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The financial services industry has become a graveyard of Proof-of-Concepts (POC), with projects that never see the light of day. Amongst these POCs are cases where a blockchain need not be deployed, and there are others which have been hindered by existing blockchain protocols that do not scale.
We decided to remove this hurdle by building a clean-slate protocol that could scale but without compromising resilience and security.
Zilliqa is a new blockchain platform that is designed to scale in an open, permission-less distributed network securely.
Scalability — The bottleneck for blockchains
One of the most pressing problems facing blockchain platforms is their lack of scalability, i.e., the ability to handle a larger number of transactions per second as the network grows.
It has been widely discussed that existing blockchains are not able to scale for the next generation of Internet-style applications. An often cited example is the 7–10 transactions/second (TX/s) available in Bitcoin and Ethereum today, and the demands of payment processing in centralised operators (e.g., VISA, MasterCard) for supporting thousands of TX/s.
How does Zilliqa differ from existing protocols?
Scalability. The core feature that makes Zilliqa scalable is sharding — dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel.
The Zilliqa team proposed the theory of sharding in a paper in 2015, and since then this protocol has been under research, refinement and active development.
Read more about Zilliqa here
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