Zilliqa’s blockchain technology has taken a significant leap forward with the release of its latest version, v9.3.0, which was officially deployed on the mainnet as of January 3, 2024. This update represents a pivotal moment in Zilliqa’s journey towards Zilliqa 2.0, showcasing substantial efficiency, reliability, and functionality improvements.
A key element of this update is the implementation of a new sharding architecture designed to optimize network performance. Before fully integrating this advanced system, the network will temporarily operate without shards. This interim strategy is aimed at streamlining block time and enhancing overall network throughput and efficiency.
Moreover, the introduction of active reward control is a noteworthy feature. This system was approved through a majority vote from gZIL holders on Zilliqa’s decentralized governance platform. It aims to balance inflation with the performance enhancements on the Zilliqa network, offering miners and stakers competitive returns. The reward levels will be adjusted periodically, in line with network and governance decisions, ensuring stability and predictability for participants.
Improvements in Ethereum Virtual Machine (EVM) compatibility represent another significant stride for Zilliqa. The v9.3.0 upgrade extends support to Type 1 and Type 2 EVM transactions, enhancing the network’s interoperability and opening doors to a wider range of developers and applications. This upgrade also includes enhanced error reflection in transaction receipts when Scilla contracts are called through EVM applications, alongside other vital enhancements and bug fixes.
In addition to these features, Zilliqa v9.3.0 brings many efficiency improvements. These include refined CODEHASH operations for better contract processing performance and adding header hash parameters to optimize mining efficiency. Such enhancements are part of Zilliqa’s ongoing commitment to bolster the network’s performance and reliability as it progresses towards the launch of Zilliqa 2.0.
A crucial strategic move in this upgrade is migrating Zilliqa’s operational infrastructure to the Google Cloud Platform (GCP). This transition, stemming from a strategic alliance formed with Google Cloud last year, is set to improve the efficiency of Zilliqa’s infrastructure and APIs significantly. Moreover, it promises to minimize downtime during future network upgrades, ensuring a smoother and more reliable user experience.
Zilliqa (ZIL) is trading at $0.02113, experiencing a notable 24-hour volume of $38,109,780. The cryptocurrency has seen a downturn of 6.02% within the last day. Currently, Zilliqa stands at the 132nd position on CoinMarketCap, boasting a market capitalization of $365,914,205. Over the past week, ZIL has been under bearish control, marking a decline of over 15% and following a descending trading pattern.
In summary, Zilliqa v9.3.0 marks a major milestone in blockchain development. It enhances the current network’s capabilities and lays the groundwork for the much-anticipated Zilliqa 2.0. With these advancements, Zilliqa is poised to offer a more robust, efficient, and user-friendly blockchain experience, aligning with its vision of driving innovation in the blockchain space.
