Zilliqa, a prominent blockchain network, has officially unveiled its white paper and roadmap for the upcoming version 2.0 upgrade, set to launch on the mainnet later in 2024. The network aims to enhance its platform by introducing new features that will boost speed, efficiency, and interoperability with other blockchain networks.
At the heart of Zilliqa 2.0 lies its innovative sharding architecture, known as x-shards. This revolutionary feature empowers businesses and developers to craft tailored blockchain experiences to suit their specific requirements, allowing users to materialize their visions on the Zilliqa platform.
Sharding, a proven method in blockchain and database systems, enhances network performance and scalability, making it more adept at handling increased transaction volumes without compromising speed. Additionally, the white paper introduces a novel proof-of-stake consensus mechanism to replace the energy-intensive proof-of-work system, paving the way for a greener network with rapid finality and heightened security.
Block times are customizable in the upgraded network, with the root mainnet shard boasting an average block time of just two seconds. Moreover, the upgrade features a cross-chain communication hub that simplifies interactions between x-shards, the Zilliqa mainnet, and other Ethereum Virtual Machine (EVM) compatible blockchains.
Zilliqa 2.0 is EVM-compatible, enabling the execution of smart contracts coded in languages like Solidity and seamless integration with popular wallets such as MetaMask. The network will continue to support Scilla and facilitate smooth collaboration between different contract languages. Additionally, it will incorporate features like EVM-compatible account abstraction, facilitating smart accounts and convenient token conversions for gas fees.
To align with the transition to proof-of-stake, Zilliqa has updated its tokenomics to offer attractive rewards for token stakers while reducing inflation. This adjustment is designed to incentivize token holders to stake their tokens and contribute to network security.
The release of Zilliqa’s white paper and roadmap comes on the heels of operational disruptions that affected block production on the mainnet. Despite these challenges, the network has successfully restored full functionality. In December 2023, a block production interruption caused a significant drop in daily Zilliqa blockchain transactions, highlighting the importance of maintaining network reliability and resilience.
Overall, Zilliqa’s version 2.0 upgrade marks a significant milestone in the network’s evolution, promising enhanced capabilities, improved efficiency, and greater compatibility with other blockchain ecosystems.