What is Zilliqa?
One of the key challenges facing both Bitcoin and Ethereum is their lack of scalability. Specifically, Bitcoin processes about 7 transactions per second, while Ethereum can take about 10. Compare that to Visa: ~4,000 transactions per second. It’s obvious that neither Bitcoin nor Ethereum could displace the incumbent payments processors without increasing their throughput.
Zilliqa aims to solve precisely that problem. In their whitepaper they explain how they intend to launch a new blockchain which can process “a thousand times the transaction rates of Ethereum”. The way they will do this is by sharding – effectively parallelizing the processions of transactions by dividing the mining network into smaller shards.
Who’s behind Zilliqa?
Most of the team behind Zilliqa has a connection to the National University of Singapore (NUS). Both CEO Xinshu Dong and Chief Scientific Advisor Prateek Saxena are researchers at NUS. Furthermore, Kyber Network’s CEO Loi Luu is listed as an advisor, and he also works as a researcher at NUS. Luu recently retweeted a post by the Zilliqa team with experimental results from their testnet. No doubt, this is a team with plenty of blockchain expertise. This interview with CNBC shows CEO Xinshu Dong talking about the scalability problem for existing blockchain platforms. He reveals that their vision is to arrive at around 10,000 transactions per second.
What about the ICO?
An ICO has yet to be announced, but this tweet seems to indicate that an ICO is on the way. Make sure you sign up to our mailing list so we can let you know if a whitelist opens up. It’s still early days for Zilliqa, but what they’re trying to achieve could certainly be disruptive – not only to traditional players like Visa, but also to the existing blockchain giants Bitcoin and Ethereum.