Zilliqa: A Cutting-Edge Blockchain Solution
Zilliqa is an innovative blockchain platform engineered for secure scalability within an open and permission-less distributed network. The concept for Zilliqa originated in the Computer Science Lab at the National University of Singapore, inspired by a paper authored by Lui Loo, a co-founder of Kyber Network. Currently, developers are actively creating thousands of decentralized applications (dApps) on the Ethereum Blockchain, which has gained significant traction in the community. However, Ethereum’s current maximum transaction capacity is around 15 transactions per second, proving insufficient to meet the anticipated demand, even with a limited number of successful dApps. This limitation is prompting dApp builders to explore both on-chain and off-chain solutions.
In a recent development, Zilliqa unveiled its private testnet, showcasing an impressive transaction capacity of 2,488 transactions per second, supported by a network of 3,600 nodes. Zilliqa’s architecture allows the transaction throughput to increase as the number of nodes grows. With a network expansion to 10,000 nodes, Zilliqa could achieve a throughput comparable to major payment processors like VISA and MasterCard, while maintaining significantly lower fees for merchants, with an estimated capacity of around 8,000 transactions per second. The project aims to provide a scalable and secure alternative for dApps.
Core Team
Xinshu Dong: CEO
A leading figure in developing secure systems, Xinshu Dong has a background that spans various domains, including blockchain technology and web applications. He has led several national cybersecurity initiatives in Singapore and earned a PhD from the National University of Singapore.
Prateek Saxena: Chief Scientific Advisor
An Assistant Professor at the National University of Singapore, Prateek Saxena has contributed to numerous blockchain research papers through his laboratory. His work has been pivotal in projects such as Dexecure, TrueBit, Smart Pool, Kyber Network, and Zilliqa. Saxena was recognized as one of MIT’s Top 10 Innovators under 35 in Asia in 2017.
Amrit Kumar: Crypto Lead
Amrit Kumar serves as a Research Fellow at the National University of Singapore and holds a Ph.D. from Université Grenoble-Alpes in France. His academic background includes an Engineer’s diploma from Ecole Polytechnique in France, where he focused on Computer Science and Mathematics. His research interests encompass security, privacy, and applied cryptography.
Advisory Board
Alexander Lipton
Founder of StrongHold Labs, Lipton is also a Science Fellow at the MIT Media Lab and a Visiting Professor of Financial Engineering at EPFL. He has held senior roles in major financial institutions, including Bank of America and Credit Suisse, and holds a Ph.D. from Moscow State University.
Loi Luu
A researcher specializing in cryptocurrencies and smart contract security, Loi Luu frequently speaks at prominent blockchain workshops such as Devcon. He founded Kyber Network, a decentralized exchange that recently raised $60 million and has a market valuation of approximately $200 million.
Stuart Prior
With over two decades of experience in Corporate and Investment Banking, Stuart Prior focuses on blockchain technology and crypto finance. He has collaborated with several leading global banks, including Credit Suisse and Deutsche Bank, to advance banking technology applications.
Technical Aspects of Zilliqa Blockchain
Zilliqa claims the title of "the world’s first high-throughput public blockchain platform." The technology leverages High-Throughput Computing (HTC) to optimize computing efficiency by splitting tasks into smaller components and distributing them across a network of computers. Zilliqa employs network sharding, which divides the mining network into smaller groups known as shards, each capable of concurrently processing transactions. This system is designed to enhance transaction throughput as more mining nodes are added to the network.
To grasp Zilliqa’s framework, understanding the concept of consensus is vital. Consensus mechanisms are essential to validate new information being added to the blockchain across decentralized nodes. The most widely known consensus method is Proof of Work (PoW), commonly associated with mining.
Zilliqa’s architecture consists of two primary components:
Shards
Each shard comprises a distinct group of nodes tasked with validating a specific set of transactions. These shards use a consensus method known as the Practical Byzantine Fault Tolerance (PBFT) protocol. A leader is designated within each shard to validate transactions and create new blocks, which are then reviewed by the other nodes. If a majority of nodes in a shard approve the block, it is forwarded to the DS Committee for incorporation into the broader Zilliqa blockchain.
DS Committee
This committee oversees the overall operation of Zilliqa’s framework. Its responsibilities include establishing the general consensus for the blockchain and maintaining the network’s functionality. When a new transaction is introduced to the Zilliqa network, the DS Committee determines which shard will handle it. Additionally, it allocates new nodes to appropriate shards.
Zilliqa also incorporates the Proof of Work consensus approach, which is employed specifically to establish mining identities for both the DS Committee and the shards.
ZIL Token: The Fuel for the Zilliqa Blockchain
The ZIL token serves as the foundational currency for the Zilliqa blockchain, akin to how ETH functions on the Ethereum platform. ZIL tokens are utilized to pay transaction fees on the network. Users must hold ZIL tokens in their wallets to transfer them or any future tokens created on the Zilliqa blockchain. Before the main-net launch, interim ERC-20 tokens will be generated and distributed to various stakeholders, including ICO contributors. These interim tokens are expected to be convertible to ZIL tokens once the main-net is operational in 2018.
Funding Status
Initially, the Zilliqa team aimed to raise a total of 20 million USD, with approximately 12 million USD from private sales and 8 million USD from public sales. However, due to a significant increase in the ETH/USD exchange rate since the private allocation, the 44,000 ETH raised exceeded the initial target. Consequently, the public sale was canceled, as the project had already secured sufficient funding. In response to community feedback, the team decided to raise the hard cap slightly and reopened the public allocation period.
Final Score
Team & Advisory Board: The project is led by esteemed Ph.D. holders and respected figures in the cryptocurrency arena. Score: 9
Stage of the Project: The testnet is operational and performing as expected with 2,488 transactions per second across 3,600 nodes. The main-net is set for launch in Q2 2018. Score: 9
Project Potential: Zilliqa presents a scalable blockchain solution with the ability to handle high transaction volumes, particularly through dApps. The value of the ZIL token is expected to correlate with transaction volumes. Score: 9.5
Community and Media: The project has attracted around 4,600 members on Telegram and about 2,078 followers on Twitter, indicating rapid community growth. Score: 8
Token Use: ZIL tokens are essential for blockchain operations, with a strong correlation between token value and project success. Score: 9.5
ICO: The funding target is approximately 32 million USD, with 30% of tokens allocated, 40% as mining rewards, and 30% for the team and partners. The maximum bonus is 15%, with a public sale cap of 5 ETH. Score: 9
Whitepaper: Both the technical and business whitepapers have been published with detailed information. Score: 9
Backend and Technology: The implementation of network sharding is commendable, allowing for increased transaction rates as the network expands. Score: 9.5
