Blockchain Platform Zilliqa Launches Smart Contracts

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Blockchain Platform Zilliqa Launches Smart Contracts
Blockchain Platform Zilliqa Launches Smart Contracts

Singapore-based blockchain startup Zilliqa has announced the launch of smart contracts on its blockchain platform, enabling developers to write and deploy smart contracts on the Zilliqa blockchain with its smart contract language, Scilla.

“With this launch, … we’ve come to realize our vision of a better smart contract language, one built with greater security guarantees at the language level,” Amrit Kumar, president and chief scientific officer at Zilliqa, wrote in a note sent to CoinJournal.

“We’ve made significant technological and engineering inroads, as we’ve refined our protocol infrastructure and enhanced developer tools for Scilla in order to provide our community with the necessary resources to engage with the Zilliqa ecosystem as we know it today.”

Core features of Zilliqa smart contracts include a static analyzers suite that checks for potential bugs and issues in the contract, and a suite of standard libraries. Kumar said the Scilla smart contract language is designed “to achieve both expressivity and tractability, while enabling formal reasoning about contract behavior,” and handles different operational components such as computation and communication with other contracts, in “a very clean manner, hence eliminating any complex interleaving.” This prevents incidents like the DAO and the Parity hacks, Kumar said.

Founded in 2016 by the computing faculty and research team of the National University of Singapore (NUS), Zilliqa is a high-throughput public blockchain platform designed to scale to thousands of transactions per seconds. The core feature that makes Zilliqa scalable is sharding, a database partitioning technique that divides the network into several smaller component networks capable of processing transactions in parallel.

Zilliqa aims to rival payment networks Visa and MasterCard, and claims that with a network size of 10,000 nodes, it would be enable to match the average transaction rate of Visa and MasterCard.

“Throughout the past six months, we’ve achieved critical milestones by way of the launch of our mainnet on January 31st, to the culmination of our bootstrap phase and the enabling of transactions, and the many partnerships and initiatives that we’ve spearheaded along the way,” Kumar said.

“2019 was always going to be the year of realization for Zilliqa – the year that we’d be seeing so much of our hard work come into fruition … and the year that we would be bringing more meaningful blockchain-enabled applications into the world. … We’ve long aspired to become the building block of future enterprises and applications – the enabling of the smart contract functionalities on our blockchain is critical step forward on our journey.”

Moving forward, Kumar said the startup will continue to enhance its platform and will explore areas including more efficient smart contract sharding, formal verification, and zk-SNARKs, among others.

Zilliqa will also be entering the payments landscape through a new collaboration, he added.

Recent partnerships and initiatives include Project Proton, an alliance and pilot project with advertising agency Mindshare, which successfully ran its first live campaign enabled by Zilliqa smart contracts for PepsiCo.

HG Exchange, a member-driven exchange in Southeast Asia that supports the issuance and trading of private company shares, including security tokens, is using Zilliqa and MaiCoin to allow companies to raise funds and present accredited investors with access to investment in high-growth companies such as Uber, Grab, SpaceX and Go-Jek.

Bolt, a digital entertainment platform with more than three million users globally, will be leveraging Zilliqa’s smart contract capabilities to streamline the content platform, video analytics, and payment engine.