Tech Gaming Report

Latest Tech & Gaming News

Neue Blockchain-Architektur: Ethereum-Konkurrent: Was ist eigentlich Zilliqa?

New blockchain architecture: Ethereum competitor – what is Zilliqa really? | message

?? Zilliqa addresses the problem of scale
?? New blockchain architecture
?? Transaction speed increased significantly

Ethereum is not a pure cryptocurrency, but a decentralized platform based on blockchain technology. However, both Ethereum and the Bitcoin blockchain have scalability issues, meaning they are too slow to process multiple transactions. Because they validate the validity of transactions using a complex consensus procedure, there are considerable latencies when processing transactions between nodes on the network. The consequence is not only poor transaction performance, but also high transaction costs.

The speed with which consensus can be reached on a blockchain depends directly on the size of the network, that is, the number of nodes, because the more participants seek a consensus on the state of the shared blockchain, the longer they have to wait. with each other until they have agreed on a new common protocol state.

Previous approaches to increasing the number of transactions per second were to keep certain information off-chain or increase the block size. But such solutions are not sustainable if the networks continue to grow.

Would you like to invest in cryptocurrencies? Our guides explain how to do it in 15 minutes:

ยป Buy bitcoins, Buy ripple, Buy IOTA, Buy Litecoin, Buy ethereum, Buy Monero.

Zilliqa wants to solve the scalability problem

Zilliqa’s blockchain platform, on the other hand, aims to reduce the time it takes to complete a transaction even if the network continues to grow. To permanently solve the scale problem, the developers have completely redesigned the blockchain and rely on a technology called sharding. With this architecture, the nodes of the network are combined into groups of 600 nodes each. These so-called chunks then process part of the transactions. And the more chunks there are on the network, the more the workload can be divided.

READ  The definitive version of Dragon Quest XI Bypasses gets a 10-hour demo to move to the full game

You may also be interested in: NEW NOW – Trade with Bitcoin & Co. via the finanzen.net app, or for professionals via the Stuttgart Digital Exchange

Verifying transactions is much faster because, on the one hand, a consensus can be found much easier when there are fewer nodes involved. On the other hand, much more work is done without additional time expenditure if different shards are working on different projects at the same time. Also, Zilliqa’s fees are comparatively low.

The ZIL token

As a reward for miners and to pay transaction fees on the Zilliqa network, a separate crypto currency was also developed with the ZIL token.

Editorial team of Finanzen.net

Image Sources: Alexander Yakimo / Shutterstock.com