Zilliqa is mainly based on the concept of Sharding and primarily aims at improving the scalability of the cryptocurrency networks.
Zilliqa network uses Sharding. Transactions are grouped into smaller groups and are then divided among the miners for the parallel transactional verification. Developing smaller groups for transactional verification means the Consensus can be reached faster and hence a higher number of transactions can be processed in a given time frame. The capacity of the network linearly increases in other cryptocurrencies as the number of people joins the network, but in this case, the capacity is increased at a higher variable rate than the number of members joining the network. By incorporating the Sharding Technology, it can completely revolutionize the smart contract functionality too. ZIL price is constantly monitored by many traders.
Zilliqa was born at the National University of Singapore and was the brainchild of a team of academics, entrepreneurs, and engineers.
Mainnet Live Since Early 2019
With the launch of their mainnet in January 2019, Zilliqa became the first public blockchain platform in the world to successfully utilize sharding as a scaling solution.
Sharding in Practice
Their unique application of sharding allows the blockchain to scale in a linear fashion. This ensures that the Zilliqa platform can scale to meet the needs of a growing ecosystem of miners and applications.
Safe-by-Design Smart Contract Language
Scilla – the first peer- reviewed and safe-by-design smart contract language powers Zilliqa. Using functional programming design principles (as in OCaml) allows it to be more friendly towards static checks and formal verification.
Eco-Friendly Dual Mining
Thanks to Zilliqa’s consensus mechanism, the ecological footprint of mining has considerably been reduced. It takes 1 minute to mine ZIL. This allows one to dual-mine other chains at the same time.
Over 60 project teams from over 20 countries have contributed to Zilliqa’s ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, and more.
Let us review ZIL price.
ZIL/USD Price Prediction
ZIL is currently trading just near the support area of $0.1309. ZIL has to create a strong support at this area and if it does, we can start seeing a move towards $0.1564, $0.1749, $0.1933, $0.2196 and $0.2530. We could see a move towards $0.3496 and $0.5059 if $0.2530 can flip to support. If the support at $0.1309 breaks, we could see a drop towards $0.0967.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.