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.
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 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.
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.
With the growing popularity of cryptocurrencies, even gamers need to do it. This platform follows…
We are excited to announce that Rexas Finance successfully joined WOW Summit 2024 as a Gold Partner,…
As digitization continues infiltrating our lives inexorably, personal privacy and security online face escalating threats…
Of late, staking has emerged as one of the major weapons for crypto investors who…
In the world of cryptocurrency and digital assets, volatility is a constant companion. Markets can…
As cryptocurrencies gain mainstream acceptance, staking has become an increasingly popular way to earn passive…
This website uses cookies.