IntroductionIn this Part 1 of YouTube video mini-series, broken into several parts, I am going to deep-dive into Zilliqa and how it works, and share on whether Zilliqa is a good long-term investment. - The issues with Bitcoin and Ethereum - What is decentralization? - What is Delegated Proof of Stake? - What is Sharding? Watch all parts here: Part 1: https://youtu.be/GZYGTDrLPds Part 2: https://youtu.be/pDdWWFmPe_E Part 3: https://youtu.be/o5Rxy_sIdAA Part 4: https://youtu.be/8Nrqk-6zfjE Part 5: https://youtu.be/7byFLO9Gl0U By Zilliqa Zebra, a grazing investor and an ardent supporter of the Zilliqa initiative. The issues with Bitcoin and EthereumPopular blockchain networks, such as Bitcoin and Ethereum, are suffering from slow transactions speeds and expensive transaction fees. In fact, as of February 2021, the average transaction fee for Bitcoin is $14.25 USD per transfer! Since then, there are many cryptocurrency start-ups created to solve this scalability issue. Zilliqa is one of them. Using its own unique sharding technology, Zilliqa believes it can finally solve the scalability problem that has prevented many mainstream or traditional companies from testing the water with blockchain technology. What is decentralization?In a simple way, the blockchain network needs to achieve consensus among all the participating nodes. So, in order to verify one transaction, the participating nodes have to agree that it’s indeed a valid transaction. That’s why it’s called “decentralization,” so no one centralized power can just say something, and everybody else is forced to believe it. The bigger the network is, the harder it is to achieve consensus. The analogy is like when you are with four family members VS if you are with hundreds of other people. It will be easy to achieve an agreement with your family members, isn’t it? But, imagine if the same agreement has to be made among hundreds of people. Obviously, it would be much harder. What is Delegated Proof of Stake?Many newer blockchain platforms tried to solve scalability problems by introducing different consensus algorithms, especially Delegated Proof of Stake. These representatives will verify all the transactions in the blockchain And then, there’s Zillqa. The core team of Zilliqa understood this exact problem with blockchain scalability. And of course, they don’t want a simple fix like using DPoS consensus and ignore the core of the scalability problem itself. Zilliqa’s idea is to use sharding technology. The concept of Zilliqa’s sharding is to break down the nodes every 600 nodes. This breaking down process is called “sharding.” So, when there are 1200 nodes, we get two shards. When there are 1800 nodes, we get three shards. And so on. What is Sharding?Each shard will have to process a certain part of the blockchain transactions. To give you an idea of how it is going to work, I will give you an example. Imagine when there are six shards in total. Each of these shards will have to process one-sixth of the blockchain transactions in the form of “microblocks”. Continue watching at Part two.
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AuthorZilliqa Zebra provides news, updates, how-to, guides and all things related to the Zilliqa, the first public blockchain to implement sharding on its mainnet. Zilliqa Zebra is an ardent supporter of the Zilliqa blockchain. ArchivesCategories |