The much awaited version 2.0 upgrade of blockchain network Zilliqa has now released its white paper and roadmap. The upgrade will go live on the mainnet later in 2024. As per the network, the next version of the platform is expected to enhance its functionality by increasing its speed, efficiency, and interoperability with other blockchain networks.
The sharding architecture, or x-shards, of Zilliqa 2.0 is pivotal. This feature enables users to build anything they can imagine on the Zilliqa platform, allowing businesses and developers to create blockchain experiences tailored to their needs. One technique for improving the scalability and performance of blockchain networks is sharding, which is used to database and blockchain systems. They are able to process more transactions faster and with greater efficiency as a result. Beyond x-shards, the white paper replaces the energy-intensive proof-of-work system with a new proof-of-stake consensus mechanism. With ultra-fast finality and enhanced security made possible by this modification, the network becomes more ecologically friendly.
It is also possible to modify block times as needed. The average block time on the root mainnet shard is only two seconds. A cross-chain communication hub is another feature of the network update that facilitates communication between x-shards, the Zilliqa mainnet, and other blockchains that are compatible with the Ethereum Virtual Machine (EVM).
Zilliqa 2.0 is EVM-compatible, allowing it to run smart contracts written in languages like Solidity and work seamlessly with popular wallets like MetaMask.
The network will keep supporting Scilla and enable seamless communication between the two contract languages. It will also have features like smart account functionality and simple token conversions for gas fees, as well as account abstraction that is compatible with EVMs. The tokenomics of the network have also been modified to facilitate the proof-of-stake transition. This modification lowers inflation while offering token holders enticing and long-lasting incentives.
The publication of Zilliga’s white paper and plan comes after a number of mainnet operational hiccups that affected block production. All network functionality has been restored, though. The number of daily Zilliqa blockchain transactions dropped by over 50% in December 2023 due to a “interruption to block production,” from nearly 61,000 to 30,906.