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

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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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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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