What You Need to Know About Zilliqa’s (ZIL) Mainnet Launch
Zilliqa (ZIL), a new security-oriented blockchain platform designed for high-throughput transaction speed, is preparing to launch its mainnet this week, bringing a number of important updates to the project.
The launch is scheduled for January 31, roughly a year after the project’s token generating event. In that time, the project has pushed through more than 7,000 GitHub commits, according to the team.
The Zilliqa Mainnet is launching 31 Jan 2019. ERC20 ZIL tokens can continue to be transferred till end June 2019, when token swap is expected to complete. There is currently no action required from exchanges, wallets, token holders.
— Zilliqa (@zilliqa) January 30, 2019
At the core of the mainnet launch is the new sharding functionality for both regular payment transactions and those that invoke smart contracts. Once launched, Zilliqa will become the first public blockchain to implement sharding after leveraging the technology to achieve a throughput of 2,828 transactions per second in its testnet, a significant boost over Ethereum’s average of 7-15 per second.
Technically speaking, processing smart contracts on a sharded architecture is complex and has a set of challenges that Zilliqa has been actively addressing throughout its development. To help simplify development, especially for third-party teams, Zilliqa developed the smart contract language, Scilla, to addresses several known security vulnerabilities in existing languages.
“Zilliqa uses a combination of PoW and PBFT [Practical Byzantine Fault Tolerance], where, PoW is only used for Sybil resistance, while, PBFT is used for consensus,” the Zilliqa team states. “Since the PoW period on Zilliqa will last for roughly 1 min every 2–3 hours, we believe that the energy footprint of mining on Zilliqa will be much smaller compared to the blockchains that use PoW to reach consensus on every block.”
During the initial mainnet launch, the network will be in a bootstrap phase, which will be used to build up the blockchain to run more efficiently and to defend against attacks when hash power is low. During the bootstrap phase, miners will get mining rewards, but no transactions will be processed.
Once the bootstrap period is over, which is anticipated for March, Zilliqa will conduct its token swap to issue the native cryptocurrencies for the new blockchain. This will likely be handled by most major exchanges that ZIL is currently listed on, including Binance, Huobi, Bithumb and Digifinex.
ZIL is currently down more than 77% over the past year, bringing the altcoin’s market cap to $168.2 million. However, ZIL is up 8% over the past month leading up to the launch.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.