Summary
TLDR: Zilliqa, a blockchain platform, has announced the launch of its non-custodial staking feature, allowing users to earn rewards by staking their ZIL tokens. This move aims to enhance decentralization and security while promoting community participation in the network. Furthermore, Zilliqa plans to introduce more features like governance voting and staking for ZIL-ETH bridging. This development is part of Zilliqa’s efforts to empower users and increase the network’s resilience.
Key Points
1. Scalability: One of the key features of Zilliqa is its ability to scale effectively as the network grows. It achieves this through the use of sharding, where the network is divided into smaller groups of nodes called shards, each capable of processing transactions in parallel. This enables Zilliqa to handle a high throughput of transactions, making it suitable for applications that require fast and efficient processing.
2. Secure and efficient consensus mechanism: Zilliqa utilizes a consensus mechanism called practical Byzantine fault tolerance (pBFT), which ensures the security and integrity of the network. It allows Zilliqa to achieve consensus quickly and efficiently, even in the presence of malicious actors. This consensus mechanism also helps to minimize energy consumption, making Zilliqa an environmentally friendly blockchain platform.
3. Smart contract platform: Zilliqa is a smart contract platform that supports the development and execution of decentralized applications (dApps). It uses a programming language called Scilla, which is designed to provide enhanced security guarantees for smart contracts. This ensures that dApps built on Zilliqa are more resistant to vulnerabilities and attacks. Additionally, Zilliqa offers interoperability with other blockchains, allowing seamless integration with existing ecosystems.