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Zilliqa
Zilliqa is a blockchain platform that works as an open and permissionless distributed network. The platform intends to rival traditional centralized payment methods. The whitepaper claims that the network has 10,000 nodes, enabling the platform to match the average transaction rate of Visa and MasterCard, offering lower fees for merchants.
The platform seeks to solve the scalability issues in blockchains, that is, the inability of blockchains to process transactions at speed. Therefore, the platform uses sharding, where the network is divided into several smaller component networks to process transactions in parallel. Thus, the platform’s transaction rate increases as the mining network expands.
Further, the network also envisions a simplified supply chain in smart contract format. For example, marketers who want to deliver advertisements can submit smart contracts with general and specific requirements specified for ad impressions they need and mention geographic restrictions, target audience profiles, etc. A smart contract is a contract that self-executes, and the agreement terms between traders are directly written into code lines. Smart contracts allow trusted transactions and agreements among anonymous parties without requiring any legal system, external enforcement mechanism, or central authority.
Published on Aug 28, 2022
