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Zilliqa (ZIL) rises as Ethereum fails to answer

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Zilliqa Ethereum
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Zilliqa (ZIL) is a blockchain project and cryptocurrency that, despite its young age (it was started only last August) is gathering attention and gaining users. 

The token is based on Ethereum’s ERC-20 technology, but it’s independent of the Ethereum network as it was introduced precisely to address some of the Ethereum environmental problems (scalability and price). 

Besides the crypto-coin, Zilliqa aims to be a blockchain-based operating system in which decentralized apps can be developed in a way similar to Tron and EOS.

Zilliqa smart contracts are written using their proprietary Scilla ( a programming language), and the network also uses sharding technology, which is a protocol that breaks a calculation down into smaller pieces that can be solved parallel in a node’s sub-network so that transactions and block elements can be computed more quickly. If this doesn’t impress you very much then know this: it’s one of the few digital assets currently trading in green numbers.

Ethereum is bleeding users and developers to Zilliqa

Overstating Ethereum’s importance in the cryptosphere is hard. Several essential blockchain projects started running over the Ethereum blockchain and the ERC-20 before they became independent (Tron and EOS are the best-known examples). But there is a reason why those projects choose to develop their blockchains and leave Ethereum behind.

One problem with Ethereum is the gas price, it keeps going up, and it makes it expensive to create and use apps that run over Ethereum. The other problem is scalability. 

The network is slow compared to the most recent blockchains available. Zilliqa still uses an ERC-20 token, but their technology is designed to deal with those very problems. It’s very cheap, and it’s swift, and those advantages are attracting current Ethereum users and developers.

Take the Etheremon example, which is sort of Pokémon-go clone that runs as a decentralized game on the Ethereum (ETH) platform. Current fees on Ethereum are becoming so high that they are starting to ruin the fascinating experience of gaming. Etheremon is dealing with this issue by moving a portion of the game to Zilliqa, which pushed Zilliqa’s price up. Ethermon’s blog published this in its official Medium blog:

“Long-term solution, we are glad to announce that we will work with the Zilliqa team to explore Zilliqa as a scalability solution to Etheremon. The Higher throughput and low gas of Zilliqa’s sharding solution offer players a better experience.”

More competitive transaction fees

Ethermon’s solution is something of a band-aid, it cannot last for long. Currently, the transaction system runs on Zilliqa while the game engine is still on Ethereum which is not sustainable, but the developers have not yet announced for how long this will remain as it is.

Not too long ago there was another game (CryptoKitties) that taxed the Ethereum’s network performance hard enough almost to paralyze it. 

It goes without saying that this is not how you attract investor confidence, new users and new demand for a crypto coin. The scalability issues are quite severe, and they have not been addressed. Even worse: now there’s a lot more competition in Zilliqa, Tron, EOS, and others.

Zilliqa (Zil) is rising

Real-time performance is of capital importance in entertainment and gaming applications, and Ethereum just can’t handle them anymore. But Zilliqa can. And it’s even faster than EOS and Tron while keeping things secure.

Ethereum’s will keep being the dominant platform for decentralized games for a while yet. There’s no way around it, they have been around for too long, and it’s going to take some time for other games to migrate their products into different blockchains. 

But as games that run over the blockchain multiply and become more popular, the battle of the providers will grow in intensity and, as things stand, it’s one that Ethereum cannot win long-term. That is Zilliqa’s gain.

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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 Maxpixel.net

Blogs

Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Jeff Bezos
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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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