The Zilliqa (ZIL) project has come a long way from just an idea back in 2015. The aim of the project was to solve real life problems exhibited by the Ethereum smart contracts. These include the issue of scalability and security. With the former, the team implemented the ingenious solution of sharding to process transactions. With respect to security, the team used the Scilla programming language that allows for developers to test the code before launching to guarantee there are no vulnerabilities.
It is with this background that the team at Zilliqa have issued an update to fans, HODLers of ZIL and the general crypto community.
The team has released the Testnet for public testing. With this release, they have also spearheaded a community outreach to encourage participation. On the 23rd of May, and at a meetup in Singapore, the team showcased sharding and the Scilla programming language. The entire presentation can be found on youtube for your viewing.
They managed to demonstrate Scilla as earlier mentioned, and showed how sharding can increase the throughput. This faster transactions per second will be ideal for powerful blockchain applications such as those found in gaming, digital advertising, e-commerce and even finance. The demonstration started with 1 shard that did 481 tps (transactions per second); 2 shards did 995 tps; 4 shards at 1967 tps; and 6 shards at 2828 tps. This is terrific news as this showcases that sharding works.
Zilliqa also announced its partnership with Mindshare which has allowed both entities to run an application pilot for advertising with a universal ledger, throughput verification and a native alliance token. The participants of the pilot will also include two public traded companies listed on the NYSE and NASDAQ. With respect to penetrating the Japanese market, Zilliqa has found assistance in Infoteria, a technology company listed on the first section of the Tokyo Stock Exchange and chair of the first Japanese Blockchain Consortium bccc.global.
The Zilliqa team is also launching a $5 Million grant for tools and DApps to be built on its platform.The grant will also include technical advice from the team as well as other resources. The application process will be announced later on.
The second release of the Testnet with smart contract capability will be released in Q2. MainNet with smart contracts will be released in Q3. A version of MainNet with anchor DApps will be released in Q4. The final touches of privacy, interoperability and storage will be added in 2019.
With respect to market performance, ZIL has withstood the market decline and is currently trading at $0.122 and down only 1.59% in 24 hours. However, things are looking up in the crypto market after South Korean regulators announced that they will be easing up on their stance towards crypto trading.