Zilliqa, a prominent blockchain network, has officially unveiled the white paper and roadmap for its highly anticipated version 2.0 upgrade, set to go live on the mainnet later in 2024. The new version aims to enhance the platform by making it faster, more efficient, and compatible with other blockchain networks.
One of the key features of Zilliqa 2.0 is its innovative sharding architecture known as x-shards. This unique feature enables businesses and developers to create customized blockchain experiences tailored to their specific requirements, allowing users to bring their ideas to life on the Zilliqa platform. Sharding is a technique utilized in blockchain and database systems to improve performance and scalability, making networks more efficient and capable of handling increased transaction volumes without any slowdown.
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 shift not only makes the network more environmentally friendly but also enables rapid finality and heightened security. Block times can be adjusted as needed, with the root mainnet shard boasting an average block time of just two seconds. The upgrade also includes a cross-chain communication hub, facilitating seamless interaction between x-shards, the Zilliqa mainnet, and other Ethereum Virtual Machine (EVM)-compatible blockchains.
Zilliqa 2.0 is EVM-compatible, allowing it to support smart contracts written in languages like Solidity and integrate smoothly with popular wallets such as MetaMask. The network will continue to support Scilla and enable both contract languages to operate harmoniously. Additionally, features like EVM-compatible account abstraction will be included, enabling smart accounts and simplified token conversions for gas fees.
The network’s tokenomics have been revamped to align with the transition to proof-of-stake, offering attractive and sustainable rewards for token stakers while reducing inflation. Despite facing operational disruptions that affected block production on the mainnet, Zilliqa has since restored full network functionality. In December 2023, a block production interruption led to a significant drop in daily Zilliqa blockchain transactions, but the network has overcome these challenges.
Zilliqa’s white paper and roadmap release mark a significant milestone in its journey towards innovation and growth, showcasing its commitment to providing a cutting-edge blockchain platform for users worldwide.