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Zilliqa Announces New Network Update – What We Need To Know

Zilliqa Announces New Network Update – What We Need To Know

Cryptodnes2024/06/09 03:55
By:Cryptodnes

Zilliqa, a blockchain network, has officially published its White Paper and Roadmap for its anticipated update to version 2.0, which is scheduled to launch on the mainnet later in 2024.

The network hard , that the new version will improve the platform by making it faster, more efficient and interoperable with other blockchains.

The main feature of Zilliqa 2.0 is its “sharding” architecture known as x-shards. This architecture allows enterprises and developers to create customized blockchain solutions to meet their specific needs, enabling a wide range of applications on the Zilliqa platform.

Sharding is a technique used in blockchain and database systems to improve performance and scalability, allowing the network to process more transactions efficiently.

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In addition to x-shards, the White Paper also presents a new Proof-of-Stake consensus mechanism that replaces the energy-intensive Proof-of-Work system. This transition improves the environmental sustainability of the network, offers ultra-fast transaction finality and enhances security.

Additional features

Block time is adjustable, with the main network achieving an average block time of just two seconds. The update also includes a cross-chain communication hub that facilitates interaction between x-shards, the Zilliqa mainnet, and others blockchains , compatible with Ethereum Virtual Machine (EVM).

Zilliqa 2.0 is EVM compatible, allowing it to execute smart contracts written in Solidity and integrate with popular wallets such as MetaMask.

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Despite previous operational challenges, including a significant block production outage in December 2023 that halved daily transactions from 61,000 to around 30,906, full functionality has been restored.

The network will continue to support the Scilla programming language and ensure seamless collaboration between the two contract languages. New features include EVM compatible bill abstraction, smart bills and easy gas charge token conversion.

The move to proof-of-stake also prompted updates to the network's tokenomics. These changes aim to offer sustainable and attractive rewards for the staking token while reducing inflation.

 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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