ZIL Zilliqa Cryptocurrency in a Nutshell

ZIL Zilliqa Cryptocurrency in a Nutshell

Mineable? If so how is it mined?

The Zilliqa is a mineable cryptocurrency in which the mining process is not directly based on the Proof of Work or PoW. At the beginning of the DS epoch, all of the nodes begins with the PoW and then, the nodes will participate in pBFT consensus protocol. This protocol requires the majority vote for a block to be committed and valid onto the blockchain. Following the PoW of a node that can vote for the specific quantity of the block in which each committed block will deliver a reward. The method of this cryptocurrency contrasts the mining method of Bitcoin in which the nodes have to do PoW for each of new block. The PoW’s lower frequency of the Zilliqa will lead to an energy footprint which is smaller.

Maximum Circulating coins

ZIL Zilliqa Cryptocurrency has the circulating supply that is 6,559,003,178 ZIL and the total circulating supply that is 12,600,000,000 ZIL.

History

The Zilliqa cryptocurrency is the next generation blockchain platform that uses sharding technology in which is allowing the transaction rates to increase while the network expands that will scale because of the increase of miners. This was first announced on September 30, 2017, which is based in Singapore.

What makes it different?

Mining is sometimes considered costly like the Bitcoin or Ethereum. The possible reason might have to do with the mechanism through which miner is creating the blocks. The Proof of Work or PoW, a mechanism, pits processors against the math problems that ware difficult whereby proving the solution’s correctness and verifying it easily. But in deriving the said solution is considered computationally intensive and so it is time-consuming. Every transaction is part of a block in a blockchain of the PoW and creating each block is requiring large computational effort.

Even though the PoW based system is reliable in maintaining a consensus, it is not energy efficient. And that is where the idea of the Zilliqa enter.

Zilliqa has an alternative methodology that makes use of the PoW’s merit which is coupled with pBFT or practical Byzantine Fault Tolerant. The miners will use PoW in order to establish their identities on the blockchain of Zilliqa. Once established, the miners will get assigned to consensus group in which multiple rounds of the pBFT consensus are be running. The time the PoW needed is roughly 12 hours a month in Zilliqa and that means the graphics cards will only be running in an idle mode where minimal electricity only is consumed. Because of that, the estimated cost of electricity in Zilliqa mining is about $2.8 a month in which in the Ethereum mining, it is estimated to be 9 times more which is about $26.25 a month.

That means that the miners on Zilliqa will consume less energy in which the mining in Zilliqa is less costly than the other two.

Who is behind ZIL Zilliqa?

The Zilliqa platform has a team in which has made many significant advances during the past two years. The team is made up of a group that has expertise in many fields like high-quality engineering, distributed and networking systems, crypto and cybersecurity. While almost all part of the team has already been working for the past two years, some members have been working for over six years together.

Contacts

Official Website: https://www.zilliqa.com/

Announcement Thread link to BitcoinTalk: https://bitcointalk.org/index.php?topic=2219655.0

Block Explorer Link: https://etherscan.io/token/0x05f4a42e251f2d52b8ed15e9fedaacfcef1fad27

Github source code link: https://github.com/Zilliqa/Zilliqa

See also

Will Ethereum be a Better Investment than Bitcoin in 2018?

Zilliqa: A Game-Changer for Blockchain Scalability?

Price Prediction for Zilliqa (ZIL)

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