Zilliqa's sharding technology is based on the Proof of Work (PoW) consensus algorithm, which is used by Bitcoin and other cryptocurrencies. However, Zilliqa has added a few enhancements to PoW to make it more efficient and secure. For example, Zilliqa uses a dynamic sharding mechanism that adjusts the number of shards based on the network's transaction volume. This allows the network to scale up or down as needed, which helps to optimize resource usage.
Another key feature of Zilliqa is its smart contract language, Scilla. Scilla is designed to be more secure and easier to use than other smart contract languages like Solidity. It is designed to prevent common security vulnerabilities like reentrancy attacks and integer overflow errors. Scilla is also designed to be easier to analyze and verify than other smart contract languages. This makes it easier for developers to write and deploy secure smart contracts on the Zilliqa platform.
Zilliqa was first launched in 2017 with a private sale of tokens. The platform raised $22 million in its initial coin offering (ICO) and went live in January 2019 with the release of its mainnet. Since then, the Zilliqa team has continued to develop the platform and expand its ecosystem. In 2020, the platform announced the launch of its non-custodial staking platform, which allows ZIL holders to earn rewards by staking their tokens.
Overall, Zilliqa is a promising blockchain platform that offers unique features like its sharding technology and Scilla smart contract language. Its team is actively developing the platform and expanding its ecosystem, which makes it an interesting project to watch in the blockchain space. While Zilliqa is not as well-known as other blockchain platforms like Bitcoin and Ethereum, its innovative technology and strong development team make it a project to keep an eye on.