Zilliqa (ZIL) is a blockchain created to solve Ethereum’s scalability and transaction processing problems. Zilliqa’s core feature is that it is a good foundation to build applications and networks that require high transaction throughput.
Zilliqa accomplishes its high transaction through-put by using a sharded database. In a sharded database, nodes on the network are placed in subgroups that support a specific shard rather than the entire network. Transactions happen within each shard, and eventually, the transactions from each shard are aggregated into blocks and relayed to the main chain.
Unlike most blockchain networks, Zilliqa does not use a proof-of-work consensus algorithm. Instead, Zilliqa uses a consensus algorithm that is a combination of practical Byzantine fault tolerance (pBFT) and proof-of-work.In Zilliqa’s hybrid consensus, miners are only required to do proof-of-work consensus for five minutes out of every 1.5 hours. Miners are rewarded proportionately to how many signatures they validated during the 1.5 hour period; therefore, more miners receive a reward compared to miners on most blockchain networks. Zilliqa’s pBFT consensus is computationally-intense and cannot be run by GPU’s and ASIC’s.
Above are only for introduction, not intended as investment advice.
Explore the tokenomics of Zilliqa (ZIL) and review the project details below.
What is the allocation for Zilliqa (ZIL)?
With a maximum supply of 21 billion tokens, ZIL is allocated by the development team as follows:
- 30% is allocated to the market through the token sale
- 40% is allocated to Mining Rewards
- 12% is allocated to Zilliqa Research, encompassing research, community development, and marketing
- 10% is allocated for the Strategic Sale round
- 5% is held by the Zilliqa Team, unlocked
- 3% is reserved for the advisors
What is the supply schedule for Zilliqa (ZIL)?
ZIL's initial token release was on 31 August 2017. This token has a set maximum supply of 21 billion. Prior to its launch, Zilliqa allocated 60% of its tokens (equivalent to 12.6 billion ZIL) for distribution during the token generation event. The remaining 40% (8.4 billion ZIL) were planned to be generated through a mining process. Anquan Capital was reserved 10% of the total tokens (2.1 billion ZIL), while Zilliqa Research received 12% (2.52 billion ZIL). Additionally, 5% of the tokens were set aside for current and future members of the Zilliqa team, with a plan to distribute them quarterly over a three-year period.
The Zilliqa project was designed with a goal to mine all tokens within a span of 10 years, gradually decreasing the block mining rewards over time. As outlined in its whitepaper, the project aimed to have 80% of the tokens (16.8 billion ZIL) mined within the initial four years, leaving 20% (4.2 billion ZIL) to be mined in the subsequent six years.
Zilliqa (ZIL) is a blockchain created to solve Ethereum’s scalability and transaction processing problems. Zilliqa’s core feature is that it is a good foundation to build applications and networks that require high transaction throughput.
Zilliqa accomplishes its high transaction through-put by using a sharded database. In a sharded database, nodes on the network are placed in subgroups that support a specific shard rather than the entire network. Transactions happen within each shard, and eventually, the transactions from each shard are aggregated into blocks and relayed to the main chain.
Unlike most blockchain networks, Zilliqa does not use a proof-of-work consensus algorithm. Instead, Zilliqa uses a consensus algorithm that is a combination of practical Byzantine fault tolerance (pBFT) and proof-of-work.In Zilliqa’s hybrid consensus, miners are only required to do proof-of-work consensus for five minutes out of every 1.5 hours. Miners are rewarded proportionately to how many signatures they validated during the 1.5 hour period; therefore, more miners receive a reward compared to miners on most blockchain networks. Zilliqa’s pBFT consensus is computationally-intense and cannot be run by GPU’s and ASIC’s.
Above are only for introduction, not intended as investment advice.