Zilliqa is a public blockchain that utilizes sharding as a scaling mechanism that enables the blockchain to scale up to meet increasing demands.
Table of Contents
A brief summary of Zilliqa.
Zilliqa mainnet has been live since 2019 and provides interesting solutions to existing challenges with current blockchains.
Zilliqa brings the theory of sharding which allows concurrent things to execute transactions in parallel, thereby increasing the overall capacity of the network.
The team’s primary motivation in building this Zilliqa was to create a platform that could process smart contracts at scale without sacrificing core blockchain principles, such as the decentralization of node management.
Zilliqa’s smart contract layer features a proprietary programming language called Scilla, which allows developers to write and express the conditions of smart contracts conveniently.
This infrastructure is being used to develop both pilot and commercial applications in the areas of security token offerings, gaming, domain registry service, financial services and payment reconciliation in advertising.
What problem is Zilliqa trying to solve.
The primary goal of the Zilliqa network is to solve the scalability problem that has challenged many of today’s leading blockchain networks like Bitcoin and Ethereum.
Scalability is the ability of a cryptocurrency to deal with a huge amount of user transactions without slowing down. Scalable cryptocurrencies will be the ones that can process as many transactions as companies like MasterCard and Visa at very high speed.
Lack of scalability is often associated with high transaction fees.
Take Ethereum for instance, a simple transaction could cost you very high transaction fees, and the Lord forbid you to try to launch a smart contract unto ethereum, the cost is in thousands of dollars.
Then there is the issue of clogging, where transactions with low transaction fees are ignored and can often take days if not weeks to be confirmed on the blockchain.
All these challenges make mass adoption extremely difficult.
With this in mind, Zilliqa was created to be extremely fast, and with lower transaction fees to allow scalability and mass adoption across the globe.
The reason we choose Zilliqa as one of the most promising cryptocurrency projects is that Zilliqa is solving a real need, we believe that programmers are going to choose fast, and cheaper platforms to execute their smart contracts in the future, and Zilliqa is at the forefront of speed and low cost.
How to benefit from Zilliqa.
Given the Ethereum network congestion and concomitant high transaction costs, flexible smart contract platforms such as Zilliqa are becoming more appealing. Developers want to rely on a network that can scale as required, with its speed unaffected by high volume DApps.
However, the network has numerous exciting projects in the pipeline to help it reach its goals. In April 2021, capitalizing on the NFT boom, Zilliqa announced an NFT Greatness Collector package auction, involving world-famous boxer Terrence “Bud” Crawford, with bids starting at $250,000.
As a programmer, you can benefit from Zilliqa by building your Decentralized Applications (DAPs) on the Zilliqa blockchain, this would reduce cost for both you and your users compared to other existing platforms.
Scilla, the programming language used on Zilliqa is known to be safe and optimized for the speed and scalability of your DAPs.
If you are not a programmer, you can still benefit from the Zilliqa blockchain by buying and holding Zil the native token of the Zilliqa blockchain.
You can as well Stake your Zil to earn more rewards on the Zilliqa blockchain, the Zilliqa blockchain has also introduced the governance token gZil, holders of gZil are able to vote on implementations on the platform.
We believe that Zilliqa has huge potentials, and as adoption increases, the chances that the prices of Zil would rise are high and “moon”.
What is Zil
Zil is the native token of the Zilliqa blockchain, essentially Zil is a cryptocurrency.
What is gZil
gZil is the governance token of the Zilliqa blockchain, it is one of the many tokens developed on the Zilliqa blockchain.
What is the Difference between Zil and gZil
Both Zil and gZil are on the Zilliqa blockchain, while Zil is the native token of the Zilliqa blockchain, gZil is a token on the Zilliqa blockchain, much like Etehreum and the many other ERC20 tokens on its platform.
| Zil | gZil |
| Native Currency of the Zilliqa Blockchain | A token generated on the Zilliqa blockchain |
| You stake Zil to earn gZil | You can only earn gZil after staking Zil |
| Total Supply of Zil; 722700 | Total Supply of gZil; 21 Billion |
For every 1000$Zil earned as staking rewards 1gZil would be issued.
Where to buy the Zilliqa token.
You can buy Zil from the following exchanges
Wallets that can store the Zilliqa token.
You can store your $Zil in one of these wallets
Zilliqa price prediction.
The total Supply of $Zil is 21,000,000,000, this extremely high total supply with a lack of burning function would make it extremely hard for $Zil to reach $50 in price.
Will Zilliqa Hit $1
However, with increased demand and popularity, $ZIl would easily breach the $1 price point and head towards $5 by 2028 if the current rate of adoption is maintained.
Why is Zilliqa down.
Zilliqa is down in price at the moment because there are more sellers than buyers. where the selling pressure continues to mount, chances are that $Zil prices would continue to drop in value.
Factors that could make $Zil price drop include;
- General panic in the market
- Unfair regulations agaisnt cryptocurrencies
- Hacks
- and any other thing that might put fear into the minds of users.
Who owns Zilliqa
Zilliqa was formed by a team of scientists, engineers and entrepreneurs, the core team are;
- Michael Conn ; CEO Zilliqa Capital
- Han Wen Chua ; SVP Ecosystem development
- Arnav Vohra ; Developer Evangelist
- Madison Tang ; Growth Analyst
- Mervin Ho ; Growth Analyst
Conclusion
We believe that Zilliqa is solving a real-world problem, and with increased adoption, the price of $ZIl is bound to increase. Both developers and users alike could benefit from the speed, low transaction cost and scalability that Zilliqa brings to bear.
Do you own Zilliqa, or plan to buy and hold $Zil, what are your thoughts? Let us know in the comments section.
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