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Zilliqa

Zilliqa is a blockchain platform that focuses on scalability and efficiency in transaction processing. It is designed to address some of the scalability issues that traditional blockchain platforms face. Zilliqa utilizes a technology known as , which involves dividing the network into smaller groups of nodes (shards) to process transactions in parallel.

History

Zilliqa was launched in 2017 as a high-throughput public blockchain platform designed to scale thousands of transactions per second. Their efforts are focused on streamlining the efficiency, trust, and transparency of . At the time of the ZWAP launch, the Zilliqa blockchain had processed almost 12 million transactions since launching its  in January 2019. It has a global community of over 150,000 users, more than 780,000 wallet holders, and a growing network of over 1000+ developers. Adoption-wise, Zilliqa has an ecosystem of over 80 projects from 20+ countries building on the platform. Corporations use the Zilliqa platform for services like open and decentralized finance, asset securitization, service tokenization, and incentivized marketing.

Overview

Zilliqa was launched in Q2 of 2017. In Q3, they launched their technical whitepaper[1], and commenced their token generation event[2] (ZIL) and open sourcing of Zilliqa source in Q4 that year.

In Q1 of 2018, they released the Scilla Design Paper[3] and launched the Zilliqa Testnet V1. V3 was launched in Q4 of the same year.

In Q1 of 2019, they launched Zilliqa Mainnet V4.0.1, and continued to upgrade the Mainnet throughout the year, rounding out in Q4 with V6.0.0.

In Q2 of 2020, ZIL Staking Live On Testnet was carried out, and they launched ZIL Staking phase 0 on Mainnet. A second and final token swap was also announced. In Q2 of the same year, they launched the (DEX), ZilSwap[4].

In 2021, they introduced ZWAP, the governance token for ZilSwap DEX, and upgraded their Mainnet to conclude with V8.1.1 by the end of the year.

Features

Sharding

Zilliqa uses sharding to help deal with the demand for high-speed transactions. Zilliqa splits the network into multiple portions to help satisfy global scaling demand by launching the world's first public blockchain sharding architecture.[10]

Scilla

Scilla is the smart contract intermediate-level language that has been designed specifically for the Zilliqa blockchain. Its static analysis framework and automated scanner allow developers to identify generic security vulnerabilities more easily, while its strong type system makes it easier to write bug-free code.[9]

ZIL (Token)

Zilliqa's native cryptocurrency is called ZIL. It is used for various purposes on the platform, including transaction fees and participating in the network's governance. ZIL is also utilized for running and executing smart contracts on the Zilliqa blockchain. Smart contracts are self-executing contracts with the terms directly written into code. ZIL powers the execution of these smart contracts.[12]

Token Allocation

 The total supply is 21,000,000,000 ZIL. The circulating supply is 13,783,620,625 ZIL. The initial token launch date was 31 August 2017, and the initial distribution of ZIL is as follows:[11]

  • 30.00% is allocated to Early & Community Contributions
  • 40.00% is allocated to Mining Rewards
  • 30.00% is allocated to Company, Team, Agencies

Zilliqa has raised $20 million in private funding for their project in 2017, with the equivalent of 12 ETH now valued at nearly 40x after reaching an all-time high.

Staking

Staking is made easy with Zilliqa and can be done in three steps:[13]

Choosing a ZIL Wallet

The range includes Torch Wallet, Moonlet, ZilPay, Ledger, Guarda Wallet, Zillet, and Atomic Wallet.

Choose staking platform

Connect your wallet and start staking, either using the Zillion portal, or using apps such as Moonlet or Atomic Wallet to stake ZIL directly.

Select a seed node operator

Various SSNs have different commission rates. The highest commission rates are 12% with Zilliqa, 10% with Staked, 5% with Moonlet, Everstake, Atomic Wallet, as well as Zillet.

gZIL

gZIL was launched on 14 October 2020. It is the Zilliqa network governance token, and it enables long-term token holders to participate in the Zilliqa ecosystem. Every gZIL represents one vote, and the more you hold, the more voting power you have. gZIL can be obtained on centralized exchanges such as Liquid.com and CEX.io, or the decentralized exchange at ZilSwap.[14]

The Zilliqa Ecosystem

Zilliqa has partnered with as many as up to 125 projects (as of October 2023)[5]. More significant partnerships include the following.

ChainUp

In October 2013, Zilliqa Group announced a partnership with ChainUp to collaborate on expanding its Web3 infrastructure offerings. ChainUp will become an industrial-grade infrastructure partner for Zilliqa Group. This will enhance Zilliqa's capability to provide Web3 integrations across various industries while expanding the network's market reach through ChainUp's extensive connections with cryptocurrency exchanges, Web3 businesses, and investors globally. Additionally, ChainUp will manage a Staked Seed Node (SSN) on the public Zilliqa network, contributing to decentralization efforts and playing a crucial role in recording transaction history and offering services to end-users. A key focus of this partnership is to deliver infrastructure solutions on Zilliqa that prioritize security and regulatory compliance. This is facilitated by leveraging ChainUp's proven services, including custody services and "Know Your Transaction," a service designed to enable compliance assessment and protect against fraudulent activities during transactions.[6]

Google Cloud

In September 2023, Google Cloud was announced to have joined the high-throughput, scalable Zilliqa network as a Staked Seed Node (SSN) operator as part of a multi-year strategic alliance between Google Cloud and Zilliqa Group. The collaboration is aimed at enhancing the data availability and resilience of the Zilliqa network and ensuring that the blockchain is best positioned to offer a robust and reliable platform capable of powering a range of Web3 services and decentralized applications. As part of this new strategic alliance, Google Cloud will operate an SSN on the Zilliqa network, providing node infrastructure to help validate transactions across the network and hosting a public source of the blockchain’s transaction history.[7]

Our strategic alliance with Google Cloud is more than just a technological collaboration; it's a strategic alignment to further the ambitions of our group of ventures and revenue-generating organizations. Google Cloud's infrastructure expertise, combined with itheir role as a staked seed node partner, underscores our commitment to excellence, both within the Zilliqa Group of companies and across the wider ecosystem. Together, we're setting the stage for a new wave of innovation and growth in the Web3 space. - Zilliqa Group CEO, Matt Dyer[7]

GMEX ZERO13

In September 2023, Zilliqa announced their partnership with GMEX Group and its initiative ZERO13, the digital climate fintech aggregation ecosystem, to launch the a carbon offset platform that encourages retail customers to engage with corporate environmental initiatives.
Zilliqa Group and GMEX ZERO13 will deliver a platform that uses the blockchain-based currency, EVP, to represent carbon credit offsets. When they purchase goods or services, customers of brands partnered with Zilliqa will receive EVP tokens on the Zilliqa blockchain, enabling them to offset their carbon footprint directly through funding various environmental initiatives.[8]

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