There is an space race going on with regards to blockchain development.
Like during the race to be the first to go to space, different platforms are looking to be the one to solve the biggest problems with blockchain.
Anybody paying attention to the crypto space knows that speed, cost and scalability are the problems holding the blockchain back from mass adoption.
Zilliqa thinks they may have solved these issues which will revolutionise the blockchain world.
How To Buy ZIL
So you’re interested in buying ZIL? Currently, there is no way to buy ZIL directly with fiat, so the best way to buy ZIL is to first purchase Ethereum, transfer it to your chosen trading platform and change it to ZIL. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for ZIL/ETH and confirm.
3. On the ZIL/ETH trading section you can now choose how much ZIL you want to buy with your Ether. Once you have chosen your amount, press Buy ZIL and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of ZIL.
How does Zilliqa work?
Blocking off sections of the network into what’s called sharding should be able to speed up the validating process.
Within these shards is the blockchain in miniature. Instead of trying to validate a block at a time, with a block needing to be validated before another can be added to it, the voting is done within the shard.
The shards also keep the blockchain from taking a linear form, so the individual shards can all have their blocks validated independently and then added to the blockchain as they reach consensus. In essence, this theoretically means that there could be an infinite number of transactions done simultaneously.
Think of it like dividing a workload. The more shards there are, the more the network divides the consensus load between shards, keeping computing demands relatively stable.
The weak link in this type of system is the fact that the nodes all need to communicate with each other to share the stored data that smart contracts need.
To get around this, Ziqila created their own programming language called Scilla that differentiates between state and function. In other words it separates the information that is being shared between the shards so they can communicate but not change states.
Right now the code is not open, but later on they plan to show the code.
How is the ZIL token used?
Like on any other platform on a blockchain a native token is needed not only to fund the project, but also to be used across the ecosystem.
ZIL is used as a mining incentive, gas for contract execution and to pay for transaction fees.
ZIL is an ERC-20 token based on the Ethereum blockchain.
So, after all is said and done, how is Zilliqa different from Ethereum? It seems Ethereum is trying to solve the same scalability issues that Zilliqa says they can fix.
The main difference is the scale of the blockchain already in existence with Ethereum. Though the team at Ethereum are working on ways to solve the problems as we speak, Zilliqa is hoping that since they are taking a novel approach that can be done faster than recreating an already existing ecosystem like Ethereum, that they will be first across the gate.
Can Zilliqa do it? They have already performed a stress test on the platform to see if they were on the right track and were able to execute almost 2,000 transactions per second. Compare that to Ethereum’s 20 or so at the current time. 2,000 sounds like a success when you compare it to Ethereum, but it pales compared to Visa’s 45,000 per second.
Until the blockchain can scale to that frequency, then mass adoption will have to wait.