As its whitepapersuggests, existing cryptocurrency and smart contractsface scalability issues, which means the number of transactions processing every second is limited. Therefore, the platform presented a blockchain network to scale transaction rates. With the surge in the number of miners in the Zilliqa network, the transaction rate also increased. By utilizing the idea of sharding, the miningnetwork gets divided into small parts capable of processing transactions in parallel.
The blockchain technology of the Zilliqa network centers around aspects of transparency, trust, and efficiency of Web3.0. Web3.0is a platform built to facilitate decentralization, greater user utility, and openness. At present, the Zilliqa network is one of the few blockchain networks that use sharding on the mainnet to deliver high-performance growth for Dappsand enterprises. Further, with the innovative smart contract language, the dataflow programming style makes it easier to run large-scale computations simultaneously.
The platform operates with two tokens which are gZIL and ZIL. gZIL is the network’s governance tokenthat allows users to participate in the ecosystem. Every gZIL token represents one vote which means the more gZIL token user acquire, the more voting power the user accumulates. The users holding gZIL tokens can propose changes in the network through voting, which helps the network sustain gZIL’s value. gZIL was also used as a reward for early adopters and an incentive for long-term token holders. Furthermore, the holders of gZIL can swap it for ZIL or contribute to the liquidity pools to grab rewards.
Meanwhile, ZIL is the native cryptocurrency of the platform that was created to scale decentralized apps, from NFTmarketplaces to financial services. With ZIL, users can pay for services and products, trade-in NFTs, and engage in every Dapp built on the platform’s blockchain.
