Blockchain network Zilliqa has officially released the white paper and roadmap for its highly anticipated version 2.0 upgrade, which will deploy on the mainnet later in 2024.
According to the network, the new version promises to improve the platform, making it faster, more efficient and capable of working with other blockchain networks.
New features in Zilliqa 2.0
At Zilliqa 2.0’s core is its sharding architecture, called x-shards. This feature allows businesses and developers to create customized blockchain experiences tailored to their needs, enabling users to build whatever they envision on the Zilliqa platform.
Sharding is a method used in blockchain and database systems to enhance the performance and scalability of blockchain networks. It makes them more efficient and capable of handling more transactions without slowing down.
In addition to x-shards, the white paper introduces a new proof-of-stake consensus mechanism, replacing the energy-intensive proof-of-work system. This change makes the network more environmentally friendly, enabling ultra-fast finality and increased security.
Block times can also be adjusted as desired. The root mainnet shard features an average block time of just two seconds. The network upgrade also features a cross-chain communication hub, making it simple for x-shards, the Zilliqa mainnet and other Ethereum Virtual Machine (EVM)-compatible blockchains to interact.
Zilliqa 2.0 is EVM-compatible, allowing it to run smart contracts written in languages like Solidity and work seamlessly with popular wallets like MetaMask.
Related: Zilliqa on-chain transactions plunge amid ‘technical issue’
The network will continue to support Scilla and allow both contract languages to work together smoothly. Additionally, it will include features like EVM-compatible account abstraction, enabling smart accounts and easy token conversions for gas fees.
The network’s tokenomics have also been updated to support the switch to proof-of-stake. This change provides attractive and sustainable rewards for those who stake their tokens while also reducing inflation.
Zilliqa’s storms
Zilliga’s white paper and roadmap release follow several operational disruptions that impacted block production on its mainnet. However, full network functionality has been restored.
In December 2023, an “interruption to block production” saw daily Zilliqa blockchain transactions plunge roughly 50%, from around 61,000 to 30,906.
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Sourced from cointelegraph.com.
Written by Amaka Nwaokocha on 2024-06-07 13:28:46.
