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The Zilliqa network is a play on the technological future of crypto.
Scaling remains the number one problem for crypto adoption and Zilliqa has a working solution up and running.
There are a number of possible solutions to the scaling issue, chief among them being proof-of-stake (PoS), which is at the heart of the EOS and Tron protocol for example.
However, proof-of-stake is a trade-off from a security perspective. The most popular PoS systems have gone down the delegated road, where are a relatively small number of nodes are elected as block producers (Tron) or super representatives (EOS).
Critics would say this weakens the decentralisation of the network and therefore the security also.
Sharding and Scilla
Zilliqa achieves its scaling by using “sharding” while keeping Proof-of-Work (Ethash algorithm) in its hybrid set-up.
Sharding effectively splits up a blockchain so that verifications are handled in more manageable smaller parts, so that there are lots of chains processing in parallel that are ultimately related to the main chain. Zilliqa uses Practical Byzantine Fault Tolerance to achieve its sharding aims.
The team has also developed its own programming language for smart contracts called Scilla, which it says is far easier for a coder to write secure bug-free code than with Ethereum’s Solidity, and far less expensive to run.
Zilliqa is the first project to have a working sharding system but is currently undervalued by the market in terms of general awareness of this fact.
It has achieved throughput of 2,828 transactions per second.
That could be about to change with the launch of unstoppabledomains.com.
Domain naming on blockchain, Mindshare partnership
Based on the Zilliqa blockchain, unstoppabledomains allows anyone to register a domain and receive payments at that domain in the same human-readable format.
This could/should be big news. Imagine you are an up and coming band that as just self-published its first work and wants to accept payments in crypto but doesn’t want to deal with the hassle of setting up wallets for the various crypto.
Currently that would require the hiring of a crypto savvy dev to get the backend working in a secure environment, albeit with the help of some third-party software from a payments processor perhaps.
At the moment the Zilliqa naming service only supports .zil but intends to have the ability to accept multiple crypto at the same blockchain domain name.
The new domain names should boost Zil in the payments sector substantially.
Zilliqa is also playing in the big league as witnessed partnership with digital advertising agency Mindshare. Advertising fraud is a huge problem and one that the industry doesn’t like to talk about and one that Zilliqa is focused on solving.
Mindshare tested Zilliqa for client PepsiCo and claims a 28% efficiency improvement in programmatic ad delivery, an area targeted by fraudsters.
Zilliqa’s mainnet launched back in January and it continues to underperform the market despite the progress it has made.
Moonlet wallet usability breakthrough, airdrop success
The Moonlet wallet is also indicative of the advances being made as the recent update has addressed persistent complaints about previous Zil storage capabilities.
Moonlet describes itself as “blockchain agnostic”, which means you can bring together different blockchain tokens under one master seed, currently limited to Zil and ETH.
The wallet’s advanced feature set of the wallet is made possible through a technology called Hierarchic Determinism.
Another plus of the roadmap milestones is the token swap from ERC20 is finally underway, supported by most major crypto-to-crypto exchanges.
Modest Zilliqa founders have a lot to shout about
Co-founders Yaoqi Jia and Max Kantelia are not that well known in the space, but that’s probably because they have been waiting until the key project pieces were in place. Now it looks like they are ready to share the good news with the rest of us.
Binance started listing Zilliqa last month. This token is worth a look before everyone else becomes aware of this below the radar quality play.
ZIL is currently trading at $0.0160, near its early March low so bulls will expect support at that level.
In the chart below, the red line shows 50MA and white the 200MA. Note that the relative strength index is approaching oversold territory.