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.
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 Maxpixel.net
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
Is Bex500 an alternative to BitMEX?
EOS now available on eToroX exchange
How Bitcoin Has Changed Online Gaming
Bitcoin2 weeks ago
The advantages of bitcoin sports betting
Featured news2 weeks ago
How Tax Agencies Are Going After Crypto Traders
Bitcoin1 week ago
The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Bitcoin1 week ago
Will Bakkt Push Bitcoin into the Mainstream?
Trade1 week ago
Trusted third parties should issue stablecoins, not Facebook
Trade1 week ago
Not-For-Profit GoodDollar Secures Funding For 2020 As UBI Project Celebrates First Birthday
Hot Updates1 week ago
The Best Thing to Share with Your Family on Thanksgiving
Featured news1 week ago
Five Strategies for Lowering Your Crypto Taxes