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Zilliqa (ZIL) Reveals New Partnership While Presenting Scilla for Smart Contract Security

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Zilliqa
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Zilliqa (ZIL) made an amazing progress for the past couple of months since it was officially launched and has managed to climb to the 25th spot on the global coin ranking list. ZIL also went past 1 billion dollars in its market capitalization. In addition to its most recent success, Zilliqa dev team decided to present their solution for smart contract security on a private meetup that was organized yesterday on May 23rd, in Singapore. Dev team presented Scilla on this occasion, showcasing scalability of a blockchain platform at its best.

Meetup in Singapore: Zilliqa Presents Scilla

What made Zilliqa climb to the top in the course of only a couple of months is most probably the concept of sharding that can be originally found in its whitepaper, prior to being launched as a part of the system of ZIL test net.

Thanks to this concept, ZIL made it possible for parts of the chain to be easily scaled to a smaller portion of the network, that way making this platform scalable and thus faster when it comes to performance.

That is exactly how Zilliqa makes possible for thousands of transactions to be processed in only a single second, making it one of the fastest blockchain operating ecosystems currently available.

The concept of sharding also interested Vitalik Buterin, so Ethereum’s first man is considering on using sharding so that Ethereum network could adopt more scalability which would consequently result in faster traffic and less time for processing transactions.

Sharding, alongside with presenting partnerships and Scilla language was one of the reasons Zilliqa held the mentioned meetup in Singapore. However, the greatest portion of attention went straight to the presenting of the newly announced language that Zilliqa is using of providing maximal security for their smart contracts.

That is how all invited guests could witness a live demonstration of sharding and smart contract operations with Scilla.

Zilliqa: Scilla and the Smart Contract Security

Zilliqa was launched not so long ago, prior to being created by a team of academics from the National University of Singapore, as a way of providing the best solution for scalability issues.

As it is not a secret, many blockchain networks that are powered by top tokens and coins have troubles with finding a way of solving the problems they have with scalability.

That means that in the lack of scalable solutions, big platforms like Ethereum can face many forks, have difficulties with fixing bugs and implementing updates into the system, as well as having issues with jammed traffic, slow time for processing transactions, and of course there is a fear that investors might lose their interest in the technology that can’t be fixed or manipulated with.

That is how Zilliqa came up with the sharding protocol, alongside with introducing the public to the new coding language Scilla.

ZIL dev team uses Scilla for their smart contract operations, claiming that this programming language enables maximal security for smart contracts.

The team decided to focus on providing smart contracts with security because they have previously concluded based on the extensive research that over 34.000 smart contracts suffered from various attacks, thus concluding that smart contract protocol generally makes up for a rather vulnerable asset.

Scilla, as it represents a coding language prone to bugs, can protect smart contracts from any attack and illegal manipulation by fixing the previously found and analyzed security issues.

Zilliqa and Mindshare Partnership

Besides from presenting a live demo of Scilla coding language and sharding protocol, Zilliqa dev team talked about their latest partnership, which concluded the meetup as a very successful introspective of Zilliqa.

Although not more than 3 months old, ZIL makes up for an amazing solution for scalability and smart contract security, addressing the biggest problems known to blockchain ecosystems and providing solutions for such issues.

Apparently, Zilliqa has partnered up with Mindshare, a creative company that meets the goals that ZIL has for the future development.

In the spirit of the announced partnership, Zilliqa will be awarding 5 million dollars for different projects that should be developed on their network.

Given the fact that Mindshare is actually a marketing company, Mindshare will use Zilliqa platform for marketing campaigns of two different companies presented by Mindshare.

How is Zilliqa doing at the Current Moment?

After four days of trading in the red, we can still see the market plummeting with the recently adopted trend.

Although Zilliqa seems to be thriving during the course of the last three months since it was first launched as an ICO, we can now see ZIL dropping against the dollar.

After the latest change in the market, ZIL has dropped by -10.78% against the dollar, while it is also dropping against ETH and BTC by over -1% and -4%.

Following the latest change in the market, ZIL can be traded at the price of 0.11$ per one unit.

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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.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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