What is DYZilla (DYZILLA) Token?
DYZilla (DYZILLA) is the native token of Dyzilla, a project that aims to create technical support for NFT works. DYZilla is based on the BNB Smart Chain (BEP20).
The token has a maximum supply of 100,000,000,000,000,000. As of December 20, DYZilla is trading around $0.00000000033, with a 24-hour trading volume of $438,425.
The Dyzilla project claims that it is committed to making the world’s top art NFT and blockchain, building a diversified and integrated NFT art platform, and striving to deploy a fast, cost-effective NFT market for NFT buyers, sellers and creators.
Notably, Dyzilla aims to create its own Dyzilla wallet and public chain, which is expected to be launched in January 2023. All applications will be developed based on the Dyzilla wallet and public chain. The trading mechanism design of the public chain gives users more control.
Potential Use Cases for DYZilla Token
One major use cases for the DYZilla token is that holders can participate in the decision-making process as the token offers governance rights.
The community governance mechanism of the community refers to the decision-making of all stakeholders on the key operations and execution processes of the block community.
These key operations can be changes to blockchain network parameters, such as basic gas prices and block reward ratios, or any community operations implemented through smart contracts. Community governance involves three phases: decision-making, review, and enforcement.
What is the Dyzilla Project?
Launched in late 2022, Dyzilla claims that it aims to make a leading art NFT blockchain.
According to its whitepaper, the project is transparent and open. Dyzilla allegedly realizes the openness and transparency of data through shared data and consensus on data consistency.
In addition to the encryption of the private information of all parties to the transaction, the data of the blockchain is open to everyone, and anyone can query the block through the public interface Chain data or develop related applications, so the information of the entire system can maintain a high degree of transparency.
Six Layers of Dyzilla
Dyzilla consists of six parts: data layer, network layer, consensus layer, incentive layer, contract layer and application layer.
Among them, the data layer encapsulates the underlying data blocks and related data encryption and time stamping technologies; the network layer includes distributed networking mechanisms, data dissemination mechanisms, and data verification mechanisms; the consensus layer mainly encapsulates consensus algorithms; Factors are integrated into the blockchain system; the contract layer mainly encapsulates various script algorithms and smart contracts, which is the technical basis for the programmable features of the blockchain; the application layer encapsulates various application scenarios of the blockchain (such as Bitcoin is applications in the financial sector).
The model’s chained data storage structure based on time stamps, consensus mechanism of distributed nodes, economic incentives based on consensus computing power, and flexible and programmable smart contracts are the main innovations of Dyzilla.
The Dyzilla blockchain operating system encapsulates key basic component libraries, including encryption and decryption algorithm libraries, account address management, P2P network components, consensus mechanism libraries, state machines, virtual machines, etc. as the core layer of Dyzilla, and provides an adaptation layer, all DApp applications obtain Dyzilla blockchain services based on the API provided by the adaptation layer.
Dyzilla contributes code in the form of low-coupling modules to modularize and plug-in projects.
The underlying system components and consensus parts of the blockchain are provided in a modular manner as much as possible, so that developers can customize their own development needs, quickly create a set of their own independent chains, and individually handle their own application scenarios.
More Features of the Dyzilla Project
Through a series of targeted collaborative smart contracts, as well as asynchronous communication, state machine and hash locking technology, Dyzilla realizes a general flexible cross-chain mechanism, breaks through the communication bottlenecks of various blockchain systems, and interconnects various digital assets Interoperability, an appropriate cross-chain coordination mechanism effectively ensures the effective and reliable transfer of consensus and value between internal parallel chains and other public chains.
Cross-chain technology includes two parts: one is the interconnection between Dyzilla and external chains. Dyzilla and other chains are realized through a public smart contract, adapting to the characteristics of other chains, and completing the asynchronous operation with other chains based on the state machine. interact.
The other is the intercommunication between other chains based on the Dyzilla platform. Dyzilla also provides a more complex smart contract to support the interconnection between other chains. Since it needs to support two different types of other chains, the smart contract combines the relay chain to complete the interconnection of different types of chains.
Moreover, the consensus process is the process in which the blockchain network confirms a batch of transactions and achieves consensus across the network. The consensus process is divided into the following stages:
Electing a leader: A leader is elected through an algorithm, which is different from other algorithms for electing leaders based on voting.
In Dyzilla, a suitable leader is reportedly selected through consensus calculation, which is more efficient. Packaging and verifying transactions: The elected leader node will package and verify a batch of transactions to form a block, and the generation of the block is also responsible for the generation of the block.
Dyzilla Smart Contract
A smart contract is a set of promises defined in digital form, including agreements on which contract participants can enforce these promises. Physically, the carrier of the smart contract is the computer code that can be recognized and run by the computer.
After the smart contract code is released to the block community, it is automatically executed in the block community without the participation of an intermediary. The Bitcoin scripting language is an imperative, stack-based programming language.
Since it is not Turing-complete, its application has certain limitations. Ethereum is the world’s first blockchain system that implements Turing’s complete smart contracts. The programming languages are Solidity and Serpent, enabling application developers to develop various applications efficiently and quickly.
Furthermore, Dyzilla aims to provide an open decentralized trading platform for value circulation, which can carry all digital assets and support the free flow of digital assets, while supporting BTC (Bitcoin) system, ETH (Ethereum) system, EOS system and other blockchains.
The seamless connection of the system (chain, currency) effectively breaks down the barriers to value circulation, realizes the diversified management of users’ digital assets, and makes the global digital assets a whole.
Dyzilla’s cross-domain circulation ability makes digital asset circulation change from single-center control to social communication, truly achieving the effect of “multi-party issuance and free circulation”, and will form a huge digital asset value network covering all walks of life , bringing new value to digital assets.
Future Application Scenarios of Dyzilla (According to the Project)
The application of electronic encryption currency has already taken shape, and its impact on the financial industry is beginning to emerge. Its main impact is to make banknotes withdraw from the stage of history, affect the role of bank outlets, and amplify the impact of banks’ technological capabilities on competition.
The cash business will die, and banks will save on related costs. Once the digital currency is issued by the International Monetary Center, cash will withdraw from the stage of history, and electronic wallets will replace users’ cash wallets and accounts.
It will shrink, and banks do not need to invest a lot of resources to provide cash deposit and withdrawal, payment, storage, deposit and withdrawal equipment, anti-counterfeiting, security transportation and other services, which will save a lot of manpower and material resources.
Pipeline and online store services will move to the cloud, and banks will further shift to asset-light operations. The bank’s information collection, processing and mining capabilities will become the core competitiveness.
Due to the natural network and electronic characteristics of digital currency, the integration and resonance of capital flow and information flow will be more obvious, and the impact of information flow on financial enterprises will be greater.
A financial institution’s ability to acquire, process, and utilize information will give it a greater competitive advantage. The banking pipeline will be completely reshaped.
Due to the cancellation of cash business, the degree of networking of banking business will be greatly improved, the functions of bank outlets will be greatly weakened, and outlets will face transformation. Since the network channel will become the main channel of the bank, each bank will focus on providing services on the network.
In the short term, service homogeneity will become serious and competition will intensify, which will place high demands on banks’ operating characteristics and competitiveness. Due to network effects in Internet competition, eventually the banking industry will become more concentrated.