On September 15, 2021, Zilliqa (ZIL) will launch a non-fungible token (NFT) platform.
It is another achievement of Zilliqa since its launch in June 2017.
Zilliqa has its own uniqueness as a smart contract network that offers thousands of transactions per second, including having a "sharded" design that is able to solve scalability issues faced by other blockchains.
Interestingly about Zilliqa, it is the first network and project to introduce sharding, an initiative of dividing the network into several small components (shards) that can process transactions simultaneously.
In addition, Zilliqa also supports several advantages that are also offered by several other networks such as:
Scilla
Programming language that supports the presence of smart contracts, even resistant to bug attacks (bugs).
Dapps
So far Zilliqa has accommodated a large number of Dapps, covering various aspects from exchange protocols to games, and even more.
Zilswap
A decentralized exchange or exchange developed by Switcheo in October 2020. Zilswap became the backbone to Zilliqa towards a decentralized financial sector (DeFi). It uses the same automated market maker (AMM) as implemented by PancakeSwap.
Investors can trade ZIL or ZRC tokens.
Proof-of-Work (PoW)
Zilliqa uses hybrid PoW to mine ZIL and is only used to a limited extent per 100 blocks. The use of PoW is to prevent from Sybil attacks and generate node identities, in addition to to avoid reaching a consensus like Bitcoin.
Zilliqa also uses Elliptic Curve Based Schnorr Signature Algorithm (EC-Schnorr) and Practicial Byzantine Fault Tolerance (PBFT) to mine each shard.
ZIL Native Token
ZIL, a token developed based on the ERC-20 standard. It is used as a reward for mining, transaction costs, staking, and smart contract execution.
Based on records, a total of 21 billion ZILs were produced with 6.3 billion distributed in January 2018. While another 6.3 billion ZILs were handed over to investors, Zilliqa Research, the founding line, and support organizations. The remaining 8.4 billion ZIL was used as mining rewards.
ZRC token
Or also known as ZRC-2, is the standard for fungible tokens created in Zilliqa. Examples of ZRC-2 include XSGD and gZIL.
The functions of the ZRC-2 also include:
As a mining or burning token
Transfer tokens from one account to another
Executes the balance request and the total balance of the token account
Authenticate intermediaries to spend a certain number of tokens
At the time of writing, ZIL is worth just $ 0.09924. Presumably how much is it worth when you read this article? Has the price gone up or vice versa?
Interested in investing in ZIL, you can get it at Binance, Bithumb, Huobi, and KuCoin.
