Performing transactions on networks can become slow when it gets hard to scale the blockchain. The flaw is in the design. The good news is that this is the ideal opportunity for new champions in the crypto world. One such is Zilliqa that works on the concept of sharding. We take a closer look at Zilliqa and what this coin has in store for hodlers.
What is Zilliqa?
In a nutshell, Zilliqa is a blockchain-based platform that uses sharding to obtain high scalability and thus higher transaction speed. The Zilliqa coin (ZIL) supports smart contracts and trades.
Before we continue, what is sharding exactly? Sharding allows transactions and smart contracts to be verified faster since the blockchain network is split into shards. Simply put, instead of every node going through the transaction history of the blockchain, only a specific few go through the process that allows the transaction to be verified faster. Ethereum has been saying they want to implement sharding to their network to make it faster but has not done so yet.
Read Bitmart’s blog “Ethereum sharding is coming”.
Singapore-based Zilliqa wants to make blockchains faster and as a matter of fact, it was the first crypto to use sharding. Zilliqa test net can already perform more than 2 000 transactions per second and utilizes the scalable Scilla language. The project has partnered with Mindshare to enable the use of blockchain in advertising.
Zilliqa has a total supply of more than 12 billion tokens and a market cap of more than $179 million, according to Coinmarketcap. Zilliqa’s month-long ICO started in December 2017 and altogether $ 22 million was raised. At the moment, a ZIL token will cost you $0.20.
Zilliqa in the news
In the past two days, Zilliqa has steadily gained 30%. It is said that Zilliqa has not made its big move yet and a hefty price increase is imminent. The spike in price was caused by news that Zilliqa smart contracts are steadily approaching and Ledger hardware would be supporting the token. Check out Zilliqa’s road map for more exciting events.
In conclusion, a lot of experts and market analysts have been saying that Zilliqa could be one of the top gainers in 2019. Stay tuned and let’s see how well this coin performs.