Zilliqa

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Zilliqa is an innovative high-throughput public blockchain platform known for its use of sharding to manage thousands of transactions per second, making it ideal for decentralized applications (dApps) that require high transaction speeds. Its unique consensus protocol scales linearly with the number of mining nodes, ensuring efficiency and security with a reduced energy footprint by using Proof-of-Work (PoW) solely for mining identity establishment. Launched in 2017, Zilliqa's cryptocurrency (ZIL) has a current supply of approximately 19.85 billion, circulating in active markets with substantial trading volumes. In 2020, Zilliqa introduced Governance ZIL (gZIL) as a governance token, empowering participants with decision-making within the network similar to a decentralized autonomous organization (DAO). For more detailed information, visit [https://www.zilliqa.com](https://www.zilliqa.com).

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FAQ

What is Zilliqa and how does it support high transaction throughput?

Zilliqa is a high-throughput public blockchain platform that employs sharding technology to support thousands of transactions per second. Unlike typical blockchains that use Proof-of-Work (PoW) for consensus, Zilliqa uses PoW only for identity establishment and employs a unique consensus protocol to enhance scalability as the network grows. This approach reduces energy consumption while maintaining security, making Zilliqa ideal for decentralized applications (dApps) requiring high transaction speeds.

How does the sharding protocol in Zilliqa work?

Zilliqa utilizes a sharding protocol that divides the network into multiple groups, or shards, each capable of processing transactions in parallel. This technique allows the blockchain to increase its transaction throughput linearly as the number of shards grows, effectively addressing scalability issues present in traditional blockchains. Sharding is combined with a novel consensus mechanism, providing high efficiency and security.

What are the benefits of using Zilliqa for decentralized applications?

Zilliqa offers significant benefits for decentralized applications (dApps), primarily due to its high transaction throughput achieved through sharding. This makes it suitable for dApps requiring fast transaction speeds. Additionally, by employing PoW only for identity verification and securing against Sybil attacks, Zilliqa reduces energy consumption compared to typical PoW blockchains. As a result, it offers a sustainable and scalable solution for developers and businesses in the blockchain ecosystem.

How does Zilliqa's energy consumption compare to traditional blockchain systems?

Zilliqa's energy consumption is lower than traditional blockchain systems primarily because it employs Proof-of-Work (PoW) exclusively for identity establishment and sharding, rather than consensus. The primary consensus mechanism in Zilliqa is separate from PoW, reducing the overall computational power required. This makes Zilliqa a more environmentally friendly option that still ensures security and high performance.

What is gZIL and what role does it play in the Zilliqa ecosystem?

gZIL, or Governance ZIL, is a governance token launched on the Zilliqa platform that allows holders to participate in decision-making processes akin to a decentralized autonomous organization (DAO). It gives long-term token holders and ecosystem participants the power to vote on community and development initiatives. With a fixed supply of approximately 560,000 tokens, gZIL allows for decentralized governance within the Zilliqa network, fostering active community involvement.

How can someone start mining Zilliqa (ZIL) tokens?

Mining Zilliqa (ZIL) involves using computational resources to perform PoW for identity establishment and sharding. New miners can start by setting up mining software compatible with the Zilliqa network and joining a mining pool to combine efforts with other miners. The rewards from successful block validation are distributed among pool members based on their contributions. With a current supply of around 19.85 billion, mining ZIL can be profitable, especially in active markets with significant trading volumes.

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