Zilliqa, a prominent blockchain network, has officially unveiled the white paper and roadmap for its highly anticipated version 2.0 upgrade, set to launch on the mainnet later in 2024. This new version is poised to enhance the platform, making it faster, more efficient, and interoperable with other blockchain networks.
One of the key features of Zilliqa 2.0 is its innovative sharding architecture known as x-shards. This architecture empowers businesses and developers to create tailored blockchain experiences, allowing users to materialize their ideas on the Zilliqa platform. Sharding, a technique used in blockchain and database systems, significantly boosts network performance and scalability, enabling it to handle more transactions without compromising speed.
In addition to x-shards, the white paper introduces a new proof-of-stake consensus mechanism, replacing the energy-intensive proof-of-work system. This transition not only makes the network more eco-friendly but also facilitates ultra-fast finality and heightened security measures. Block times can be adjusted as needed, with the root mainnet shard boasting an impressive average block time of just two seconds.
Moreover, the network upgrade incorporates a cross-chain communication hub, simplifying interaction 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 written in languages like Solidity and seamless integration with popular wallets such as MetaMask.
Despite facing operational disruptions that affected block production on its mainnet, Zilliqa has successfully restored full network functionality. The updated tokenomics now support the shift to proof-of-stake, offering attractive rewards for token stakers while curbing inflation. The network also continues to support Scilla and facilitates the seamless collaboration of different contract languages, alongside features like EVM-compatible account abstraction for smart accounts and easy token conversions for gas fees.
Zilliqa’s version 2.0 release signals a new chapter for the network, paving the way for enhanced performance, improved scalability, and seamless interoperability with other blockchain networks.