Zilliqa (ZIL) – One can’t simply be judged by youth or experience alone. Such is the case with considerably a new coin, Ziliqa or ZIL. While many of the digital currencies in the market are having issues or problems with their scalability, this new coin chose to face it head on and find solutions. With such efforts, it has already reached its US$ 1 billion market cap! It also has landed on the 25th in ranking for the top of the coin list based on capitalization.
With such recent news and turning of events, ZIL has quickly garnered the interests of many, investors and traders alike. Even Ethereum’s main man, Vitalik Buterin has shown great interest.
From its previous ranking of number 30th, the altcoin has managed to leap 5 ranks ahead of moving on to 25th. In the world of digital currencies, this is not an easy task as most if not all platforms are keen on developing their systems to provide better services, attain higher value and move up the ranks. Just last Saturday, 19th of May, ZIL traded a volume of US$ 100 million in just a span of 8 hours. Last April, while a lot of other altcoins where having difficulties and going red, it has gained by 100% making it as one of the top digital coins for that month. Now, going back three months, the coin gave out an outstanding performance raking out a 149% gain. Starting out at only $ 0.05 market value when it hit live market trading on its first month March, now it is at $ 0.14266 at time of writing.
Sharding Technology Solves Scalability Issues Early On With Zilliqa
Launched in February, Zilliqa tackled the issues of scalability head on very early and dealt with it well. Most of the other cryptocurrencies find it hard for their decentralized platforms to be scalable. ZIL offered a simple solution by means of “sharding”. In essence, sharding divides notes of the existing network. By doing so, the blockchain platform itself is made to smaller segments and from there, consensus groups are formed. These groups then make the platform more scalable; problem solved.
Sharding has been and will continue to be @zilliqa’s approach towards scalability with decentralization and security. We not only achieved high tps, we also develop Scilla so as to best benefit from sharding to run contracts fast and securely. Never had a second thought on it.
— Xinshu Dong (@xinshudong) May 18, 2018
It has been quite a surprise to the crypto community that a new coin such as ZIL was able to surpass and solve scalability issues very early and effectively. The buzz was all around and did not only attract the crypto market but developers and prominent figures in the crypto universe as well. Sharding caught Vitalik Buterin’s eye and is now planning to adopt the sharding system to Ethereum’s platform. With the help of sharding, Buterin believes the ETH could be made more scalable. As known to many, ETH has lately been having problems with traffic on their network and it somehow is ironic that a fairly new coin could somehow be the source of solution for the issues of even the digital currency giants and veterans.
Many experts in the crypto community are saying that ZIL might have provided the ultimate solution, at least for now, of scalability issues. This specific problem has been the nightmare of many engaged in digital currency platforms. Even the big ones such as ETH is not immune to the issues and has actually considered implementing ZIL’s solution as well. Crypto experts say this is a huge improvement in the blockchain technology and many more platforms will follow the lead which was proven effective.
More Partnerships Seal A Bright Future For ZIL
For more recent news surrounding the new coin ZIL, more partnerships are continuously happening. At such an early stage ZIL has got a long list of partners and associations which include DHVC, FBG, 1Kx, 8Decimal, Talenta, Bitcoin Suisse and many others more. According to the people behind the new coin, more partnerships will be unveiled during its upcoming Singapore meet due to happen tomorrow, 23rd of May.
Previous to the meet, it already had a deal with Singapore’s Anquan for a project to integrate blockchain technology unto BNI Bank’s traditional system. The blockchain platform will be utilized for transactions such as remittances, payments, and other real-world financial services. Now, the Anquan platform is capable of processing thousands of transactions per second with the implementation of ZIL’s technology. Aside from blazing speeds, it also provides superior control of privacy and a high level of security. These details were revealed by Max Kantelia, the co-founder of Zilliqa.
Anquan private blockchains powered by Zilliqa to drive new Remittance and Trade Finance applications at BNI Bank in Indonesia https://t.co/rbohxOZVMs
— Max Kantelia (@MaxKantelia) May 17, 2018
With the many partnerships taking form and its platform being integrated to real-world scenarios, any speculate it’ll only be just a matter of time when ZIL will make a grand breakthrough and make a mark onto crypto world’s foundations itself.
Although the blockchain platform has been around for more than a decade now and digital currencies existed way back in early 2000, the technology is still new to many extents. Its performance and efficiencies also depend on the technologies our computers have at the moment and since its a sector which is in a continuous development, so does blockchain. New platforms benefit from an occurrence or circumstance known as “leap-frogging”. This is when a new platform is born with the latest technologies at hand. On such scenarios, this gives them the opportunity to be launched at an already advanced level providing time and chance to tackle and solve problems or issues with better tools and knowledge. Such is the case when developing countries are late on having internet systems. By doing so, they skip the tedious tasks of laying out cables and poles and other analog equipment which is inferior because they already have access to better systems. Such is the case with ZIL’s actions on resolving issues with scalability. This new coin on the block is both exciting and very promising as even the big names in the crypto community are starting to give notice. It’s well worth looking into.