When Zilliqa launched its mainnet in January, the project was put on what the team calls the Bootstrap phase. The idea behind this was to ensure that the network remains stable and safe. That’s because, when the hash power is still low, it is easy for attackers to take control of the network and ruin it. In the bootstrap period, Zilliqa (ZIL) miners are receiving mining rewards, but there are no transactions. This will go on until a significant amount of hash power is achieved. So far, the project has made significant progress on this front. Zilliqa (ZIL) now has over 900 community nodes. The network also has over 24000 blocks at this point. However, this is still not enough to protect it from attacks.
According to the Zilliqa team, they will be extending the Bootstrap period up to the end of March. This will allow them to make improvements that will fast-track the move by Zilliqa towards full decentralization. For instance, the team is looking to opt for a friendlier mining client. This will help attract more miners to Zilliqa (ZIL) and help it become a stable and usable blockchain in the development of decentralized applications. Here is part of what the Zilliqa team had to say about the extension.
“…we have also been gathering feedback from the community and identified several improvements that are desirable. For instance, in order to achieve wider adoption by the mining community, we need a more miner-friendly client and opt-in upgrading mechanism. In addition, we are also fine-tuning the public-facing APIs by implementing more features like incremental DB to enhance the process for miners to join and recover from the latest states.Therefore, we are proposing to extend the bootstrap phase from DS Epoch 313 to DS Epoch 600 (estimated to be in end of March), in order to test and implement these desired features before the end of the bootstrap phase as well as coordinate with exchanges for token swap. Thank you everyone in advance for your understanding and continuous support.”
For Zilliqa (ZIL) investors, this is a good reason to be bullish on the project. That’s because, everything is set up in a way that ensures it wins in the long-run. By the time the bootstrap period is over, Zilliqa team will be well positioned to draw in large scale Dapps, at the level of social networking applications. Already, it is one of the most scalable platform blockchains in the market, and will be highly secure after the Bootstrap period. The result will be a huge increase in the value of Zilliqa (ZIL), over time, as it does what it was designed to do.
Clearly, Zilliqa is among the most undervalued projects in the market at current prices. As the market makes a turn upwards, Zilliqa (ZIL) will be among those projects that could register exponential gains. The probability of Zilliqa (ZIL) hitting a $1 or more is high in the long-run. It is supported by its strong technical capabilities, and growing market adoption of blockchain technology.