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Zilliqa (ZIL), one of the first sharded decentralized networks, invites all holders of governance asset gZIL to take part in two referendums on potential upgrades to the blockchain's design. With the proposed upgrades, Zilliqa (ZIL) will distribute rewards in a fairer manner and save resources on processing transactions via shards.
Zilliqa (ZIL) sharding and rewards schemes might be reconsidered: Details
Ziilliqa (ZIL), a sharded programmable blockchain network, might undergo two major upgrades. First, its sharding architecture might be changed. Developers propose to temporarily eliminate shards (interconnected sub-blockchains) until the more efficient sharding infrastructure is launched in Zilliqa (ZIL).
Attention #Zilfam! Two new proposals are now open for voting on Snapshot centred around improving network efficiency and managing $ZIL inflation as we move to Zilliqa 2.0.
— Zilliqa (@zilliqa) September 15, 2023
The first proposal aims to temporarily eliminate shards until the more efficient sharding infrastructure is…
The upgrade, dubbed "Desharding," is set to streamline the process of transition toward a more resource-efficient network design. Desharding will remove unnecessary costs for blockchain as a whole and its validators.
The second upgrade, "Active Reward Mechanism," is designed to guarantee competitive returns while controlling ZIL inflation and enhancing the sustainability of the network.
In order to be able to vote on both proposals, Zilliqa (ZIL) enthusiasts need to have an active Zilpay wallet and gZIL deposited in a Zilliqa (ZIL) account. During the voting procedure, Zilpay wallet should stay open.
Besides that, Zilliqa (ZIL) enthusiasts can vote through Zilstream, a decentralized market data portal for the Zilliqa (ZIL) ecosystem.
Better efficiency for smooth migration toward Zilliqa 2.0
As explained by the team, both upgrades are necessary for migration toward Zilliqa 2.0, a new version of blockchain adjusted to the needs of the modern cryptocurrency segment.
Recently, Zilliqa (ZIL) scored a strategic alliance with Google Cloud. Within the framework of this collaboration, Google Cloud starts backing one of the staked seed node (SSN) operators in Zilliqa (ZIL).
Triggered by the news, the price of ZIL, a core Zilliqa ecosystem token, jumped by 11.2% to reach local high over $0.1638 on major spot exchanges.