Connect with us

Blogs

Reasons Why Zilliqa Holders Can Expect a Highly Profitable 2018

Published

on

Zilliqa
READ LATER - DOWNLOAD THIS POST AS PDF

Zilliqa (Zil) is one of the most recent cryptocurrencies that made their way to the traders across the world. It was introduced on January 25th of this year, at the time when almost the entire market was in shambles due to the plummeting in Bitcoin’s price. It is now a well-known fact that Bitcoin is the largest cryptocurrency that currently exists in terms of both market capitalization and price. Despite these two facts, the debacle in January 2018 made this coin susceptible to volatility and various security threats thereby creating considerable doubt in the crypto-traders’ minds. Under the circumstances, making progress as a recently introduced coin is incredibly difficult for any currency. But Zilliqa made this ostensibly impossible job possible with its sui generis features.

Zilliqa was introduced as the first through-put public blockchain in the world and started making inroads right after its tokenization preceded by a successful ICO token sale. This unique feature accompanied by several others has helped this coin grabbing attention of a significant number of traders. As a result, there hasn’t been any major downfall in this currency’s price and market cap so far and Zilliqa managed to gain a commendable position on Coinmarketcap toppling many potential big guns. Here, Zilliqa Sharding, one of the most recently implemented processes of Zilliqa would be discussed along with other major advantages to accentuate the fact why holding onto this coin would be a judicious decision this year.

Zilliqa Sharding Process

In DBMS, Sharding refers to a technique of partitioning various data in a database or search engine horizontally. In this way, the fragments of a single piece of data would be stored in different locations ensuring security in case of incidents like hacking. In case of blockchain technology, sharding refers to a simple yet efficient process where mining would be fragmentized into several smaller parts known as “shards”. It is a mandatory approach to increase the scalability of a blockchain protocol.

Ethereum was the first cryptocurrency to make an endeavor to implement the sharding process in blockchain in order to get rid of malicious nodes and mitigate the difficulty in constructing a consensus algorithm. However, the randomness of these mining shards causes a communication problem. The development team of Zilliqa has been able to nullify this problem by designing a system where all the shards would work simultaneously. The sharding approach was chosen by the Zilliqa team also enables them to have a copy of the current state of every single node. The advantages that Zilliqa Sharding offers include:

  • In sharding, nodes are divided into shards. When the number of nodes increases, the number of shards also increases proportionally to accommodate new nodes within the system. As a result, the network traffic always remains free from any kind of congestion.
  • Due to less congestion, the blockchain of this cryptocurrency offers a highly scalable and fast transaction system which not only saves the time of their traders but also saves from the unnecessary wastage of electricity and expenditure.
  • Sharding makes this cryptocurrency more secure. As the mining is done in different fragments spread across different locations, it becomes nearly impossible for the cybercriminals to hack important data or currency tokens from this platform.

Notable Partnerships:

Zilliqa has engaged in several partnerships this year in order to increase their token circulation and popularity to the crypto-traders. During last month of this year, Zilliqa partnered with two other major cryptocurrencies – Bluezelle and Genaro Network. Both of these currencies offer their support to Zilliqa as a distributed backend storage provider. As a result, DApp developers now can choose a storage provider of their own preference, with the API (Application Program Interface) support from Genaro Network and Bluezelle.

Major Events:

The development team of this cryptocurrency has been extremely busy throughout this month as they have already attended several cryptocurrency meet-ups such as the World Digital Asset Summit in Singapore, Bloxpo meet-up in Stockholm, Sweden, and many more. They are also about to attend a major cryptocurrency meet-up in Singapore on 23rd May. With these events, more traders would come across this ingenious currency and its features eventually increasing its popularity.

Current State of Zilliqa:

As of 21st May 2018, Zilliqa holds the 25th position on Coinmarketcap with a price nearly equivalent to $0.15 and a market capitalization of nearly 1 billion USD. The currency continues its bullish run as both the price and market cap charts are showing a steady upward trend.

Final Thoughts:

Zilliqa possesses one of the most efficient development teams in the crypto-world and is constantly making new ameliorations for their holders. According to their latest progress report, they have improved their testnet deployment system along with making major changes to their main protocol. This coin has been able to get a position among the top thirty currencies within a few months. Hence judging by this trend it can be inferred that Zilliqa holders can be hopeful about a very profitable 2018.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Blogs

Understanding the Uses of Different Types Of Cryptocurrencies

Published

on

cryptocurrencies
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

Continue Reading

Blogs

New DoJ Ruling May Cripple Gambling dApps

Published

on

gambling dApps
READ LATER - DOWNLOAD THIS POST AS PDF

A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

Continue Reading

Blogs

7 Steps to Recovery from a Crypto Trading Loss

Published

on

crypto trading loss
READ LATER - DOWNLOAD THIS POST AS PDF

Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

Continue Reading

Elite