About Zilliqa (ZIL)weiss-badge

Overview

Zilliqa (ZIL) is a protocol token that executes smart contracts, similar to Ethereum, NEO and EOS. Zilliqa places a strong emphasis on scalability in the form of sharding-friendly smart contracts, off chain transactions and governance. The Zilliqa team have analysed the current inefficiencies experienced in blockchain technology and aim to develop a cryptocurrency that tackles these issues head-on. The sharding architecture introduces a division of labour. Rather than every full node (network participate) holding a copy of the entire blockchain similar to Bitcoin, Zilliqa has groups of nodes designed to perform particular tasks. This gives the Zilliqa network the ability to scale up and accommodate for thousands of new applications without slowing the network down.

Technology

Zilliqa uses a Proof of Work (PoW) hybrid consensus model to approve transactions. PoW is the same approach Bitcoin miners use, where anyone can become a miner and authorise transactions. To do so, simply buy the gear, plug it in and away you go. PoW does have it's limitations, as miners need to 'crack' complex cryptographic puzzles to create a block and broadcast it to the network. This process is extremely energy-intensive. Developers continue to come up with new consensus algorithms to avoid this energy-intensive process, such as EOS (Delegated Proof of Stake Consensus) and NEO (Delegated Byzantine Faul Tolerance). These new algorithms vary, though most have a limited number of 'validators' who need to 'agree' before a new block is added to the ledger and transactions are approved. This explains why other cryptocurrencies running new algorithms have increased transaction times compared to Bitcoin. Because there are fewer validators, blocks are added to the ledger at an accelerated rate, and transactions follow. Zilliqa aims to get the 'best of both worlds' when it comes to consensus. They use a Bitcoin-style PoW algorithm for selecting the validators, which gives excellent security where it matters most. For everything else, Zilliqa uses a nimble consensus algorithm that promises the same speed and efficiency as some of the more advanced cryptos.

Future Focus

Looking forward, Zilliqa hopes to become the primary cryptocurrency used to facilitate smart contracts and develop decentralised applications (dApps). The Zilliqa team looks to solve many of the limitations experienced with blockchain technology today by promoting safe and efficient consensus and an effortlessly scalable network with the use of sharding. For more information regarding Zilliqa visit the official webpage.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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