Zilliqa Reveals Vision for 2.0 Upgrade: Enhanced Speed, Efficiency and Interoperability on the Horizon
Summary:
Zilliqa, a prominent blockchain network, has revealed plans for its version 2.0 upgrade, featuring improvements in speed, efficiency and interoperability. Central to the update is the innovative sharding design termed x-shards, enabling businesses to build tailored blockchain experiences. The upgrade also transitions from the energy-intensive proof-of-work system to a more environmentally friendly proof-of-stake consensus mechanism. Zilliqa 2.0 will integrate with the Ethereum Virtual Machine, support smart contracts, and work with wallets like MetaMask. Despite previous disruptions, the network vows to maintain support for Scilla and improved tokenomics under the proof-of-stake mechanism.
The blockchain network, Zilliqa, has formally unveiled its white paper and roadmap related to its much-awaited version 2.0 upgrade. This upgrade is slated for deployment on the mainnet in the latter part of this year. The refresh is intended to boost the platform's performance, increasing its speed, and facilitating compatibility with other blockchain networks. The key facets of Zilliqa 2.0 comprise an innovative sharding design, termed x-shards, which bestows businesses and developers with the flexibility to craft bespoke blockchain experiences, advancing their aspirations on the Zilliqa platform. As a widely acclaimed strategy in blockchain and database systems, sharding augments the operational efficiency and scalability of such networks, enabling them to process more transactions swiftly. Along with x-shards, the white paper also presents a novel proof-of-stake consensus mechanism, replacing the high energy-consuming proof-of-work system, thereby making Zilliqa more eco-friendly, and enhancing promptness of transaction finality and security. Average block time on the primary mainnet shard now stands at 2 seconds which can be further customized. Additionally, a cross-chain interaction hub is incorporated in the upgrade, simplifying communication among x-shards, the Zilliqa mainnet, and other Ethereum Virtual Machine-compatible blockchains. Zilliqa 2.0 is designed to be compatible with the Ethereum Virtual Machine (EVM), thereby supporting smart contracts written in languages like Solidity, and easily integrating with leading wallets like MetaMask. While preserving support for Scilla, it also introduces features such as EVM-compatible account abstraction for easy token conversions for gas fees and smart account functionalities. The switch to proof-of-stake, the network's tokenomics, ensures rewarding sustainable staking, whilst also keeping inflation levels in check. Despite facing operational disruptions that have resulted in decreased block production on its mainnet, functionality has since been restored. Earlier, in December 2023, due to technical issues, Zilliqa block production was impeded, leading to a drastic reduction, around 50%, in the volume of daily Zilliqa blockchain transactions.
Published At
6/7/2024 4:28:46 PM
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