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Zilliqa (ZIL): In Anticipation of the Test Net 2.0 Release

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Zilliqa, a relatively young coin, has promptly gained the attention of the crypto community, thriving both in the market and technologically while gaining a reputation of a promising coin. One of the reasons why crypto enthusiasts and investors noticed ZIL lies in the fact that Zilliqa is working on solving one of the greatest issues in blockchain technology – increased scalability.

Thanks to a unique technology called sharding, Zilliqa has gained its position among the top 30 best cryptos in the market, that way showing that a newbie on the block can most certainly surprise the competition, and even pose as a role model for achieving scalability with blockchain technology.

Zilliqa to Release Test Net version 2.0

In accordance with Zilliqua roadmap, the team behind ZIL, a team of scientists from the National University of Singapore, the official whitepaper describing the blockchain project Zilliqua was released back in August 2017, after which the result of the internal test net was announced and released a month later in September.

Zilliqa has soon shown to be more than just another coin while presenting the term of sharding, representing it as a solution towards obtaining increased scalability.

Sharding, which is a principal now being adopted by several other blockchain projects, is based on parallel operations between chains, that are in accordance with ZIL technology divided into smaller parts, known as shards.

By having shards communicating to provide parallel communications between smaller parts of chains, the network is made to be more scalable allowing around 4000 different transactions to be processed within a single second without creating jams or network cluster.

However, Zilliqa is planning on providing more to its users than “just” a prompt payment service, so that is how the team behind this asset is planning on building a large decentralized for highly scalable decentralized applications while meeting standards of the community driven by machine learning and financial algorithms.

After the internal test net results were released in September, Zilliqa announced and released Scilla, which represents another upgrade to the test net, serving the purpose of easily and securely operating with smart contracts.

Scilla has already been tested with success in invoking codes for contracts as well as tested for invoices made on the blockchain.

Scilla was released at the end of 2017, in December, introducing the community to the upcoming test net release that was scheduled for the first quarter of 2018.

Zilliqa went with releasing the source code in January 2018, that way announcing the first version of ZIL test net.

The first version of test net came out on March 31st, after which ZIL was added on more than several exchanges due today, including Zebpay exchange.

The launching of the second version of the test net was scheduled for June 30th, with the idea of slowly introducing Zilliqua to the launching of the main net, as well as guiding the community on the token migration.

The main net is scheduled to be released on September 30th, however, it seems it is less likely that Zilliqua would be able to organize the entire migration as well as testing the second version of the test net, all within the deadline of two months.

However, the exact date for the main net launch is yet to be confirmed, as the team has made it clear on their official webpage that the main net is to be released with the third quarter, without adding the specific date.

Although the date for the main net launch might not be specified, it is most certainly the case that Test Net version 2.0 will come out as scheduled on June 30th, when it will become available for public testing.

Zilliqa (ZIL) Performance

Despite the fact that the team behind ZIL is releasing the second version of the test net in only a couple of days, the latest market currents seem to be tough on ZIL as well as on the rest of its crypto peers.

After the latest change in the market, ZIL went down by -5.27% against the dollar, while trading in the red for two days straight at this point.

With the most recent drop in the market, one unit of ZIL can be traded at the price of 0.063$ with Zilliqua being ranked as the 26th coin on the global coin ranking list.

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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.

Image courtesy of Rachel via Flickr

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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