Name: ZILLIQA - Next Generation High Throughput Blockchain Platform
Price Info: - https://coinmarketcap.com/currencies/zilliqa/
Crowdsale Hard Cap: $22 million
Total Supply (once main net launches in Q2 2018): 21 billion ZIL
Token Distribution: 30% to crowdsale contributors, 40% to miners, 30% to project for research and development, bounty programs, team allocation
Price per Token: 116,060 ZIL per 1 ETH
Maximum Market Cap (at crowdsale price): US$73 million
Bonus Structure: 10-15% presale bonus for early contributors
Circulating Supply: 6,511,228,178 ZIL
Total Supply: 12,600,000,000 ZIL
Most of the 6.5 billion tokens have been given to strategic partners and are mostly vested for 3 years.
When their main net goes live in Q2 2018, their token will be mineable through PoW with GPUs, and the total supply will increase to 21 billion ZIL which will be mined over a ten year timeframe.
In addition, The ICO took place from December 27th, 2017 to January 10th, 2018 and Huobi.pro was the first official exchange where ZIL tokens were released on February 8th 2018.
Zilliqa is a new blockchain platform capable of processing thousands of transactions per-second with sharding built into it. With sharding, ZILLIQA has the potential to match throughput benchmarks set by traditional payment methods (such as VISA and Master-Card).
Even more importantly, Zilliqa’s transaction throughput increases (roughly) linearly with its network size — a feature missing in all popular block chains.
The problem with other blockchains:
Scalability is arguably the most pressing problem faced by blockchains today. Popular blockchains such as Bitcoin and Ethereum can only handle around 7 to 15 transactions per second, which are a far cry from the 2,000 transactions per second that payment systems like Visa handle on average.
Furthermore, decentralized applications (dApps) that run on blockchains are pushing the underlying protocols to their limit at a point where, a single popular dApp (e.g., Crypto kitties) can clog the entire network. There are a few blockchain projects out there today, that scale significantly better than Ethereum, although, while sacrificing either security or decentralization.
In contrast, Stellar Lumens (XLM) and Ripple (XRP) are centralized to a high degree. Transactions are going to fewer, centralized nodes to increase their speed. Subsequently, IOTA and Nano are running on a DAG-Concept.
To illustrate, A Direct Acyclic Graph (DAG) of transactions is a concept where each transaction “confirms” one or more previous transactions. The confirmation security of a transaction is measured in accumulated amount of proof-of-work referencing the transaction.
This approach is fairly untested and it is far from proven that this will work in a high throughput environment.
IOTA, for example, is not a fully open source and their network was unavailable for 2 weeks back in November 2017. This never happened to a public blockchain like Bitcoin or Ethereum before. On the other hand, Nano is facing difficulties with forking their micro blockchains, which are created with every transaction.
Arguably, the DAG-concept approach is not the solution to scaling, and neither are centralized blockchains with fewer nodes, as they are vulnerable to dDOS attacks.
How does ZILLIQA solves this scalability problem?
One of the most advocated solutions to the scalability problem is the idea of sharding. ZILLIQA is the first permission less blockchain with sharding built into it.
Sharding in ZILLIQA follows a divide and conquer approach, where the network gets divided into smaller groups each capable of processing transactions in parallel. The process entails automatic splitting of a network of nodes into parallel chains called shards. Each shard processes a small amount of all transactions in conjunction with other shards, resulting in a microblock from each shard. These microblocks are then merged into one complete block which is added to the blockchain. Truly, this makes ZILLIQA linearly scalable.
In the most recent trial run, ZILLIQA demonstrated a capacity of 2,488 transactions per second with 3,600 nodes. It uses the Proof of Work protocol for establishing mining identities and the practical Byzantine Fault Tolerant (pBFT) consensus protocol, which finalizes and confirms transactions.
You can buy ZIL in the following exchanges with Bitcoin. It is usually delimited in the ZIL/BTC pairs, ZIL/ETH.
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