Zilliqa (ZIL) – Zilliqa’s bull run began in April. Anyone who invested in this coin before then would have more than quadrupled their money. In a market that revolves around fast transactions, investing in this coin is a no brainer. The current market capitalization of above $400 billion is satisfying for now, but many experts believe that 2018 could be the year the we see a $1 trillion market cap. This coin is quickly securing its position as a top contender in the crypto market and is among the few projects gaining natural interest rather than hype . It is now quickly reaching levels of a new all time high and it is very possible that this coin could reach the $1 mark sometime this year.
Zilliqa (ZIL) Chart; courtasy coinmarketcap.com
After releasing the prototype “testnet” of its blockchain, the cryptocurrency token began to soar. It has most definitely been one of the best performing coins of the month. While other tokens briefly consolidate after these short-lived uptrends, Zilliqa continues to soar past levels of $.15 reaching new all time highs. There has also been news of Zilliqa’s involvement with Inmediate, a project that seeks to build blockchain-based insurance products. Excitement is also building as May 23 is just around the corner; supposedly, there are to be new partnership deals announced on this day. Once these announcements come to fruition, Zilliqa’s dominance will manifest. While this particular coin has gone under the radar for quite some time, it seems that momentum is finally gaining. The gains of the past month are extraordinary.
Zilliqa is a new high throughput blockchain platform that is designed to be scalable. The ZIL community is built of dedicated blockchain and cryptocurrency enthusiasts who really see the true potential in the sharding strategy. While most coins are built around hype and marketing, Zilliqa is one of the few projects which lets it technology and analysis speak for itself. Founded in Singapore and focused on speed, Zilliqa uses the sharding algorithm in order to process transactions quickly. Sharding is a concept that has proved useful in improving the rate of scalability, bandwidth, and performance. This Zilliqa team is the first group implementing sharding into the blockchain realm. This advanced network ensures an automatic network parallelization and challenges some of the biggest names in the global transaction market today. Quickly proving itself to be a top contender, Zilliqa has been one of the best performing coins in the past month, as it has quickly made its way to #29 in market capitalization.
Thanks to the mining identity protocol, there is no need to perform a proof of work for every block that is mined. By implementing an on-chain sharding solution they establish node identities – and use PoW when necessary. By subdividing the total amount of nodes on the network into smaller groups, known as shards, each shard processes transactions in parallel to each other.
“An example of this would be a network of 1000 nodes which is subdivided into 10 shards each containing 100 nodes. Let’s say that each shard can process 100 transactions per second. This would mean that the total throughput capability of the network is 1000 transactions per second and would continue to grow exponentially as the network itself grows. This means that as more full nodes join the network, the more the network throughput increases.”
Zilliqa has their own programming language which allows for secure and standardized programming. This secure platform is what will help lead ZIL to the top 20 The smart contract language in Zilliqa follows a dataflow programming style where the smart contract is represented as a direct graph. Smart contracts become easily verifiable in this manner. Unlike other scalability projects that claim to do thousands of transactions per second, Zilliqa does this fully permission less. This is one of the only digital currencies that is capable of solving blockchains scalability issue and bringing quick transaction speeds to the masses. While there are several blockchain projects setting out to improve the scalability of their platform, none of them plan to do this as efficiently as Zilliqa. Each network of nodes gets split into shards that make up micro-transactions in each of the blocks.
Using the famous practical byzantine fault tolerance (PBFT) in its consensus protocol, Zilliqa is aloud to rapidly increase network throughput.
An internal test conducted by the 2017 startup team saw its blockchain surpass 2,488 transactions per second, which is over 200 times of Ethereum’s current throughput. Zilliqa’s team is stacked with great talent and the developers have mastered an awesome execution of scalability that competes with other digital currencies like XRP and NANO. CEO of Zilliqa, Xinshu Dong, is a computer security expert with experience applying security systems to web applications and cyber-physical systems such as smart grid and transportation system. Dong is a strong believer in the usage of sharding in order to speed up transaction processing. As we have seen the past month, Zilliqa is most definitely extraordinary.