The markets are a bit healthy with the ongoing Consensus Summit in New York that is ongoing. The event is a three day summit starting today and ending on the 16th. With respect to the market response to this event, Bitcoin (BTC) is inching closer to $9,000 levels and currently trading at $8,820. Ethereum (ETH) has found a footing above $700 and is currently trading at $736. Ripple is also doing well and is currently trading at $0.75.
With the market showing a good response to the summit, the total market capitalization has increased by $20 Billion in less than 12 hours and is currently at $410.23 Billion. With respect to Zilliqa (ZIL), the token is experiencing a slight decline of 5.61% in 24 hours and currently trading at $0.1675. But this is fine. Less than a month ago, the same ZIL was valued at $0.037. The current value is a good 352% increment from this value.
We are also forgetting to mention that ZIL had recently peaked at the wonderful level of $0.231 only 4 days ago. When you compare it with the $0.037, this is a cool 524% increment in a period that is a little over a month.
So what is driving the value of this token off the roof?
To start with, the Zilliqa project is one of a kind. It introduces a concept known as sharding where the mining process or confirmation of transactions, is divided into smaller shards. These shards then process transactions in parallel rather than updating the whole blockchain every time a transaction is run on the platform. This then allows the platform to scale as the shards increase in the network. thereby avoiding issues of a congested network as was the case when Crypto Kitties was launched.
With respect to security on the platform, Zilliqa uses a new programming language known as Scilla that is very much developer friendly. It can even let you build on other blockchains such as the Ethereum or Ripple blockchain without much fuss. The programming language has been built by a bunch of academics from Singapore and the UK with the developer in mind. It also optimizes security to prevent cases of Smart Contracts being vulnerable as was the case with Ethereum.
Another good thing about Zilliqa, is that it has a very strong and passionate community that is always on top of every development and rooting for the token in the markets. The Zilliqa Telegram Chat group has a whopping 28,732 members and is growing by the day.
Also to note is that the Zilliqa testnet is currently live and undergoing rigorous testing to make sure that it works 100% and according the the project’s roadmap. Once the MainNet is launched, the platform will be able to compete with the likes of Ethereum, EOS, Tron and VeChain when it comes to smart contract capability and Decentralized Apps.
Therefore, it is safe to conclude that the days of Zilliqa being valued at under 20 cents will soon be over. $1 seems like a possibility by the end of the year.