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  • Writer's pictureEmre Ata

How to buy Zilliqa?

Updated: Mar 6, 2021

How to buy Zilliqa?

Blockchains have an inherent problem. The more nodes there are in the network, the more difficult it is for the consensus to work. The speed with which consensus can be reached in a blockchain is directly dependent on the size of the network. Solutions to this problem generally focus on storing certain information off-chain or increasing the block size. These solutions may work for a while, but they do not solve the basic problem. In order to make blockchains more interesting, the entire blockchain would ultimately have to be changed. Zilliqa tries to reach a faster consensus in larger networks like Binance. The question is: How to buy Zilliqa? Zilliqa is a platform that is the only one of its kind so far. This high throughput blockchain platform is designed to scale transactions.

How to buy Zilliqa
How to buy Zilliqa

Zilliqa found a way to have more transactions carried out on a blockchain as more nodes join the network. The creators of the platform have approached blockchain technology from scratch. The protocol developed by Zilliqa increases the throughput of the network for every node that joins. The technology would enable the scalability of blockchains up to a million nodes. To put that in perspective: The Bitcoin blockchain currently has around 10,000 nodes.

The secret behind the Zilliqa network is a technique called sharding. Zilliqa's protocol divides the nodes in the network into groups of nodes. Each of these groups is a shard. In a Zilliqa network with many nodes, shards would be represented. These shards each processing part of the transactions in the network. In simple terms, if there were existing shards, each shard would handle one of the transactions. The more shards there are, the more the network can distribute the workload. Each shard processes its assigned transactions into a block. At the end of the processing, the micro blocks are reassembled into one large block, which is then added to the blockchain.

What Is The Zilliqa Coin And What Is It Used For?

The Zilliqa Coin, with the ticker symbol, describes a new type of cryptocurrency that was developed to counteract the problem of scalability. Zilliqa brings the theory of Sharing, with all associated projects that are intended to expand the network. The platform was developed to enable decentralized and data-driven applications. Zilliqa has been in development for two years and there is constant research into it. The core feature of Zilliqa, which makes the cryptocurrency unique, is the sharding system used. This can process transactions in parallel, as the transaction throughput increases linearly with the network size. If each of these shards could process transactions per second, all of the shards would process 100 transactions per second.

Zilliqa has also developed its own cryptocurrency for the platform's ecosystem. The Zilliqa token serves as a reward for mining activities and to pay transaction fees in the Zilliqa network. At the moment the Zilliqa token is still based on the blockchain. When the Zilliqa network goes online, the cryptocurrency will move to this network too. The price increase means that millions are now available.

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