In the debate over Zilliqa (ZIL) vs the META blockchain, there are a lot of different aspects to cover. Both of these platforms provide smart contract programmable blockchains to the market. However, these projects focus on two entirely different sectors of the economy. Here’s everything you need to know when discussing META blockchain vs Zilliqa (ZIL).
What is Zilliqa (ZIL)?
Zilliqa entered service in August 2017 as a high-performance blockchain. The developers geared the project to the commercial and enterprise sectors. Zilliqa was one of the first blockchains to integrate sharding into its structure. Sharding is a storage mechanism that breaks down data into smaller pieces and stores it off-chain. Sharded blockchains can take longer to retrieve data but provide near infinite scalability to the market.
What is the META Blockchain
The META blockchain lays the foundation for the greater META 1 Coin ecosystem. This decentralized fourth-gen blockchain was designed to handle transaction throughput on par with the world’s top exchanges. The blockchain provides a transparent and secure way for META 1 coin users to interact within the ecosystem.
The META blockchain provides an efficient and reliable platform for Dapp developers to create new and exciting applications. The blockchain operates using a DPoS (delegated proof-of-stake) mechanism that provides more scalability and responsiveness when compared to Proof-of-Work networks such as Ethereum.
What Problems Does Zilliqa (ZIL) Attempt to Fix?
Zilliqa is all about providing developers with more control over their works. The sharded nature of the platform empowers these programmers to create more immersive networks. The ability to leverage near unlimited storage creates more use cases for blockchain technology which furthers adoption across the board.
Zilliqa’s developers were keen to focus on reducing the energy consumption of the blockchain. The network leverages a PBFT consensus mechanism that is far less computationally intense than traditional PoW networks. The system accomplishes this task by only requiring PoW to take place every 100 blocks.
The sharded design of Zilliqa enables the platform to divide and process transactions in parallel. This capability provides the network with the ability to process thousands of transactions per second. Additionally, it enables the network to expand its computational power in a linear fashion.
This scalability directly equates to lower fees. Earlier networks such as Ethereum can see their rates rise during times of congestions. This rate increase is part of a broader system that was designed to raise these rates as a way to reduce spam on the networks. Zilliqa’s sharded nature eliminates these concerns and provides support for micro-payments and much more.
What Problems was the META Blockchain Built to Alleviate?
The META blockchain was designed to build upon Bitcoin’s primary purpose to provide an alternative to the centralized financial system. To that extent, META’s developers have taken great care to ensure the network is outside the jurisdiction of centralized banking. Additionally, the network is packed with wealth-generating features to improve your holdings.
The network introduces a powerful new stablecoin. The META 1 token is far from earlier versions of stablecoins such as Tether. This token represents the evolution of the market. It operates as a multi-asset-backed token.
The META 1 coin is backed by a basket of gold-related assets. These assets increase in value as time goes by. In turn, this provides the token with self-appreciating characteristics. To build upon this advantage, the developers introduced some value control mechanisms such as the smart contract 6. This protocol prevents large whale dumps by verifying all META 1 coins are sold for asset value.
How Does Zilliqa (ZIL) Work?
Zilliqa takes the blockchain concept and adds another layer to it. The protocols sharded architecture is divided into multiple mining camps. This maneuver enables the network to approve transactions across camps simultaneously which improves throughput. Notably, Zilliqa is based on research conducted by the National University of Singapore (NUS).
The native utility token of the network is ZIL. ZIL is a versatile cryptocurrency that enables users to send value across borders in a frictionless manner. It’s also what the network uses to process smart contracts and pay rewards.
Uniquely, Zilliqa introduces the Scilla programming language to the market. This smart contract language improves security and adds flexibility to the market. Scilla leverages a peer-reviewed approach to provide confidence and efficiency to the network.
Zilliqa uses an Elliptic Curve Based Schnorr Signature Algorithm (EC-Schnorr) and SHA3 hash function to keep the network safe across its sharded structure. Interestingly, SHA3 is based on an Ethereum coding called Keccak. The system only uses PoW to prevent Sybil attacks and generate node identities.
How Does META Blockchain Work?
The META blockchain provides full transparency to the inner workings of the METANOMICs universe. This network includes a variety of helpful features to take your holdings up. The platform combines a high-performance DEX (decentralized exchange) with a combination of DeFi features.
Users can trade their favorite cryptocurrencies and acquire META 1 coins using the DEX. Once you hold META 1, there are a variety of ways to secure ROIs with minimal risk. The platform supports staking. Staking requires you to lock your cryptocurrency into a network wallet for a predetermined time. The longer you stake, the higher your rewards.
Staking is very popular because it doesn’t leave your profits up to chance. Unlike trading, which requires you to relinquish ownership of your assets to earn profits, staking enables you to keep your coins and see returns.
For those who find staking to be still a mystery, there are other options such as savings accounts to help you earn. The META 1 coin savings account feature pays out 20x more than fiat currencies. Best of all, there are no KYC requirements to use these services.
Zilliqa (ZIL) vs META Blockchain
There are some serious differences between Zilliqa and META that make them both suited for their particular tasks. Zilliqa’s goal is to improve corporate and enterprise adoption by streamlining integration. On the flip side, META is about creating an entirely new economy that is fairer and more profitable than the current corrupt networks in place. As such, these two platforms should be looked at as two sides of the crypto adoption coin rather than actual competition.