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Zilliqa is a new blockchain platform based on the technology of sharding — dividing a large network into several smaller component networks capable of processing transactions in parallel. The platform uses Proof-of-Work (PoW) to reach consensus. However, unlike the existing PoW blockchains, Zilliqa uses a new consensus protocol that has support for smart contracts and allows for transaction finality.
1. The History of Zilliqa.
Zilliqa was founded in 2016 and is headquartered in Singapore. The company has grown from a startup to a team of 50+ people in the past 2 years. Zilliqa is the first high-throughput public blockchain platform – designed to scale to thousands ?of transactions per second.Key Facts
The core technology powering Zillow’s real estate data service, Zillow Finance, is built on the Ethereum platform.
Several other private blockchain-based solutions for real estate data storage, content distribution, and crowdfunding have been been launched around the World, including:
Zilliqa
Warwick
Stanzione (Sweden)
Cafe decentralized (Switzerland)
Parity (Romania)
What’s the Purpose of a Blockchain?
Blockchains are a series of decentralized ledgers that are secure and immutably stored, allowing for instantaneous, encrypted and untraceable transactions.
Anatomy of a Blockchain
A “blockchain” is a globally distributed shared database that records movements of value. The data contained in one “blockchain” is defined by the elements and properties of that ledger. Simple cryptography prevents hackers and other unauthorized individuals from accessing information in any blockchain.
Banks use “blockchain technology” to transfer value without traditional intermediaries. And this is beneficial for the following industries:
Approval of transaction in decentralized applications
Provedance of assets
Transparency in smart contracts
The Unique Selling Proposition (USP) of Zillow
Zillow is the only marketplace focused exclusively on real-time real estate data and property transactions, allowing consumers to search, compare, and purchase homes and other real estate assets all across the U.S. in real time. Furthermore, this allows new and seasoned real estate investors to expand their real estate businesses.
Zillow allows you to learn more about rental properties in your specific area as well as increase your confidence level and bottom line in real estate, enabling you to make the most profitable investments possible.
2. How does Zilliqa compare to other blockchains?
Zilliqa is the world’s first high-throughput public blockchain platform – designed to scale to thousands ?of transactions per second. The core feature that makes Zilliqa scalable is sharding – dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel.This allows each network to automatically propagate transactions to the other shards, replacing a centralized database with an efficient and distributed network.
Zilliqa’s distributed LEDGER is the “Tree Protocol”. The tree protocol enables several different components of a blockchain — such as the update, or proof-of-stake voting, the sharding and consensus protocols — to be executed within milliseconds. Additionally, with the proof-of-stake voting, a given validating node becomes a node on each of the different network’s shards in a process called “proof of connectivity” (PoC). This enables the Ethereum platform (and any other blockchain with a similar underlying technology stack) to create a “Proof-of-Work-Satoshi” (POWS). POWS is the software the nodes on the blockchain use to validate, or verify, transactions and the chain itself. Through a process called “Proof-of-Burn”, POWS ensures each validating node consumes a certain amount of ether, or computational energy, in order to validate and propagate new transactions to the network.
In turn, this consensus protocol automatically creates “POWT” transactions, also known as light-speed transactions. If you own a block on Proof-of-Work-Satoshi (POWS), you simply burn a small amount of ether, and the transaction is recorded on the Proof-of-Burn ledger. This is the only way the blockchain’s security is guaranteed; the entire network must agree that your block’s transactions are valid.
For many years, many companies have been looking at the scalability of blockchain networks, with various blockchain projects aiming to solve “trust” issues on the centralized, slow databases that currently exist on the internet. However, existing blockchain technology is often built on older technology stack APIs — such as those found on PHP or Windows — and does not support modern consensus protocols.
3. How does sharding work in Zilliqa?
Zilliqa is a new blockchain platform designed to scale in an open, permission-less distributed network securely. The platform is based on "sharding," a database partitioning technique which enables horizontal scalability. The idea is that instead of requiring every node to process every single transaction, Zilliqa allows nodes to group transactions together, and process them in parallel.
The network can also use an "instant-on" consensus protocol, where a new, digital signature is added to the blockchain upon new information being consensus-confirmed at the network. For more information and a timeline of progress, you can check out the project website.
Scalability is Important
Right now, the internet is the most important referrer of search results, and the most important marketer. We need social networks for that. We need directories for that. We need channels for that. We need domain name registrars for that. Conversely, the internet is the slowest network in the world by a long shot. It's a huge bottleneck for processing resources and it does need to be looked at carefully for what's necessary.
The internet is so big due to the way it was designed, and it's a very well-designed system. However, when it comes to content and data, it has a few extra problems, and with little competition in the space, it may not last long. Zillow, for example, is impressed with the concept of their concept of “instant housing,” which is a misnomer given that it takes over 5 days for a PoW block to be confirmed and mined, and recently the bitcoin network confirmed splitting approximately 17.6 million blocks, and mining pools have a maxhash of around 5,730,000. That's a massive issue and illustrates the limitations the internet has in processing resources:
Keep in mind that the internet was created around that time, and as such, there’s a lot of innovation that needs to happen to scale that system. What’s happening now on Ethereum is very far from being the internet of today. For example:
Ether, the cryptocurrency, has seen static growth in value, thanks in part to developers excited by what the technology can do.
4. What is the role of Scilla in Zilliqa?
Scilla is the smart contract language for Zilliqa. We believe that new languages will be needed to support the growth of blockchain technology. The choice of the language is a crucial decision for any blockchain and we believe that Scilla is the right one for Zilliqa. Scilla is a programming language that is designed specifically to be used for writing smart contracts.Smart contract language is a very important element of a blockchain protocol, it is the programming language that executes all the logic of all business logic in a blockchain. A decentralized computer without a proper programming language cannot run any of its software and at the same time, it cannot scale. Developing scallion is as easy as adding basic functions in any existing language.
Scallion is open, customizable, portable, secure, as well as scalable, easy to migrate to any existing blockchain, and rational. By adding just one single line of code, you can instantly and permanently make your entire application available on a new blockchain. This feature will be the backbone of Metaverse’s network once it quickly grows. Before migrating our application to Metaverse, our engineers took the extra measure of adding a security stricture for all the built-in functions that need to be running on the new blockchain. Normally, this follows a process of security hardening that ensures all the built-in functions adhere to a certain security level. Although this is an extra measure to protect our application against remote hacking attempts or to prevent side effects caused by faulty implementations, we feel that scaling out from Ethereum is a win-win outcome.
The platform allows people to participate by creating their Own Chain in competition to the existing Root Chain. This is a fundamental choice for the scaling issue encountered by blockchain industry. Instead of running everything on Ethereum at the same time, the problem to solve is that all the data needs to be stored on the Root Chain, but there is no easy way to interact with it. The solution is the way of the Competitors Chain (This chain is a fork of the existing Root Chain).
5. Does Zilliqa have smart contract functionality?
Zilliqa is a public blockchain platform that is based on the technology of sharding. The Zilliqa blockchain can be run with a more secure smart contract functionality. All the transactions on the Zilliqa blockchain are fully executed by smart contracts.
Support for smart contracts has been added to the Zilliqa ledger through an upgraded consensus protocol that allows for performed functions asynchronously. The new consensus protocol will eliminate the need of a hard fork as it should resolve the issues before they occur.
Applications in Zilliqa’s blockchain are allowed to interact with one another in a similar way to how Virtual Machines (VMs) work on Linux. A VM is a fully functional machine that can be configured on a blockchain or a traditional computer.
The main uses of blockchain technology as applied to IoT (Intelligent Transportation Systems) are the following:
Zilliqa utilizes the same technology stack that powers Hyperledger, Linux and Windows as well as other enterprise-grade blockchain startups that facilitate a fast and secure execution of smart contracts. It maintains the same coherent programming logic that other enterprise blockchain platforms rely on.
