What Is Zilliqa (ZIL)?

How much are you paying for gas these days? No, we’re not talking about how much it is to fill up your gas tank, but ether. Some people have paid 2.6 ether (~$7,000) in gas fees to perform a transaction for an NFT (non-fungible token).

Would you pay that much? Many crypto enthusiasts are jumping ship to alternative blockchains such as Zilliqa to mitigate the costs.

In case you’re wondering, “what is Zilliqa?”, do not fret. Our guide below will brief you on the Zilliqa blockchain and Zilliqa crypto. Read on to get started.

What Is Zilliqa?

Zilliqa is often seen as a blockchain competitor to Ethereum, Tron, and EOS. It positions itself as a high-performance, permissionless blockchain. This enables developers to program smart contracts and dApps (decentralized applications) securely.

Through sharding (more on this later), the Zilliqa software aims to scale its userbase.

How Does Zilliqa Work?

You must be wondering how Zillia works. Let’s break it down further into subcategories and discuss its cryptocurrency, programming language, dApps, staking, Pow, and its blockchains.

ZIL

What about the Zilliqa crypto? ZIL, the native cryptocurrency on the Zilliqa blockchain executes programs, sends transactions, and incentivizes those who support the network. Its primary role is of course a cryptocurrency.

Scilla

Scilla is Zilliqa’s native programming language. Its main focus is on security that enables developers to code customizable dApps.

dApps

As developers are looking for more cost-effective alternatives to Ethereum and its high gas prices, they are answering the question, “what is Zilliqa and what are its capabilities?”.

These dApps range from games to exchange protocols. They serve as a gateway to new users as more and more dApps are being built every day.

Staking

Did you know you can stake the Zilliqa coin (ZIL)? This is an easy way for users to make passive income. There are plenty of node operators to choose from with annual returns of ~6% such as Zillacracy, Atomic Wallet, Moonlet, and Staked.

Proof-of-Work (PoW)

When pondering “what is Zilliqa?”, you’ll be pleased to know it only requires PoW consensus every 100 blocks. The PoW consensus mechanism here is used to prevent Sybil attacks.

Sharding

Sharding is used to support more transactions. The basic understanding of the sharding process is by splitting Zilliqa’s infrastructure into several interconnected blockchains called shards.

Nodes assigned to a shard can store data, process transactions, and add new blocks to a shard chain (microblocks). The beauty is that shard nodes don’t have to store Zilliqa’s entire blockchain history, only a specific subset.

From “A” to Zilliqa

What do you think of Zilliqa? Now if someone asks you “what is Zilliqa?” you can give them some data.

You don’t need to stop there though. A mantra you’ll often hear in crypto is to do your own research (DYOR). To continue your crypto path, be sure to check out our other posts right here on our blog.

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