Zilliqa is a blockchain platform that lets its users create and deploy decentralized applications, services, algorithms, and other projects. One of the main advantages of Zilliqa is its unique solution of the scalability problem, which occurs to every blockchain as it gets larger and leads to slower processing and higher transaction fees. Zilliqa espouses Sharding, a mechanism that implies dividing the blockchain into groups of nodes that perform equal volumes of work and thus reduce the pressure of numerous transactions. Apart from processing transactions, Zilliqa also hosts smart contracts of its users utilizing the platform’s own programming language called Scilla.
ZIL is a utility token of the Zilliqa blockchain that powers its whole ecosystem and is used for transaction fees, rewards, and execution of smart contracts. Initially, the platform used Ethereum based ERC-20 tokens, but in early 2020, it completely switched to its native solution. Additionally, numerous online merchants ranging from e-commerce stores to Internet and financial services have ZIL on its list of payment options.Zilliqa Payment Benefits:
- Fast Transaction Processing
Due to its Sharding technology, Zilliqa can reach astounding transaction speeds compared to its competitors. For instance, in 2019, it managed to achieve a throughput of over 2000 transactions per second.
Since Zilliqa is a popular token, major exchanges such as Binance and Bitvavo feature it on their platforms.
- Large Supply and Speed
Zilliqa transactions are fast, and there are more than ten billion coins in circulation.