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Zilliqa (ZIL): A New Coin on the Block

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Zilliqa
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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

Altcoins

3 Coins Coinbase Will Adopt Next

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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.

3. EOS

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…

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Bitcoin

What Will It Take For Bitcoin (BTC) To Rise Again?

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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…

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Altcoins

Stellar plans to Airdrop 150 Million USD in XLM to Blockchain Wallet Users

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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…

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