Did you know that the current total market cap for digital money is $100 billion, which is larger than the GDP of 127 countries put together? These statistics show that the growth of the blockchain industry supersedes most financial institutions in the global market. This growth has been the joint contribution of the 1,600 cryptocurrencies currently in circulation; however, one pressing problem that is yet to be handled remains the area of scalability.

Luckily, with the release of the Zilliqa coin, the focus is now placed on revolutionizing the blockchain industry in the area of scalability. This coin has re-addressed this pressing issue in its blockchain platform in handling a more significant number of transactions as its network grows. Before we look at its myriad of benefits, let’s dive into the history of Zilliqa on how it all started.

What is the Zilliqa Cryptocurrency?

Zilliqa is an open source decentralized coin that has a high scalability blockchain technology with a view of providing security to its users. Zilliqa started with a team of members led by its CEO Xinshu Dong. Their aim was to re-address the problem of scalability battled by most blockchains. They planned to scale an open, and permissionless distributed network securely and the project went live around June 2017 when it was launched as a testnet. Though the coin Zilliqa is new in the blockchain industry, it’s currently has a high market cap of $198269110 USD.

The benefits of Zilliqa cryptocurrency

Here are a few benefits that come with investing in the Zilliqa coin;

Fast scalability network

Apart from the blockchain industry being decentralized, high scalability is a distinguishing feature that allows users to enjoy their experience using any crypto platform. Zilliqa has made this possible and currently employs sharding technology to settle its scalability.

Sharding is a technology used to split the blockchain nodes into subgroups known as shard; with a view of each shard able to process its consensus at a subset level. This way there is a division of labour within the blockchain allowing for a faster transaction time within the network process.

Using the Proof-of-Work consensus

As mentioned earlier, attaining a high level of security is a primary challenge with the implementation of its shard technology. The addition of another Proof of stake consensus is required to maintain a high level of security within its block. To settle this score, Zilliqa employs a proof of work consensus algorithm that uses a directory service committee as a means of coordinating the entire process of sharding. With this committee, each shard can run a secured and efficient algorithm. This whole consensus process enables each shard to reach an agreement on the blocks to validate.

Uses the Byzantine Fault Tolerance and Signature Scheme CoSi

The proof of work system that Zilliqa uses is entirely different from other cryptocurrencies like bitcoin or ethereum. Zilliqa employs the Byzantine Fault Tolerance as the main design of its proof of work algorithm. This design ensures that adding blocks are purely definitive, without the need for a long confirmation time as witnessed by other cryptocurrencies. With a view of increasing the scalability of is network, Zilliqa uses a scalable signature scheme, CoSi. This added signature ensures that malicious and harmful protocols are detected at a very early stage.

Prevention of double spending

Double spending is a problem common with digital money. This is because digital money can be replicated too easily. When bitcoin and other earlier coins broke into the coin market, this was one of the serious problems they faced. The Zilliqa blockchain network employs the account-based design as a way of preventing double spending. This feature allows transactions to be sharded according to the sending accounts. This same shard of nodes attacks any double spending that is liable to be prompted.

Makes use of Scilla for smart contracts

Many coins that have surfaced within the last one year has been racing towards the use of smart contracts as a third party digital agreement between two parties. Zilliqa uses one of the newest languages called scilla in building its smart contract. The scilla language forms a compatible bond with its sharding technology. This allows the smart contract application to run its network. Though this programming language employed by Zilliqa is very new and unfamiliar, the creators planned to provide a higher level front-end to programmers.

High-profit margins from their mining process

As mentioned earlier, Zilliqa uses a Proof of work Algorithm as its consensus programme that is very much different as compared to other cryptocurrencies. In zilliqa, the Proof of Work is performed after a few blocks are being added; compared to other coins that perform its consensus on every new block added to its blockchain. In view of this, the average energy used in Zilliqa in verifying new blocks will be lower when compared to other coins.

A platform for decentralized exchange; It is very clear that decentralised exchange features are currently incorporated in most cryptocurrency platforms that formed 2017 and 2018. The Zilliqa platform allows a decentralized exchange to occur at every level of its blockchain giving free access to its users. Also with the use of its exchange, it will allow users to trade digital assets directly from their wallet.

A promising future with Zilliqa

The above list of benefits you can derive from securing a Zilliqacoin does not just stop here. More research is currently ongoing on some key projects on how to create a user-friendly environment. Some of such projects and benefits still to come are ;

Cross-chain system

A that can support gradual cross-chain communication and enables its application on its blockchain.

A high-level storage feature

This will be done by pruning down dated blocks in a secured manner to make it easy to add new blocks.