Zilliqa ZIL Price

What is Zilliqa (ZIL)?

Zilliqa (ZIL) is a high-throughput blockchain platform designed to facilitate secure and scalable decentralized applications (dApps) and enterprise solutions. Launched in 2017, Zilliqa employs a unique sharding technology that allows it to process thousands of transactions per second, significantly enhancing its scalability compared to traditional blockchains like Bitcoin and Ethereum. As of 2024, Zilliqa aims to provide a robust platform for various industries, including finance, gaming, and supply chain management, making it an appealing choice for developers and businesses alike.

Who are the Founders of Zilliqa?

Zilliqa was co-founded by a team of researchers and entrepreneurs, including Xinshu Dong, Amrit Kumar, and Jason Teo. Xinshu Dong previously served as the CEO, while Amrit Kumar, who holds a Ph.D. in computer science, has been influential in developing Zilliqa's underlying technology. The founding team comprises experts in blockchain technology, cryptography, and distributed systems, contributing to the platform's innovative approach to scalability and security.

How does Zilliqa Work?

Zilliqa's architecture is built on the principles of sharding, a method that splits the network into smaller, manageable pieces, or shards, allowing parallel processing of transactions. This design enables Zilliqa to achieve high throughput and low latency. Key components of its operation include:

• Sharding: Each shard processes its transactions independently, which increases the overall capacity of the network. As of 2024, Zilliqa can handle over 2,000 transactions per second.
• Consensus Mechanism: Zilliqa utilizes a hybrid consensus mechanism combining Proof of Work (PoW) for miner selection and Practical Byzantine Fault Tolerance (PBFT) for transaction validation, enhancing security and efficiency.
• Smart Contracts: Zilliqa supports smart contracts written in its own programming language called Scilla, designed to reduce vulnerabilities and increase safety in decentralized applications.

Top Use Cases of Zilliqa

Zilliqa has a variety of use cases across different sectors, showcasing its versatility and potential impact:

• Decentralized Finance (DeFi): Zilliqa facilitates various DeFi applications, enabling users to lend, borrow, and trade assets securely without intermediaries.
• Non-Fungible Tokens (NFTs): The platform supports NFT creation and trading, allowing artists and creators to monetize their digital assets.
• Enterprise Solutions: Zilliqa partners with businesses to enhance supply chain transparency, improve data security, and streamline operations through blockchain integration.
• Gaming: The platform is also tapping into the gaming market, allowing developers to create blockchain-based games that ensure ownership and traceability of in-game assets.
• Data Privacy and Security: Zilliqa can be used to build applications that prioritize user data protection and secure transactions, essential in today's digital landscape.

How to Keep your Zilliqa Safe?

Ensuring the safety of your Zilliqa (ZIL) holdings involves several best practices:

• Use Hardware Wallets: Storing ZIL in a hardware wallet provides a higher level of security than online exchanges or software wallets, as these devices store your private keys offline.
• Enable Two-Factor Authentication (2FA): Always activate 2FA on any exchanges or wallets you use to add an extra layer of security to your account.
• Be Cautious of Phishing Attacks: Always verify links and never share your private keys or recovery phrases with anyone. Use official channels to access your wallets and exchanges.
• Keep Software Updated: Regularly update your wallet software and devices to protect against vulnerabilities and security threats.
• Backup Your Wallet: Ensure you create secure backups of your wallet and private keys to prevent loss in case of hardware failure or other issues.