The new blockchain platform designed by Zilliqa (ZIL) is particularly for the purpose of scalability. This network increases the rate of transactions as more miners engage in mining the ZIL coin which is not the case on the famous Ethereum platform right now. Statistics on transaction rates indicate that at the current capacity of over 30,000 miners in Ethereum, Zilliqa (ZIL) would have already achieved a 1000 times faster transaction approval rate. In order to achieve this level of functionality the Zilliqa blockchain platform uses sharding for its protocol; this is basically division of the platform into smaller units that in turn process parallel transactions.
As of press date, the ZIL coin operates as an interim ERC20 token basing its functionality on the Ethereum platform. The Singapore based blockchain network is expected to launch its mainnet between Q3 & Q4 in 2018. It is then that the ZIL coins will be converted to the Zilliqa native altcoins. These tokens are the fuel of this blockchain platform; users can get rights to operate smart contracts & engage in transactions by holding the ZIL tokens.
The ZIL public testnet v1.0
Zilliqa recently launched “Red Prawn”; this is the codename that was used when the team released its public testnet v 1.0 in early April 2018. The testnet is currently under review as the team prepares to launch a detailed mainnet that will kick off its functionality fully in 2018. Speculations like these accompanied with visible progress could significantly the value of Zilliqa positively despite the volatile nature of digital currencies.
The team has been keen to detail its community on the specific areas highlighted on the testnet v 1.0;
- Transactions can be sent by interested users via the Zilliqa web wallet to the platform. In addition, one is able to follow the progress of their requests using the block explorer.
- The team will liaise with interested parties that make contributions to improve the functionality as per assessment of the testnet.
However, users will have to be a little bit patient with the project as currently one is not able to mine, run a node, smart contract, or approve transactions on this blockchain platform.
Partnerships have proven to be an added advantage to the future value of cryptocurrencies since the crypto market gained a position in the global economy. Zilliqa is among the altcoins that has secured a partnership with Noorcoin, a shariah compliant token. This unique market has so far identified a capacity of over 1.5 billion Muslims and is set to grow as per the market demand in crypto.
This deal will involve testing the Open scalable Zilliqa network’s functionality in conjunction with the Noorcoin ecosystem; the idea is to achieve faster transactions on-chain. These were the sentiments of Noorcoin CEO, Sofia Koswara in line with the partnership;
“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,”
ZIL Coin Statistics
The altcoin has only been in existence for 3 months yet it is currently 36th in market cap. This is quite impressive although its price against the USD far below the $1 mark, a good opportunity to bite a bigger share of this project for bullish cryptopreneurs. The coin’s price has surged by 5% within the last 24 hours with its daily traded volume at a lucrative $4.63 million. However, investors should be wary of the risks involved in crypto since coins like Zilliqa (ZIL) have been at 59% volatility within the past 50 days.