The Zilliqa project has entered into a phase of excitement and anticipation for the future with the impending release of the smart contract called Scilla.

Telegram, Twitter, and Reddit are a hive of activity with new investors and old talking about updates, partnerships, and sharding. The community has received a huge boost since the exciting Consensus 2019 where the team released information about the smart contract coming live on June 10th.

Consensus 2019 isn’t the only high profile event helping expose the project with Binance releasing a full in-depth telling you all you need to know about the project.

The information in the report is a very fascinating read outlaying all the token allocation, team members, achievements, and road map updates.

I will go through some of the highlights of the report and give you my opinion on each piece.

Token Governance & Use of Funds

One of the main standouts for me is the token allocation of the project with a detailed map showing you where they are how the Zilliqa team spends their tokens. (Please see below)

Zilliqa’s token allocation

The Zilliqa team lists its use of sales proceeds as the following:

4.5% to Key Partnerships

13.6% to Marketing

5% to Founding Team

24.6% to Development

4.5% to Community Engagement and Bounty Programmes

5.5% to Compliance, Legal and Finance

13.6% to Cloud Hosting, Operations, Equipment

15% to Anquan Capital, which funds new ventures like Anqlave (secure chips) to support Zilliqa’s infrastructure

13.7% to Research

The information just shows how transparent the team is and how they are using their funds, with many blockchain projects not releasing figures and allocations and investors finding out about mismanagement of funds after the projects fail to exist.

The figures should be a real green light for all investors involved.

ROADMAP & UPDATES

Another section of the report that stands out to me is the road map and updates section where it informs readers the project makes sure to communicate with the different communities by weekly. As a long term investor, I can confirm the team is always around in the Telegram and Twitter answering questions and sharing exciting updates.

Zilliqa’s road map and report on timing and comments.

The team has been very prompt in releasing the upgrades on the network with the only delays really being due to the team testing and making the upgrades more secure.

Zilliqa doesn’t like to take chances and do a full release of the software only for it to be exploited or fail. The delay in the mainnet and bootstrap phases were to make sure the network was 100% secure and no bugs would cause any delays or system malfunctions.

I honestly believe the project had the best interests of the users in hand when they delayed the launches and should be commemorated instead of frowned upon for the delay.

Transaction Types in Zilliqa

The report itself includes a detailed explanation with images about how sharding works and different types of the transaction on the network.

There are 3 different types of transactions in the Zilliqa network:

Type I — User account to user account transactions

Type II — Simple user account to contract transactions

Type III — Complicated user account to contract transactions

Transactions are allocated to each shard based on the last few bits of the sender’s and the recipient’s addresses. Hence:

All Type I and most Type II transactions are handled within a shard and

Some Type II transactions and all Type III transactions that require cross-shard communications are handled by the DS Committee.

The transactions made in point 2 as stated above are only processed after shards have finished processing the transactions in point 1. This eliminates the case in which conflicting transactions get handled in parallel.

The report explains beautifully the concept and how the sharding network will be used for different types of transactions.

Gas Accounting

The Zilliqa community has long talked about how the gas usage on the network, the report gives us a pretty clear explanation.

The gas accounting in Zilliqa has the same format as that of Ethereum. There is a gas limit that is set based on the complexity of the computation involved in processing a transaction, and there is a gas price (in the denomination Li) that is set by the free market.

The initial gas price will be set at 1,000 Li at the bootstrap phase. A simple account-to-account transaction costs 1,000 Li as well.

Overall

Overall the report is very in-depth and fascinating I have been following the project since 2017 and even I learned some new things about the project. I would definitely call it a must read even if you are a seasoned trader/investor.

Zilliqa is onto big things and this is only the start of the journey soon the project will have hundreds of partnerships and leading the blockchain with its revolutionary technology.

Link to report:

https://info.binance.com/en/research/ZIL-2019-05-15.html