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Zilliqa: the burning of the ZIL coins has begun
Zilliqa: the burning of the ZIL coins has begun
Blockchain

Zilliqa: the burning of the ZIL coins has begun

By Alfredo de Candia - 12 Oct 2020

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As announced by the President of Zilliqa himself, Amrit Kumar, the team is starting the burning process for the ZIL coins

As many as 35 thousand ZIL tokens will be burned every 1.5 hours from the network. For every transaction that will be made a token burning will take place.

The Zilliqa blockchain uses a system similar to PoS (Proof of Stake), which is a hybrid consensus protocol system that is a mix of PoW (Proof of Work) and PBFT (Practical Byzantine Fault Tolerance).

Before proceeding with the news it is necessary to make some clarifications, as in this case there is no traditional burning, instead transaction fees are diverted directly to the mining reward address. In fact, the total supply of Zilliqa is 21 billion and more than half is already in circulation.

This gives a different approach to the tokenomics of this blockchain, not least because with the advent of staking the percentages between miners and staking nodes are recalibrated from 95 – 5 to 60 – 40. In this way, all blockchain players can be satisfied without too many disparities.

What’s new in Zilliqa besides burning

In a couple of days, the staking system will be launched for all users and they will be able to reap the benefits of their tokens simply by delegating them to the various staking nodes in order to obtain an APR proportional to the amount of supply staked.

The Zilliqa blockchain is certainly making great strides in this panorama, also because it has recently launched its decentralized exchange system called ZilSwap in which it is possible to list newly created tokens.

Thus the ZIL blockchain has opened up to decentralized finance (DeFi) or, as the Zilliqa team says, to Open Finance (OpFi) as a way of connecting all users around the world.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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