Zilliqa, a new blockchain platform based on the technology of sharding that solves the scalability issue faced by current blockchain platforms like Bitcoin and Ethereum, has announced the release of their public testnet. It marks a technological milestone as the first ever implementation of sharding used in a public, permissionless blockchain, opening the possibility of transaction rates that could match VISA, the largest payment processor in the world.
The Zilliqa testnet can be accessed via a fully functional block explorer that allows users to view specific blocks, transactions, and addresses, and to view data such as transaction rate, block rate, and number of peers using a clean and user-friendly interface. A wallet application is also available for users to create test transactions.
Initially, the platform has been launched in a ‘scaled down’ state using less than 1,000 nodes that are actually Amazon AWS Virtual Computers Instances. During stress testing the testnet showed speeds of up to 2,000 transactions per second.
“This is a tremendous milestone for Zilliqa but also for blockchain technology as a whole,” said Xinshu Dong, CEO of Zilliqa. “It is incredibly challenging to create a high transaction rate blockchain while maintaining the security and decentralization of the system, but we feel we have made a breakthrough with what we have achieved. The team behind Zilliqa is made up of some of the brightest minds in blockchain, business, and finance, and what we have built is extraordinary, but it is just a small step compared with the potential our technology has.”