Blockchain platform Zilliqa releases mainnet

After more than 18 months of work, blockchain platform Zilliqa has released a mainnet it believes will provide the supporting infrastructure for the next generation of DApps.

Core features of the Zilliqa mainnet

Sharding: The network supports transaction sharding for both regular payment transactions and those that invoke smart contracts.

PBFT-style blockchain: Zilliqa will be one of the very few PBFT-style (Practical Byzantine Fault Tolerance) blockchains available today. A PBFT-style consensus mechanism is efficient and gives finality to transactions so that confirmations are not required.

Safe smart contracts: The protocol comes shipped with Zilliqa’s new safe-by-design smart contract language, Scilla.

Dual and eco-friendly mining: By using PoW only for Sybil resistance, the energy footprint of mining on Zilliqa will be much smaller compared to the blockchains that use PoW to reach consensus on every block.

Low variance in block rewards:  A novel incentive mechanism to reward miners by measuring their contributions in the consensus protocol allows thousands of (or more) miners to be rewarded for a single block.

Securing the Initial Network against Potential Attacks

Security is a key stated Zilliqa priority, the company said in a release. Therefore, the Zilliqa mainnet is released with several protection mechanisms and conservative settings.

“We will first launch the network in a bootstrap phase to ensure that our network is protected against attacks while the hash power is still relatively low,” co-founder and CEO Xinshu Dong said. “It will automatically end once a set number of blocks are mined – we anticipate this to happen around March 2019, and we will keep our community and friends updated on progress.”

Guard nodes will spawn automatically to join the network for safeguarding purposes. The number of such nodes are dynamically adjusted to maintain network size and stability. They will be phased out over time, and replaced by community-run nodes.

Lookup and Seed nodes will maintain the transaction history and the global state of the blockchain to offload the full storage responsibility from the nodes that run consensusSeed nodes also provide additional resilience against Denial-of-Service (DoS) attacks by serving as the gateway for users and clients to access the Zilliqa network. All functions are expected to be passed to consensus nodes over time.

Enabling blockchain-powered solutions with real value-add

Zilliqa remains focused on enabling blockchain-powered solutions that bring real value to users rather than “blockchain for the sake of blockchain”, Mr. Dong said.

“We believe that this allows the industry to grow in a meaningful manner, by demonstrating the potential of the technology.”

Zilliqa is also working on several new initiatives.

Project Proton: Zilliqa is working with Mindshare to trial a blockchain-based digital advertising supply chain by providing a secure, scalable blockchain that can handle complex business applications, a smart contract that can help determine payouts quickly, and a dashboard to help advertisers better visualize and optimisz based on viewability. The first live campaign will launch in Q1 2019.

Hg Exchange: Zilliqa will be powering Hg Exchange, which will be the first member-driven exchange in Southeast Asia for privately-held shares and STOs. The exchange is envisaged to provide access to high-growth startups and decacorns such as Uber, Grab and Space X. Hg Exchange has applied for the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox – typically this approval takes a few weeks to a few months.

BOLT: BOLT, an open entertainment economy where users are rewarded for engaging within the BOLT ecosystem, has recently been granted mobile content transmission rights for Southeast Asia by the International Cricket Council (ICC) for the 2019 Cricket World Cup. They will transition to the Zilliqa mainnet to support the thousands of transactions that will occur on the platform.

EMONT Frenzy: EMONT Frenzy, a decentralized underwater game where players enter as fish to collect tokens and battle with others, is expected to launch in April 2019. This is part of our collaboration with EMONT Alliance to address the scalability issue for blockchain games.

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