IntroductionIn this Part 3 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. - Why are gas fees cheaper with Zilliqa? - What are gas fees or prices? - What is Scilla language? - What are the advantages of Scilla? 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. Why are gas fees cheaper with Zilliqa?So why are gas fees much cheaper for Zilliqa? The gas fees on the ethereum network fluctuate up and down depending on how congested the network is. Sometimes it can go as high as a few USD dollars. But Zilliqa fees are extremely low because they can process transactions at a much faster speed. Additionally, ZIL is also used to reward miners for verifying transactions on the Zilliqa network. What are gas fees or prices?Zilliqa's consensus algorithm requires nodes to vote on each block and hence each transaction therein.Every transaction that goes to the network has a gas price -- which is the price (in $ZIL) per gas unit that the sender is willing to pay to the miners to process the transaction. In order to ensure that miners do not impose a gas price of their own which could make it impossible to agree on transactions, the Zilliqa protocol maintains a global minimum gas price that all miners will accept. The network runs an algorithm to compute the acceptable global minimum gas price that the entire network will agree upon. Essentially, the algorithm decides on the gas price depending on the network congestion in the last few epochs. Each payment transaction consumes 1 gas unit and therefore, the gas to be paid for a payment transaction is 0.002 ZIL. Scilla comes with an in-built gas accounting module that keeps track of gas consumed as the Scilla interpreter executes a contract. What is Scilla language?Scilla (short for Smart Contract Intermediate-Level Language) is a smart contract language developed for the Zilliqa blockchain. Smart contracts make it possible for mutually distrusting parties to execute an agreement with efficiency and transparency without the need of an arbitrator. What are the advantages of Scilla?Scilla is a peer-reviewed smart contract language created by academics from the ground up. It has been designed as a principled language with smart contract safety in mind. An extensible static analysis framework and an automated scanner is provided to help developers identify generic security vulnerabilities directly at the language level. Scilla provides developers with more sanity-checkers in addition to static type-checkers. This makes comprehensive testing much easier. Have you found this useful? Do continue watching at part four of this mini youtube series!
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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 |