Understanding Zilliqa Blockchain: Key Features and Differences from Ethereum

• Zilliqa offers high transaction speed, which will get even faster as more nodes are formed.
• Ethereum is a platform for decentralised apps.

What is Zilliqa Blockchain?

Zilliqa is not only fast but also a highly scalable blockchain. Itis a perfect solution for low transaction speed as it can process up to thousands of transactions per second. Zilliqa achieves this benchmark because it is a sharding-focused blockchain and uses its native utility token to process transactions. 

Zilliqa relies on a shared network and its  sharding ensures scalability. As more transactions occur on this blockchain, the number of shards increases, enabling it to support more transactions.  This eliminates the need for additional time for confirmation, significantly reducing transaction time.

The primary objective of Zilliqa is to be a substitute for centralised payment methods such as VISA and MasterCard, which create a monopoly in the field of payment.It aims to become a blockchain for large-scale enterprises. Utilising Zilliqa  in gaming, entertainment, and financial services can help it achieve this goal.

How Secure is Zilliqa?

For security, Zilliqa uses the Byzantine Fault Tolerance consensus protocol andsecures it with the use of elliptic curve cryptography. Talking about the algorithm it uses, Zilliqa utilises a Proof-of-Work to assign node identity and generate shards.

It uses a self-developed smart contract language, which is unique in itself and  specially built for the Zilliqa blockchain. This languageis designed to identify and eliminate the vulnerabilities in the blockchain, ensuring its safety and security at all times.

Ethereum

Ethereum is one of the most famous blockchains in the cryptocurrency market,  ranking second in terms of market cap. The currency holdsa market share of 19.1% in the whole cryptocurrency market. 

There are many coins and tokens that run on the Ethereum blockchain. Ethereum follows the Proof-of-Stake consensus algorithm.

Difference between Ethereum and Zilliqa

Transaction Speed

The transaction speed of Ethereum is ten transactions per second, whereas the Zilliqa network has a transaction speed of 2500 transactions per second. And this is not the maximum transaction speed of the Zilliqa network. This speed increases as more and more nodes are formed on the network. 

Consensus Algorithm

Ethereum uses the Proof-of-take consensus algorithm, whereas Zilliqa cryptocurrency uses the pBFT consensus algorithm

Smart Contracts

The smart contracts of Zilliqa are different in terms of using a specific language designed to protect the blockchain from threats.

Mission

Zilliqa has a firm determination to revolutionise the modern transaction system. It aims to replace all the centralised transaction entities like VISA and MasterCard. The primary aim of this Blockchain is to be used by large organisations and industries, such as gaming and entertainment.

The aim of Ethereum is to create a protocol that can be used to construct decentralised applications. It aims to become a common platform for all decentralised applications.