Zilliqa asset was created in 2017 by a team of computer scientists and academics led by Prateek Saxena, Xinshu Dong, and Amrit Kumar. Zilliqa is a faster and more advanced blockchain platform built on top of the Zilliqa blockchain network. Zilliqa is the third generation platform after moving the network from ERC20 to the Zilliqa Mainnet, meanwhile, Bitcoin is the first generation, and Ethereum is the second generation platform.
This third generation platform emerged and tried to solve some of the issues affecting the slowdown of crypto assets. The main problem Zilliqa is trying to solve is scalability. Scalability is the ability of crypto assets to handle a large number of user transactions without slowing down. Scalable crypto assets can process transactions of many companies, such as Mastercard and Visa at high speed.
Zilliqa hopes to solve the scalability problem by using a sharding system. Thus, being the first to use the sharding system, and also receiving a lot of support from the crypto community, Zilliqa got an ICO in the year it was just created, namely 2017.
Sharding involves dividing the Zilliqa network into groups of nodes called shards. Each fraction consists of 600 nodes. The shard operates like a mini-blockchain network.
Sharding can process transactions separately from one another rather than as a group. That way, this allows more transactions to be processed. This also means that the network will process transactions faster as it grows. So, the more fractions, the more transactions they can process, you know!
Zilliqa asset has their own ERC20 token which is called Zilliqa Coin or ZIL. These ZIL coins are used to transact value on the network and reward nodes and miners for securing the network.
Until this video was made, there were around 10 billion Zilliqa Coin coins circulating in the world. The number of Zilliqa Coins targeted to circulate is up to 21 billion ZIL.