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Zilliqa (ZIL): A New Coin on the Block

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Zilliqa (ZIL) was introduced in the cryptocurrency market on 26th January 2018. It is, in fact, the first public blockchain that engages sharding that enables linear scaling along with the physical growth of the blockchain. Scalability issues of Bitcoin and Ethereum have long been a concern. At the moment being unable to meet all the demands, the transaction fees on the Bitcoin blockchain have increased significantly. In case of Ethereum, the smart contracts can become gas-intensive when it is limited throughput. Many newer crypto coins and even ERC20 tokens have tried to address this issue. But, till date, no one has been able to come up with the perfect solution. So, what makes Zilliqa different?

Zilliqa Combating Scalability Issues

Zilliqa brings in a new approach to the scalability issue. The sharding solution allows the network to grow in size. So, theoretically speaking the network of Zilliqa can process any number of transactions per second. However, in the real situation, considering the number of nodes present on the network, it can confirm tens or hundreds or thousands of transactions in one second.

It has been observed that with increment in the number of nodes present in the network, the time taken to reach consensus to confirm a transaction increases. Therefore, the network size and consensus speed are inversely proportional to each other. To truly solve scalability issues, the network size and the time taken to reach consensus should be working together. Zilliqa’s solution is different as it re-imagines the blockchain from the beginning. The model includes a hybrid consensus protocol that allows growth of the network’s throughput as nearly 600 new nodes join the network. The work gets divided into nearly 600 new nodes join the Zilliqa network. The problem is that there will be issues with broadcast when the number of nodes goes beyond one million. But, it is an upper limit and at this moment the network is far away from reaching the mark. Till now, the Zilliqa network has managed to confirm 2400 transactions per second while the sharding solution was being tested on the private blockchain.

The concept of sharding

Shard is the group formed when the Zilliqa protocol segregates the mining nodes present on the network into 600 each. Suppose, if there are 3600 nodes present then they will be divided into 6 shards. As the number of nodes increases the number of shards will also increase.

By dividing the work, the Zilliqa network ensures faster transactions. The shards will be taking care of a fraction of the network’s transactions. As the number of nodes is segregated into groups the amount of work done by a shard gets divided by the total number of groups present on the network at the moment. Thus the consensus load gets divided among the shards and the network is able to meet the computing demands. The assigned transactions are processed by the shard into a microblock. The processing period is called the “DS epoch” and by the end of it, all the microblocks combine to form a full block. It is then incorporated into the blockchain.

Zilliqa Testnet v1.0 Release

Codenamed Red Prawn, the announcement of the release of Zilliqa Testnet v1.0 was done by Yaoqi Jia, Zilliqa’s Head of Technology on 31st March 2018. The sharding technology has been successfully utilized by MasterCard, Visa, and other international payment mediums. The motive of Zilliqa behind implementing this technology is to increase throughput such that there is a linear increase in the size of the network along with an increase in the demand for the number of transactions. Testnet v1.0 is speculated to have the capability of carrying out approximately 1000 transactions per second. From the official blog of Zilliqa (ZIL), “Please note that Red Prawn is the first version of our testnet and we will be continuously updating the testnet on a weekly basis. In our internal testing, we ran experiments on about 2,000 to 3,000 nodes achieving 2,000–3,000 transactions per second. As we have implemented several new features in the past few weeks, we do realize that the stability of our testnet needs improvement. We are first releasing a testnet with 1,000 nodes (4 shards) running on AWS.”

Zilliqa and Noorcoin Partnership

Zilliqa partnered up with the world’s first shariah token Noorcoin, early this April. Zilliqa will now be able to test its blockchain protocol for on-chain high-throughput transactions for the Noorcoin system. Hear it from Noorcoin’s founder and CEO, Sofia Koswara the reason to choose Zilliqa, “We’ve decided to build on Zilliqa’s platform since it opens up new options that weren’t possible earlier. We aspire to achieve outstanding quality and to be a pioneer in setting the best practices in the world for the growing blockchain industry. With Zilliqa we believe that we can achieve that goal.”

Zilliqa (ZIL) Price Analysis

According to the price chart of Ziliqa (ZIL) on coinmarketcap.com, the coin had managed to ‘maintain’ green candles ever since its inception into the cryptocurrency market. At the time of writing, the price is $0.09 USD (7.39%) approximately and the rank shown is 36. The market cap is approximately $699,243,414 USD and the volume (24h) is nearly $37,958,200 USD. (As of 27th April 2018). The unique approach of Zilliqa (ZIL) to scalability has the capability of bringing in more partnerships and this, in turn, will hopefully see more investors. So, this is probably the ‘perfect’ time to buy the crypto coin and hold on to it.

We will be updating our subscribers as soon as we know more. For the latest on ZIL, sign up for 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 Molly Dilworth via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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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…

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New DoJ Ruling May Cripple Gambling dApps

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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…

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7 Steps to Recovery from a Crypto Trading Loss

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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…

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