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.
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.
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.
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
3 Coins Coinbase Will Adopt Next
Coinbase is one of the largest and most popular cryptocurrency exchanges in the world. However, throughout its existence, it was very picky when it comes to which coin it will adopt. So much so, that it has become a very large achievement to get support by the exchange.
Recently, however, Coinbase has decided to act on its users’ wishes and expand its list of accepted coins. In theory, this was a big deal, and the exchange actually started looking into a lot of coins. However, it only adopted a few of them. Right now, Coinbase is supporting Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, USD Coin, Basic Attention Token, and 0x.
Even so, Coinbase wishes to add more of them, but only after it ensured that the coins are a part of legitimate, non-controversial projects. As a result, the entire crypto community started speculating about which coins will be added next. This will also be something that we will try to answer today, by listing three projects that are the most probable candidates.
EOS or Ethereum On Steroids, as some like to call it, is a more than a decent project that has made headlines multiple times this year due to its progress. It managed to launch its own MainNet, which made it perfect for dApp development and smart contract creation. This makes it similar to ETH, but many…
What Will It Take For Bitcoin (BTC) To Rise Again?
It is no secret that 2018 has been a terrible year for cryptocurrencies when it comes to their value. Things looked so bright during the first few days of this year, with Bitcoin hitting $20,086 per coin, and every altcoin reaching new heights. However, it was not to last, and soon enough, the market crashed, and prices went down.
What followed was months and months of a heavily bearish market that kept pushing the prices further and further down. It prevented any attempt of recovery, although several of them gave it their best shot.
Despite a situation like this, crypto investors never forgot the potential of Bitcoin, and many have been predicting another bull run that would have the same results. Those expectations were quite large, and potentially even unrealistic at first. Now, however, as the year approaches its end, it doesn’t seem like anything will happen. The community started to wonder why that is, and what would it take for another bull run to emerge, which is what we will try to answer right now.
What does Bitcoin need in order to have another bull run?
1. Bringing regulation
The crypto space remains highly unregulated in most parts of the world, which is one of the largest reasons why BTC remains dormant. While there are attempts to regulate it, these attempts are made even more difficult due to the fact that the market is constantly changing and…
Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users
Recently the Stellar Development Foundation partnered with Blockchain Wallet to airdrop $150 million value of XLM, to the owners of the wallet. The Block declared that the first batch of XLM would be shared this week for all users who signed up to use the Blockchain wallet.
The team behind the stellar Development Foundation hopes that this partnership will make XLM a real rival for other cryptocurrencies from the market.
The co-founder of Stellar, Jed McCaleb declared the following about the airdrop:
“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens for free is an invitation to communities to design the services they need.
By working with Blockchain to increase the availability and active use of lumens on the network, we will increase the network’s utility by many orders of magnitude.”
Just $25 value of XLM each
To share some respect to the worth of XLM will distribute for each user, the team of Blockchain wallet declared that after verifying the identity when signing up to the wallet, $25 value of XLM will be shared to each. Furthermore, there will be a first- come and the first-served clause in this airdrop which says:
” Offer available until XLM giveaway supply is depleted. Limit of one XLM airdrop per person, unless participating in any bonus activities.
A person can receive the XLM airdrop in only 1 Blockchain Wallet. XLM…
Ripple CEO: Next year banks will provide custody solutions for digital assets
XinFin (XDCE) surges by more than 25%, can it be next big crypto thing?
3 Coins Coinbase Will Adopt Next
Don't Miss2 weeks ago
Ripple CTO: XRP price needs to go high for the firm to target bigger payments
Altcoins2 weeks ago
3 Altcoins That Can Net You A Fortune In 2019
Altcoins1 week ago
Electroneum (ETN) and Ravencoin (RVN): Two giants in the making
Currency Market2 weeks ago
How is Ripple (XRP) expected to perform this month, November 2018?
Bitcoin2 weeks ago
China sees Ripple as innovative blockchain while Bitcoin gets no love again
Don't Miss2 weeks ago
Ripple CEO Brad Garlinghouse unfolds the future plans of the company
Don't Miss5 days ago
40 million XRP just got transferred to former Ripple executive Jed McCaleb
Altcoins2 weeks ago
Electroneum News: New Partnership And Instant Payment Software Launch