The CEO of Zillia (ZIL), Xinshu Dong, commented that the project is implementing sharding for the first time. Sharding is an implementation that makes blockchain much more scalable. Zilliqa has recently released its mainnet that includes new features. This scaling solution will be used both for regular payments and smart contract transactions.
Zilliqa Launches the First Sharding Implementation
The Zilliqa mainnet, launched on January 31st, is already showing that there is a lot of potential related to Sharding as a scaling solution. Although the network has many different features, this is one of the most important ones.
The project is currently based in Singapore and it has been developed during the last year and a half. The network was working on top of Ethereum (ETH) and now it has its own blockchain.
Sharding allows blockchain transactions and their computational load to be split. In this way, nodes establish consensus in smaller groups. This would allow the network to be faster and cheaper compared to other projects.
Xinshu Dong commented about the recent mainnet release:
“Today, we are taking a leap towards our vision of enabling innovative blockchain-powered solutions to real-world problems. With this launch, ZIlliqa is now the first public blockchain platform to successfully implement sharding, to address one of the biggest challenges to mainstream blockchain adoption – scalability.”
The team behind Zilliqa announced back in April that the network would be able to handle up to 2,000 transactions per second (TPS). This is much more than Bitcoin (BTC) or other cryptocurrencies such as Ethereum (ETH). BTC performs 7 TPS while ETH just 15 TPS. The network uses bug-resistant Scilla smart contracts that can also use sharding.
The implementation of Sharding is a very important milestone, not only for Zilliqa, but also for the whole cryptocurrency space. Ethereum developers are also working so as to implement sharding on Ethereum as part of the Casper protocol. However, Sharding on Ethereum is not expected until 2020.
There were some decentralized applications (dApps) such as Etheremon that were considering to move to Zilliqa. The Ethereum network was highly congested back in December 2017 when the digital asset was close to reaching its all-time high.
Now, Zilliqa is the 30th largest digital asset in the market. It has a market capitalization of $154 million and each ZIL can be purchased for $0.0188.
