Existing cryptocurrencies and smart contract platforms have scalability issues, with a limited number of transactions per second, usually less than 10. As the number of applications using cryptocurrencies and smart contract platforms grows, so does the demand for processing a high volume of transactions.
Zilliqa comes up with a solution to the scalability problem, using its own unique sharding technique, which allows the blockchain to scale linearly as the network grows in size. Its ability to handle a large volume of transactions makes it suitable for meeting the requirements and needs of companies.
By the end of 2017, Zilliqa had secured $ 20 million in private funding, meaning it did not need an ICO to develop its platform. However, the team decided to hold an ICO, of which it raised $ 22 million between December 2017 and January 2018.
In addition to the use of well-studied transaction validation mechanisms, Zilliqa relies on the first smart contract language, safe-by-design, called Scilla. This programming language addresses well-known security vulnerabilities that other programming languages ??still face.
Using subdivided networks, Zilliqa can process transactions in a decentralized manner, without the need for a trusted coordinator. Its network architecture allows the platform to remain decentralized, while growing and expanding.
ZIL token
ZIL are the tokens that power the Zilliqa blockchain network. They can be used to execute smart contracts, to reward miners, to cover transaction fees, etc.
Zilliqa has a limited offer of 21 billion ZIL tokens. Each final TX-Block comes with a reward, which generates new tokens, for a period of 10 years, after which time will decrease. Zilliqa's goal is to mine about 80% of tokens in the first 4 years and the remaining 20% ??in the next 6 years.
Gradually reducing the rewards for the blocks means that the hashrate will remain stable. The company expects to reach a significant level of scaling after 10 years, both in terms of the number of nodes in the network and the number of users who perform the transactions, so that the network can be supported, without the need for new tokens in the system
