Published
5 years ago on
May 21, 2018
Zilliqa (ZIL) has gained a lot of traction over the last few weeks for its blockchain scalability solutions. Many blockchains ignored the need for scalability solutions initially as they considered the industry to be in its infancy and that adoption and use might take some time. However, the blockchain and cryptocurrencies space has evolved far more rapidly than many anticipated resulting in problems with scalability and network clogging on some blockchains. Recently, we saw how one Dapp like Crypto Kitties brought the entire Ethereum blockchain to its knees. This incident in particular has been a major reason of concern among developers to push for advanced scalability solutions. Currently, Zilliqa (ZIL) offers one of the best solutions in this regard focusing on transaction throughput and sharding. This means that Zilliqa (ZIL) even with its less number of nodes as of now is able to conduct a lot more transactions per second than Ethereum (ETH) or Bitcoin (BTC). Zilliqa (ZIL) is capable of handling tens of thousands of transactions per second. This is made possible by the concept of sharding whereby different nodes are combined into groups to process transactions a lot faster than usual. This means that blockchain projects that require transaction speeds higher than currently possible with other blockchains would find it useful to switch to Zilliqa (ZIL). The team behind Zilliqa (ZIL) comprises mainly of computer scientists and researchers. They recently conducted a test trial which delivered astonishing results. With a transaction rate of 1390 per second, they are well ahead of their competitors. Zilliqa (ZIL) is also more focused on security and identity verification. Miners are required to complete a proof of work hash and every machine is allowed a limit of only 1 node so that the Zilliqa (ZIL) blockchain cannot be manipulated or hijacked by a group of individuals with malicious intent. Zilliqa (ZIL) also does not use Proof of Work for voting. It further ensures that big mining pools cannot control and dictate the future direction of the project. Zilliqa (ZIL) uses a consensus mechanism that is an amalgamation of Proof of Work and Byzantine Fault Tolerance. This is the same model that is adopted by NEO and Hyperledger. It eliminates any chance of a fork. While Zilliqa (ZIL) has a good use case as a scalable blockchain, it is yet to provide a similar scalable solution of Dapps and smart contracts to be built on its platform. The way sharding and throughput work with Zilliqa (ZIL) is that they focus more on data flow and programming rather than checking variables, functions and states. However, for smart contracts, operations like checking variables, functions and states are a necessity. This means that Zilliqa (ZIL) is not yet a very conducive platform for Dapps and smart contracts that are focused more on such operations. The price of Zilliqa (ZIL) has been on a continued rise for the last few weeks. The crytocurrency has continued to perform well against Bitcoin (BTC), Ethereum (ETH) and the US Dollar (USD). Zilliqa (ZIL) began its uptrend in April, 2018 and is poised for further gains as the market shows confidence. Zilliqa (ZIL) currently has the highest positive sentiment among all cryptocurrencies. Double digit gains are a common sight with this cryptocurrency and institutional interest in Zilliqa (ZIL) also seems to be on the rise as quest for the next Bitcoin (in terms of gains) continues.
