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After Binance Coin, Threshold Signature Scheme offers support to Zilliqa [ZIL]




After Binance Coin; TSS support added for Zilliqa [ZIL]; to replace the purpose of private key
Source: Pixabay

In a recent development, Zilliqa [ZIL] was added to the Threshold Signature Scheme or TSS. Prior to this, TSS had offered support for Bitcoin [BTC], Ethereum [ETH] and Binance Coin [BNB].

The official announcement by ZenGo read,

“After $BNB, we are very proud to introduce the first ever $ZIL Threshold Signature transaction built by our team for @zilliqa #keepbuilding”

Essentially, Threshold Signatures Scheme [TSS] involves splitting responsibility between multiple entities so that no party holds a single atomic private key. According to the blog post,

“Each of the parties generates its own secret and uses this secret to distributively sign a transaction without revealing the secret to the other parties.”

All parties involved are required to produce their own code. The generated code will then be deployed “distributively to sign the transactions,” without baring the code to other parties. This process makes the private key, which is controlled by one individual, unnecessary by offering adequate security and mitigating the risk of losing it.

ZIL, which is the 38th largest digital coin listed on CoinMarketCap, exhibited a three-month high after the latest rally by Bitcoin. Its Mainnet launch had failed to provide support to its valuation, which continued to decline during the bearish phase in January. The launch saw ZIL move from an ERC-20 token on the Ethereum blockchain to its native network, which also involved the first live release of their own fresh smart-contract language, Scilla.

At press time, ZIL held a market cap of $201.1 million and was priced at $0.023. Over the past day, the coin registered a 4% decline in its price.

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