What is the purpose of Zilliqa?

What is the purpose of Zilliqa? Blockchain technology has revolutionized various industries over the years, including finance, healthcare, and logistics. However, the technology has also faced criticism due to its high energy consumption, which has raised concerns about its environmental impact. Fortunately, Zilliqa, a high-performance blockchain platform, is making significant strides in addressing these concerns by implementing sustainable solutions. You can click here to trade Zilliqa.

What is the purpose of Zilliqa?

Zilliqa is a blockchain platform that was launched in 2017 with the aim of addressing the scalability and security issues faced by other blockchain platforms. The platform uses sharding technology, which allows it to process transactions in parallel, significantly increasing its throughput. Moreover, Zilliqa is designed to be highly secure, thanks to its use of the Proof of Work (PoW) consensus algorithm.

What is the purpose of Zilliqa? It is used as a gas to execute smart contracts, as a reward for miners, and also to pay network transaction fees.
What is the purpose of Zilliqa? It is used as a gas to execute smart contracts, as a reward for miners, and also to pay network transaction fees.

Purpose of Zilliqa in sustaining blockchain technology

  1. It ensures the sustainable mining of cryptocurrencies
  2. It reduces carbon footprint
  3. Partnerships with others to promote blockchain sustainability

It ensures the sustainable mining of cryptocurrencies

One of the most significant criticisms of blockchain technology is the high energy consumption required for mining, which has led to concerns about its impact on the environment. However, Zilliqa is taking a different approach to mining that is much more sustainable.

Zilliqa uses a hybrid consensus algorithm that combines PoW with a practical Byzantine fault tolerance (pBFT) consensus mechanism. This approach ensures that the network is secure while minimizing the energy consumption required for mining.

Additionally, Zilliqa has implemented a smart contract called Scilla that enables developers to create more energy-efficient mining algorithms.

It reduces carbon footprint

Apart from using a sustainable mining approach, Zilliqa is also committed to reducing its carbon footprint. The platform has partnered with ClimateTrade, a carbon offsetting platform, to offset its carbon emissions. ClimateTrade uses blockchain technology to make carbon offsetting more transparent and accessible, enabling individuals and businesses to offset their carbon emissions quickly and easily.

Zilliqa also uses a green hosting provider that uses renewable energy sources such as wind and solar power. The provider also uses energy-efficient hardware to reduce the energy consumption required to run the platform.

Partnerships with others to promote blockchain sustainability

Zilliqa has also partnered with other companies that are committed to sustainability. One such company is Project Hydro, a blockchain platform that is working on solutions to reduce plastic waste in the ocean. Zilliqa and Project Hydro are working together to create a decentralized identity solution that can be used to track and reduce plastic waste in the ocean.

Zilliqa has also partnered with Xfers, a Singapore-based fintech company that provides payment solutions. The partnership aims to create a more sustainable payment ecosystem by leveraging blockchain technology.

Conclusion

Zilliqa is making significant strides in making blockchain sustainable. The platform’s sustainable mining approach, commitment to reducing its carbon footprint, and partnerships with other sustainable companies demonstrate its commitment to sustainability. With the world becoming more conscious of its environmental impact, Zilliqa’s efforts toward sustainability are commendable.

Last Updated on November 2, 2023 by Nansel Nanzip Bongdap