What is Zilliqa (ZIL)?
Future of ZIL Cryptocurrency and know how to buy ZIL

#1 – What is Zilliqa?

Blockchains are notoriously hard to scale. The more transactions on the network, the more the incoming transactions are queued and slowed. It’s a design flaw. But thanks to some new innovations, such wait times may be a thing of the past, and it’s being championed by Zilliqa.

ZIL: The Basics

  1. Using the concept of sharding to achieve high scalability and high transaction throughout, Zilliqa is a new blockchain-based platform which, along with its use as a cryptocurrency, also performs the function of supporting smart contracts and trades under the symbol ZIL.
  2. Xinshu Dong being the CEO of Zilliqa, along with his team of developers and advisors, came up with the ZIL coin, which allows you to transact rates as the network expands leading to an increase in the number of miners.
  3. Its ICO took place between 27th December to 4th January 2018 with a token price of 1 ZIL = $0.0038 USD/0.0000084656 ETH. Surprisingly, Zilliqa has achieved the potential to undergo 2488 transactions per second, which has the potential to support a smart contract ecosystem.   
  4. Zilliqa was established on June 1, 2017. It had an internal test net operational by September 1, 2017, followed by a public test net by December 1, 2017.

 

#2 – What are the benefits of Zilliqa?

  1. The main problem that hinders the adoption of blockchain technology is scalability. This is where Zilliqa steps in. Zilliqa is the first blockchain where the underlying blockchain protocol increases the throughput as the network expands.
  2. Its main advantage infers to the fact that it is going to enable a new set of protocols (sharding, which we’ll discuss below) that have been largely theoretical so far. However, now it is being built into large-scale infrastructure which is based on several new ideas.
  3. Sharding refers to the technology of automatically dividing a large network of computers into sub-networks without a centralized authority, in a completely decentralized way.
  4. So instead of every single node processing every single transaction, the work is divided into groups of nodes, each of which minds their own business, and simply share the results with the larger group.
  5. These grouped nodes are called microgroups, and these microgroups combine their results to add a block to the Zilliqa blockchain after arriving at a consensus on their results.
  6. Another improvement includes making the network bandwidth consumed by each of these communities drop substantially by using some new cryptographic algorithms. These algorithms are based on signature aggregation, which is followed by innovations on the way smart contracts will be delivered on this platform.

Transactional Processes

  1. Following the technology of shards, thousands of transactions per second are enabled. For example, based on a blockchain consisting of 1000 nodes, Zilliqa would automatically divide the network into 10 shards with 100 nodes each. The shards then develop transactions in parallel with each other.
  2. The transactional process basically consists of three main parts - namely the senders, the shards forming micro blocks, and the final directory service committee.
  3. A sender sends his transaction to a shard which is a collection of nodes.
  4. Then the charts create a micro block and the final directory service committee, which is another set of nodes create a final block that is added to the Zilliqa blockchain.

Value Proposition

  1. Zilliqa will be powered by the ZIL cryptocurrency (ZILs). These are in many ways equivalents to ETH on the Ethereum protocol. These are used to pay fees to the network nodes.
  2. The Zilliqa coin will be initially distributed as an ERC-20.
  3. Each block rewards numerous miners at a time within the ZIL ecosystem.

 

#3 - How to buy & Store Zilliqa?

How to buy Zilliqa

The first step will always be buying Bitcoins or Ethereum. They can then be converted to the Zilliqa coin. For instance-

  1. Buy Bitcoin, before you decide which exchange you will then convert it to Ziliqa from - some of the major supported ones being Binance, OKEx, and Kucoin.
  2. Or alternately, CoinSwitch will actively help you make the right decision by providing the prices for a ZIL token on the crypto exchanges it’s sold in, all at one place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your ZIL token, and CoinSwitch will facilitate the comparison in various exchanges.
  3. What’s more - with CoinSwitch, the largest cryptocurrency conversion platform, you need not create or rely on the wallets specific to the exchanges. Instead, all transactions can happen to and from your very own private wallets.

Storing ZIL

Since the Zilliqa coin is an ERC20 token, it requires an Ethereum wallet for storage. However, it will eventually see a mainnet release that will have its tokens exchanged for ones on its own blockchain. Until then, you can use a hardware Ledger wallet, or the popular MyEtherWallet to store your ZIL token.

 

#4 – What is the future of Zilliqa?

Also Read: Complete Analysis of Zilliqa | Live Zilliqa (ZIL) Price Charts And Predictions

PRICE HISTORY

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.113214

0.113994

0.109313

0.112366

31,390,500

829,772,000

May 01, 2018

0.101696

0.105240

0.094050

0.103312

33,784,600

740,784,000

Apr 01, 2018

0.045975

0.047100

0.041238

0.043248

12,316,000

304,285,000

Mar 01, 2018

0.048509

0.050626

0.048172

0.049075

8,320,570

315,856,000

Feb 01, 2018

0.079713

0.085468

0.061182

0.070627

17,695,000

518,851,000

Jan 25, 2018

0.136822

0.136822

0.135573

0.136039

4,921,770

-

  1. On April 1st  2018, the Zilliqa Testnet v1.0 was released, codenamed Red Prawn, followed by the closing in on the throughput of Visa’s 8000 Transactions Per Second. 
  2. Soon, Zilliqa secured a partnership with Noorcoin, a Shariah law compliant token. This market has so far identified a capacity of over 1.5 billion Muslims and is growing as per the market demand in crypto. 
  3. GenaroNetwork also partnered with Zilliqa to improve the speed and scalability of its blockchain technology. 
  4. Scilla was then announced by Zilliqa as a new smart contract language that allowed developers to more easily develop smart contract applications that are safe, secure and scalable.
  5. This was followed by GO PAX (Korean Exchange) to list ZIL. ZIL was listed on GOPAX (Korean Exchange), followed by Koinex (Indian Exchange) launched ZIL. 

Future Trends

  1. Zilliqa has recorded remarkable success in its four months in the market. It is now set to enter into another phase which will eventually lead to its mainnet launch and a promising future.
  2. A meetup titled “Scalability of Public Blockchain” would see Zilliqa disclose its new partners and Zilliqa’s new project Scilla. Like numerous other cryptocurrencies drifting to their own MainNet, Zilliqa will be migrating from its Ethereum based blockchain to its own blockchain.

CEO-Dong Xinshu

 

#5 - How is Zilliqa different from other cryptocurrencies?

  1. Being the world’s first high-throughput public blockchain, one of Zilliqa’s primary selling points is that it can allow thousands of transactions fairly easily.
  2. Zilliqa arrived on the crypto-market at the 26th of January 2018, and ever since it has been competing intensely with other competitors since it brings to the table a concept many other cryptocurrencies have been delaying progress on.
  3. Sharding is Zilliqa’s USP so far, that allows mining to be divided into much more smaller processes - namely shards. Rather than the traditional method wherein the entire blockchain is updated, the transactions are now run by multiple shards working simultaneously.
  4. Zilliqa’s current blockchain has the ability to handle up to 2,500 transactions per second whereas Ethereum does the same in 10 – 20 seconds. Bitcoin functions at a measly 7-14 transactions per second.
  5. Zilliqa has also entered the top 30 cryptocurrencies by market cap in just 5 months following its launch.

 

#6 – Should you invest in Zilliqa?

  1. Before its launch on 26th January 2018, Zilliqa started as a paper, before computer science researchers picked up the project. Although Zilliqa is a quite recent project in the crypto field, it has already grown to become one of the most scalable projects in the cryptoverse. Research is being constantly carried out to explore the possibility of Zilliqa’s solution to scalability for other cryptocurrencies.
  2. Zilliqa hired a team of great developers from Singapore and United Kingdom. The Ziqilla team consists of remarkable academic professionals in their respective fields. There are also rumours that some Ethereum dApps may switch to Zilliqa. If this happens, expect large flow of value to the network.
  3. Moreover, there are ongoing discussions about cross-chain functionality getting added in the near future, although no specific date has been released yet for the same.
  4. Moreover, Zilliqa listens to their market on areas they can improve on. Showing their keen interest in listening to their users, they went an extra mile to even create a Telegram account, accumulating approximately 30,000 subscribers in the group to push out ideas. It is quite energizing and relieving to see these developers in constant communication with their audience.
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