What is Zilliqa and Zil

What is Zilliqa and Zil

SUMMARY KEYWORDS

crypto, blockchain, token, fiat currencies, episode, sharding, called, shard, nodes, transactions, singapore, process, ecosystem, splits, wallet, blocks, swap, platform, individuals, podcast

00:01

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travel Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily, Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto? Don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the lifestyle design studio. Here’s your host Crypto Travels Michael.

00:52

Hey, welcome to today’s episode, I’ll tell you this podcast is rather new. It’s just over a month old. And we already have listeners from 38 countries around the world in 226 cities. So if you’re a regular listener, you’re just tuning in. I welcome you. And without further ado, let’s jump into today’s episode. 

01:15

What is Zilliqa and Zil. Zilliqa is described as a high throughput blockchain platform. Zilliqa is a cryptocurrency project that aims to make blockchains faster and more scalable. It uses something called sharding technology to streamline the consensus process so that it can provide rapid transactions to process successfully more on sharding in a moment, 

01:40

Zilliqa is a Singapore based project. It was developed out of the National University of Singapore as a blockchain thesis project. two individuals co-authored a white paper in 2016 that discusses the idea of blockchain sharding, I share their white paper on our site under today’s episode. 

01:59

So in June of 2017, Zilliqa was launched. It was founded by four people and these individuals are computer scientists, researchers and engineers. on Zilliqa website they state that they are committed to delivering a scalable and secure platform for developers and enterprises who wish to build decentralized applications. As Bitcoin and aetherium grow, their digital ledgers become larger and slower to process. On top of this, as more nodes are processing blocks, the longer it takes to reach majority consensus. zilliqa solves and improves this by splitting nodes. 

02:40

These shards validate micro blocks simultaneously with other shards and the micro blocks are subsequently combined to create a single block on the blockchain. This is intended to increase the speed of the blockchain transaction processing, so to differentiate itself from others Zilliqa uses the sharding process which splits its infrastructure into several interconnected blockchains to support more transactions.

03:06

 That’s another way of saying Zilliqa launched Scilla, which is their native smart contract programming language. It focuses on security and enables developers to write and launch customizable dapps, which is intended to replicate real world services. So you may be asking yourself what is sharding? 

03:27

I really liked the description that the crypto exchange Kraken uses to describe what is sharding they describe it as sharding is a structural technique that splits the network into several pieces or shards, allowing nodes to only process a fraction of the network’s transactions. Each shard acts as its own blockchain and allows nodes assigned to them to store data, process transactions and add new blocks to their specific shard chain called micro blocks. Micro blocks are then combined into a transaction block by directory service nodes or d s notes to be then added to the zilliqa blockchain. The shard nodes contain a specific subset of the zilliqa blockchain and do not have to store silicas entire history. 

04:16

Another interesting note about Zilliqa is they created a cryptocurrency which is native to the Zilliqa network. This cryptocurrency is called Zil or as it is known the Zil token. So Zilliqa also offers a governance Zil token called gzil, which enables long term token holders to play a part in the Zilliqa ecosystem. You can stake tokens directly through their own portal called zillion like million imagine zilean. Zilliqa also offers a wallet for tokens in their ecosystem. 

04:52

It is called Zil Pay, it is installed in your web browser much like the MetaMask wallet. You can then connect to your Zil pay wallet With zil swap to swap tokens from their ecosystem. I’m on Zilswap right now and I count 26 different tokens that you can swap or acquire using zil swap. I use zil swap to swap zil for another token called XSGD which is a Singapore dollar back coin or token so the value of x s g d will be whatever the value is of the Singapore dollar. 

05:27

Sometimes I have different tokens and one of the exchanges or one of my many wallets that I want to exchange for a specific token on Zilswap. Since the Singapore dollar is one of my favorite fiat currencies I use both Zil pay and Zil swap to swap or exchange back and forth between the Zil token and the Singapore dollar based token called x s GD 

05:50

I definitely prefer cryptocurrencies more than fiat currencies these days since nearly all crypto currencies have a limited supply and a limited amount of tokens compared to the fiat currencies which are backed by countries which essentially are printing more and more currency into the total supply. This weakens and lowers the value of my Fiat For this reason, I prefer cryptocurrencies. 

06:11

However, one of my personal favorite fiat currencies is the Singapore dollar in my opinion, it appears more stable than many other fiat currencies that I’ve come across in my decades of traveling and investing and thanks to Zilliqa and everything they have accomplished I can easily exchange or swap tokens to acquire XSGD token. Another place I hold Zil and XSGD is the safe power wallet and I use the app on my cell phone using safe power I can swap other tokens for Zil an XSGD by having safe power connected to other daps inside of safe power app on my phone more about safe power. In a future episode I will be doing an episode all about safe pal. 

06:56

So back to Zilliqa. You can also buy NFT’s using zilliqa network their platform they have something called ZilStars calm where anyone can purchase NFT’s and let me see here 

07:09

I’m currently on there now and I’m looking at a super pack of 10 individual football or soccer stars NFT’s that are for sale as you can tell zilliqa has many different things going on in their ecosystem. So for now, this brings us to a close and this was just an overview of what is Zilliqa today and what is Zil as well as what is Gzil the governance token if you remember, so I trust that this has been helpful for you. And I’ll join you here tomorrow as I go over something new in crypto. Until then make it a great day.

07:44

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