Zilliqa is launching smart contracts on its platform. According to its president and chief scientific officer Amrit Kumar, passing the “milestone” indicates that it has “developed the technology we envisioned two years ago, and now, we are open for business.”
Developers can already create and deploy smart contracts on the Zilliqa blockchain with the Scilla language.
“With this, we’ve come to realize our vision of a better smart contract language, one built with greater security guarantees at the language level,” Kumar said.
The Singapore-headquartered crypto platform touts itself as addressing scalability issue through sharding. In its 2017 white paper, the team stated that “at ethereum’s present network size of 30,000 miners, Zilliqa would expect to process about [1,000] times the transaction rates of ethereum.”
Kumar shared that Zilliqa has passed several milestones in recent months, releasing its mainnet and allowing transactions. Last May, its ZIL token reached the $1 billion market cap threshold, based on CoinMarketCap data. It currently stands at approximately $200 million.
Kumar said Zilliqa’s smart contracts are amenable to formal verification and contain a suite of static analyzers helping detect possible bugs and problems in contracts. The Scilla language is also designed to handle various operational components, including computation and communication with different contracts, in a “clean manner,” eradicating complex interleaving.
“This can prevent incidents like the DAO and the Parity hacks,” Kumar noted.
Scilla includes a suite of standard libraries, including one that conducts arithmetic operations in a “safe manner,” eliminating the necessity of depending on external libraries.