ZenGo Introduces First Zilliqa (ZIL) Threshold Signature Scheme (TSS)
ZenGo Introduces First Zilliqa Threshold Signature Transaction
Zilliqa (ZIL) was added to the Threshold Signature Scheme also known as TSS. The information was released by ZenGo on April 8. TSS was implemented in the past in Bitcoin (BTC), Ethereum (ETH) and also Binance Coin (BNB).
ZenGo Offers TSS Support On Zilliqa
With Threshold Signatures Scheme, it is possible to split responsibility between multiple entities for them not to hold a single atomic private key. In a blog post, they informed that each of the parties generates its own secret and uses it to sign a transaction without revealing this information to other parties.
All the parties involved in a transaction have to produce their codes, which will be deployed distributively to sign the necessary transaction. The code will remain secret at all times. That means that the private key of each user will not be necessary, increasing security.
— ZenGo (@ZenGo) April 8, 2019
Zilliqa is a virtual currency that aims at improving scalability and efficiency in different blockchain networks. In order to do so, the cryptocurrency uses sharding technology, which is able to streamline the consensus process.
At the time of writing this article, Zilliqa is the 38th largest digital asset. It has a market capitalization of $201 million and each ZIL can be purchased for $0.023. In the last 24 hours, the digital asset registered a price increase of 0.91 percent.