Zilliqa, a public blockchain is designing to bring the theory of sharding into action. This is the first blockchain technology that allows linear scaling with the growth of the blockchain. It was founded by Dr. Xinshu Dong, a former computing graduate, and researcher at NUS.
It is the next high generation blockchain platform which aims to create a faster-decentralized blockchain platform in the industry of blockchains. It is a startup founded by the National University of Singapore’s [NUS] computing faculty and research team.
Sharding is a process of scalability of blockchains, in simple terms, the breaking down of data into smaller and faster parts called Data-Shards. They are an easy and manageable part of the data. Meaning, the shards contains only a fraction of information of the data. A Shard is a group containing a maximum number of 600 nodes, and when it increases to 600 nodes, a new shard is formed.
Since the inception of the blockchain technology, scalability has been an issue. The core of a scalability issue is the node employed by blockchains. A node verifies a transaction and secures the network, however, the issue arising when the number of nodes increases in the network, it becomes harder to agree on the transactions, which leads to unresolved consensus.
Thus, to avoid creating a mountain out of a molehill, Zilliqa uses sharding to divide all the data, the verification of transactions and securing the network. Zilliqa has a high transaction of data passing at a lower cost than other blockchain platforms. They are competing with Ethereum [ETH].
CEO of Zilliqa asserts that:
“In Zilliqa’s design, the computationally intensive proof-of-work process is only required periodically while the main consensus algorithm does not require much computation.”
He further added:
“Sharding in Zilliqa has an energy footprint that is at least an order of magnitude less than today’s Bitcoin or Ethereum.”
Thus, Zilliqa aims to better the cryptocurrency world by enhancing the scalability and reducing the power needed by the computer to process the work. It improves the energy put into the mining of cryptocurrencies.
Robert Morris, Vice President of Global Labs, IBM Research said:
“Blockchain is one of the most disruptive technologies in computing today, and it is impacting many industries including financial services, trade, healthcare and supply chain. This collaboration with the National University of Singapore School of Computing will help prepare a future workforce that is born on the blockchain, ready to implement, improve and innovate: core skills required for Singapore to achieve its vision as a Smart Financial Centre and Smart Nation,”
Brian Damelio, a Twitter user commented:
“It’s not like Tron with a billion shares #Zilliqa has a quarter of that think about that when they’re up and running fully on there main net &# #eos & #ada/all of them cant compare 2 #Zilliqa Price wise Cap wise which is important &supply amount / +technical advance overall”
derek doherty replied:
“Very interesting and underhyped tech. But do you really see market cap going 25x its current value. If only, and then more if and when more coins are released, ie: inflation”