Back to main

Zilliqa Unveils Groundbreaking 2.0 Upgrade: Faster, Eco-Friendly Blockchain with Enhanced Interoperability Set for 2024 Launch

Zilliqa has recently unveiled its white paper and roadmap for the much-anticipated 2.0 upgrade, set to launch on the mainnet in late 2024.

This upgrade is poised to enhance the blockchain’s functionality by increasing its speed, efficiency, and interoperability with other blockchain systems.

Central to Zilliqa 2.0 is the innovative sharding architecture, known as x-shards.

This allows for the creation of tailored blockchain applications to meet specific business and developer needs, fostering a flexible development environment on the Zilliqa platform.

Sharding is a technique that boosts the scalability and performance of blockchain networks by distributing the load across multiple smaller chains, enabling them to process more transactions without a drop in speed.

The upgrade introduces a significant shift from the proof-of-work (PoW) consensus mechanism to a more sustainable proof-of-stake (PoS) system.

This move not only reduces the network’s environmental footprint but also enhances transaction finality and security significantly.

Another key feature is the adjustable block times within the network, with the root mainnet shard boasting an impressive average block time of just two seconds.

Moreover, Zilliqa 2.0 includes a cross-chain communication hub, facilitating seamless interactions between x-shards, the Zilliqa mainnet, and other Ethereum Virtual Machine (EVM)-compatible blockchains.

READ MORE: CryptoUK Releases Comprehensive Guide to Navigate U.K.’s Crypto Travel Rule Compliance

Zilliqa’s compatibility with the EVM also extends to supporting smart contracts written in popular languages such as Solidity, and integration with widely-used wallets like MetaMask.

The network maintains support for its native programming language, Scilla, allowing both Scilla and Solidity contracts to operate cohesively.

Additional features aimed at enhancing user experience include EVM-compatible account abstraction, which simplifies smart accounts and token conversions for gas fees.

The network’s revised tokenomics model, aligned with the shift to PoS, promises attractive, sustainable staking rewards and aims to curb inflation.

This roadmap release comes after Zilliqa faced several operational issues that disrupted block production on its mainnet.

Despite these challenges, the network has successfully restored full functionality.

Notably, in December 2023, a disruption caused daily blockchain transactions to drop by approximately 50%, from 61,000 to 30,906.

To submit a crypto press release (PR), send an email to [email protected].

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer