosystem. This can be compared to a DAO- like structure where gZIL holders can vote and make decisions on community and partner projects powered by $ZIL.
Zilliqa Coin Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Zilliqa Coin |
| Short Name | GZIL |
| Circulating Supply | 559,969.00 GZIL |
| Total Supply | 722,700 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Zilliqa: Solving the Scalability Problem
Zilliqa Coin one inherent weakness of blockchain technology is its inability to scale well. The problem stems from the fact that as the number of nodes in a network grows, it becomes increasingly difficult to reach consensus.
Looking at a network in terms of people can be helpful to understand the consensus and scaling issue that blockchain’s face:
- If you have a meeting with a small group of people it isn’t difficult to make decisions at all. You may find that some of you don’t agree on everything, but you’ll still easily see how each person feels, and be able to reach consensus.
- When the group of people grows to the hundreds you can still get a good idea of how everyone feels, by polling or some similar method. It starts to become more difficult to count the votes, and you can’t be sure everyone is honest.
Zilliqa’s Scalability Solution
Zilliqa is attacking the scalability issue with their own solution that allows more transactions to be processed as more nodes enter the network. It basically rebuilds the blockchain architecture from scratch. The model they’re using has a hybrid consensus protocol that will increase throughput with every additional 600 nodes in the network.
What is staking?
Staking allows you to earn rewards for holding tokens on a blockchain network. It requires users to “stake” their tokens with nodes to provide certain services to the network. In return, you will get block rewards. Staking derives its consensus from a mechanism called Proof of Stake (PoS). A consensus mechanism means the way that a blockchain network agrees on valid transactions. You will frequently see PoS, stake, and staking used interchangeably.
How does staking benefit me?
Zilliqa Coin Staking ZIL is a great way to put your ZIL to use and earn rewards while contributing to the network. The annual percentage return (APR) for staking depends on the total amount of ZIL in circulation at any given time.
What is a seed node?
A seed node is a specific node that logs the history of the blockchain network. It allows other seed nodes to locate and synchronise the blockchain’s data so more nodes can join. Zilliqa uniquely relies on a combination of Proof of Work (PoW) and Practical Byzantine Fault Tolerance (PBFT). It further uses staking to incentivise “seed nodes” to join the network.
PoW and PBFT help Zilliqa:
- Enhance its network security
- Create a low carbon footprint
- Solve scalability and slow transaction speeds
Explore the mining page and learn how Zilliqa uniquely combines PoW mining to prevent Sybil attacks and PBFT as the consensus mechanism.
What is a Staked Seed Node Operator (SSN)?
Zilliqa You delegate your tokens to an SSN, helping them become an active node on the network if they have a minimum of ten million ZIL staked. As a token holder, you benefit from SSNs because they will handle the technical work whilst you earn rewards for delegating your “stake” to them.
What is a Delegator?
A delegator is a user that allocates their staked tokens to a seed node operator. Delegation is an eco-friendly way for ZIL holders to power the network and earn rewards for their service.
What SSN operator should I choose?
Make sure to check your SSN provider before you start staking, as they’ll have different commission rates and incentives on offer. APR rates are likely to fluctuate, so bear that in mind, too.