Connect with us

Blogs

Zilliqa (ZIL): A New Coin on the Block

Published

on

Zilliqa
READ LATER - DOWNLOAD THIS POST AS PDF

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.

loading...

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

Altcoins

DGB Price Prediction For 2018 and Beyond

Published

on

DGB price prediction
READ LATER - DOWNLOAD THIS POST AS PDF

With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

Continue Reading

Altcoins

Why ZCash (ZEC) Is Heading to $10k

Published

on

ZCash
READ LATER - DOWNLOAD THIS POST AS PDF

Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

Continue Reading

Altcoins

Ripple XRP Mega Breakout: What’s Next?

Published

on

Ripple XRP mega breakout
READ LATER - DOWNLOAD THIS POST AS PDF

The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

Continue Reading

Trending