The year 2021 will be remembered for several milestones in the growth and use of cryptocurrencies in India. With two weeks left in the year, global inflows in digital currency totaled $9.5 billion.
Total crypto inflows were $6.7 billion in 2020, and because of this rise in popularity of the crypto and blockchain space, it is important to educate the masses more about it. The 2021 AIBC is a setting example of the growth the blockchain and digital assets have received over the years.
Zilliqa is one blockchain-based project that made it big at the AIBC Summit in 2021. Zilliqa is a permissionless, public blockchain that aims to provide fast throughput by processing thousands of transactions per second.
It uses sharding as a second-layer scaling technique to address the issue of blockchain scalability and speed. Many decentralized applications are available on the platform, and beginning in October 2020, it will also include staking and yield farming.
Zilliqa Is World’s First Public Blockchain to Rely Entirely on a Shared Network
The development of Zilliqa began in June 2017, and the testnet became online in March 2018. The platform’s mainnet was introduced a little over a year later, in June 2019.
ZIL, Zilliqa’s native utility currency, is used to process network transactions and execute smart contracts.
The shared network feature enables it to reach high throughput and a high rate of transactions per second, hence resolving the scalability issue, according to the company.
Because each shard processes transactions independently, the number of transactions that can be processed per second increases as the network develops and the number of shards grows.
Furthermore, records are instantaneously posted to the Zilliqa blockchain after processing, requiring no additional confirmation time. Zilliqa aspires to be the blockchain of choice for large-scale enterprise applications, including advertising, gaming, entertainment, financial services, and payments.