Due to a wide variety of cryptocurrency projects, it is difficult for an ordinary investor to separate coins with real value from pacifiers. Today we will analyze a little known and relatively new project, Zilliqa, its problems that the developers are trying to solve and we will also consider the prospects of this cryptocurrency.
(please, click the topic to scroll down to it)
- What is Zilliqa's cryptocurrency?
- Zilliqa in figures
- Advantages and disadvantages of Zilliqa
- Prospects for 2018-2019
The main idea of the Zilliqa project is the development of a decentralized platform that would not have a scale limit and could even improve on its own. Now let's talk about all this in more detail.
In order for the network to have a high bandwidth, developers have decided to use "sharding" technology. It is about dividing the data into many small "pieces". That is, the blockchain itself is divided into a number of parts. There are groups of nodes responsible for the correctness of the work of each part; each of them processes only their own part of the data. A similar approach allows you to easily perform more than a thousand operations per second (in theory, the limit is practically absent).
If the amount of data (as a result, the transactions) increases, the network algorithm will break it into an additional number of parts. Everything is designed in such a way that the network regulates itself to the load.
In addition, the Zilliqa platform could compete with Ethereum in the future, since it is possible to create smart contracts and own blockchain projects on the base. The applications that will start on the default Zilliqa platform will work with the sharding method and have a high bandwidth.
The fuel of the platform are the ZIL tokens, whose total emission is 21 billion. The developers immediately released 60% and the remainder will be allocated to the miners. By the way, the coin algorithm has a gradual increase in network complexity. Developers want to extend the token extraction process for around 10 years.
Some Dried Numbers:
- The ZIL / USD rate is $ 0.055;
- The capitalization of the currency is almost $ 418 million
- 28th place in the global ranking of CoinMarketCap.
This project has a sufficient number of strong points:
- A strong development group . The project is composed of well-known people in the field: Christel Quek (a professional in the field of digital economy), Yaoqi Gia (expert in cryptography and digital security), Xinshu Dong (the main developer of the project, and one of the best specialists in blockchain technology).
- The presence of important partners. The market value of any good is determined, first of all, by consumer demand. In the Zilliqa project, large sums of money are invested by many large companies and venture capital funds, such as FBG Capital, Kenetic Capital, Signum Capital, IKX, Linklaters, etc.
- Technology required by the market. The problem of the small bandwidth is quite relevant for the industry. In test mode, developers managed to reach a speed of 2488 operations per second (for comparison, it is 355 times faster than Bitcoin). This value was corrected when there were only 3,600 nodes in the network. If their number increases, then the capacity will increase in direct proportion.
- Modified smart contracts. On the basis of Zilliqa, it is possible to simultaneously create many intelligent contracts and display them in parallel. This feature will allow you to work much more efficiently with the platform.
However, some market experts believe that the project is not very interesting, due to the great competition in this market segment. The skeptics say that the developers of Zilliqa are already late; they believe that if the project had been launched in 2016, it would have been with an overwhelming chance of waiting for an incredible success. But in 2018 there are already too many potentially promising projects in the smart contract segment, so it will be much more difficult to succeed in such conditions.
In the cryptocurrency sector it is always difficult to state any forecasts with certainty. If you look at the chart of the currency exchange rate, you can see that now it has sunk almost 4 times, compared to the maximum set on 10 May 2018, at 20 cents (now 5.5 cents).
But it should be remembered that the total market capitalization during this period sank by almost 200 billion dollars (from 450 to 250 billion dollars).
The Zilliqa project is likely to take its place in the market, but this will require favorable time and conditions (weakness of competitors, general growth of the cryptocurrency market, etc.). By purchasing this currency, you must be set up for a long-term investment.
The next large-scale event, which is expected to influence the further development of the network, is a large-scale launch of the network, which is scheduled for the third quarter of 2018. If it passes successfully, it will favorably affect the course of the ZIL token.
The Zilliqa project has good technological support, as well as a professional development team. Using the "sharing" method, it is possible to substantially alleviate the network and achieve its painless downsizing in the future. The further development of the project depends on many factors.
Subscribe to The Coin Shark news on Facebook: https://www.facebook.com/coinshark/