Zilliqa (ZIL) – is a next generation, high speed blockchain platform based on the technology of sharding – which allows for linear scaling as a blockchain grows in size.It is the first high-throughput blockchain platform. This project was founded by researchers and developers at the National University of Singapore and addresses the transactional problems we see in the cryptocurrency community today. The team sees security and scalability as a strong suit while most other cryptos struggle with scalability. Zilliqa has managed to create a buzz without any in-your-face marketing, let alone marketing at all. This coins performance over the past couple months has drawn investors. The team is currently in preparation for the release of the public testnet launch of their platform, among many other great projects.
Zilliqa has been one of the best performing coins in the past month and has managed to climb as high as #23 on CoinMarketCap. Zilliqa (ZIL) reached a market cap of over $1 billion but now sits at the #25 rank with an $800 million market cap, currently trading at $0.11. Zilliqa is actually one of the fastest operating blockchain systems in the market and could quickly reach new all time highs.
The underlying technology that put sharding from theory to practice has been under development for two to three years. With new concepts in place, there is a potentially huge opportunity for crypto miners on their platform. Zilliqa has been encouraging mining since they started up in 2017. Because sharding makes it possible for parts of the chain to be easily scaled to a smaller portion of the network, this makes the platform faster and more scalable and contributes to the reason Zilliqa surged recently.
Sharding refers to a technique of partitioning various data in a database or search engine horizontally, allowing the fragments of a single piece of data to be stored in different locations ensuring security in case of incidents like hacking. In the case of blockchain technology, sharing refers to a simple yet efficient process where mining would be fragmentized into several smaller parts known as “shards.”
— vitalik.eth (@VitalikButerin) April 30, 2018
Even Vitalik Buterin, Ethereum’s creator, is considering the implementation of sharding to adopt more scalability, which will consequently result in faster traffic and less time for processing transactions. Ethereum made an endeavor to implement the sharding process in their platform but their shards ended up causing a communication problem. The ZIL dev team has been able to nullify this problem by designing a system where all the shards work simultaneously. Zilliqa will have a copy of the current state of every single node, assuring security.
The Zilliqa dev team decided to present their solution for smart contract security at a low-key meet up in Singapore where they discussed the newly announced language that Zilliqa is using – Scilla. ZIL dev team uses Scilla for their smart contract operations and believe this programming language enables maximal security for smart contracts. The team focuses on providing smart contracts with security because they have previously concluded that over 34 smart contracts suffered from various attacks and this protocol makes up for a rather vulnerable protocol. Scilla can protect smart contracts from any attack and illegal manipulation by fixing the previously found and analyzed security issues.
Blockchain start-up #Zilliqa, founded by former and current @NUSComputing researchers, is transforming the world of #blockchain thanks to the process of sharding which improves the energy efficiency of #cryptocurrency mining. #NUSResearch https://t.co/V2udIsMpFk
— NUS (@NUSingapore) May 28, 2018
Zilliqa has one of the most advanced teams in the industry now. Since their launch in January, they have been benefiting their holders an announcing good news. They have improved their testnet deployment system and have made major changes to their main protocol.
They have made public their plans of a $5 million grant for tools and Dapps to be built on – and this will include technical advice from the team. Although details are still on thin ground, the partnerships is expected to see Mindshare use the Zilliqa platform for two digital advertising campaigns that will involve two companies; publicly listed on the New York Stock Exchange and Nasdaq. The second release of the testnet with smart contract capability will be release within the next few months. This is still one of the cheapest coins in the top 50 and as the year goes on we could see it securing a position above #20.
Zilliqa started out as a project to implementing sharding technology. and create a network that could easily scale and has now proven to be one of the best and fastest running cryptocurrencies in the market currently.
Many blockchain networks that are powered by top tokens and coins have troubles with finding a way of solving the problems they have with scalability, but Zilliqa has managed to do this better than most platforms. Big platforms like Ethereum can face many forks and have difficulties with fixing bugs and implementing updates into the system if thy don’t solve their scalability issues. ZIL’s upward profession has made investors a lot of return and could certainly be one 2018 more profitable cryptocurrencies.