Blockchain Platform Uses Sharding to Provide High Scalability
Zilliqa, a high-speed blockchain platform from researchers at the National University of Singapore, has announced a strategic partnership with FBG Capital, one of the world’s foremost digital asset management firms. The firm will be investing into the project and Zhuo Shuoji, founding partner of FBG and veteran cryptocurrency trader, will be joining Zilliqa as an advisor to help guide commercial and financial industry adoption of the new blockchain platform.
The platform was created by researchers at the National University of Singapore to solve the issue of scalability of blockchains which has been one of the hot topics currently surrounding adoption the technology. The new platform has been developed based upon the technology of sharding that was originally proposed by the research team in an academic paper in 2015.
Shuoji, Founding Partner of FBG Capital, commented: “Zilliqa is an example of pure innovation being applied towards providing a solution to critical business challenges. We are excited to work with their top-notch team and help them build the next generation of high-throughput blockchain applications.”
The company has already built a working platform and has recently announced that its internal testnet has reached a peak throughput of 2,488 transactions per second (TX/s). in comparison, if Zilliqa were fully functional on the same number of computer nodes as Ethereum – around 22,000 – its transaction rate has been estimated to be able to reach over 15,000 TX/s, nearly double the average of VISA.
CEO of Zilliqa, Xinshu Dong remarked: “Having the expertise of Zhuo Shuoji and FBG Capital guiding us truly an honor. We are confident that our technology combined with our amazing team and advisors will drive the adoption of our platform towards providing solutions to everyday business and consumer applications.”
Shuoji will be joining banking tech leaders Alexander Lipton and Stuart Prior, as well as blockchain innovators Loi Luu and Aquinas Hobor, as advisors on the project. The original scientific research for the project was done in the laboratory of Dr. Prateek Saxena, who is now Chief Scientific Officer with Zilliqa. Earlier projects and ventures that emerged from Dr. Saxena’s research group include KyberNetwork, TrueBit, SmartPool, and Anquan Capital.
Zilliqa plans to release its source code and a public testnet in December 2017. The public release of the protocol will enable the public and developers to participate in testing its functionality, performance, and robustness, and to start designing the next generation of blockchain applications that can be developed on the platform. The company has stated that it will soon announce details of their public token generation event, with its early contribution phase being currently underway.