Zilliqa (ZIL) has seen increasing investors’ interest for its scalable smart contracts solutions. Initially, a lot of blockchain
projects in the same niche as Zilliqa (ZIL) ignored scalability as the space was relatively new and there were not enough live applications on many of these platforms to pose any threats to scalability. However, the recent evolution of the blockchain industry took many by surprise as the need for effective smart contracts platform has grown incredibly. Most new businesses want to use a blockchain to be in sync with the changing business landscape. However, the problem is not a lack of interest but a lack of userfriendly and effective technology to make that possible. The most popular smart contracts platform, Ethereum recently hosted an application called Crypto Kitties which brought the entire network to a standstill and eventually had to be stopped so the rest of the network could function seamlessly.
The best alternative in the market to address this issue is, Zilliqa (ZIL), which makes scalability and speed possible with sharding and transaction through put. 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 currently capable of handling tens of thousands of transactions per second and its capacity can be increased with more nodes. This is possible through the concept of sharding allowing different nodes to be combined into groups to process transactions a lot faster than usual. Blockchain projects with an emphasis on speed of transactions rather than complex smart contracts would find Zilliqa (ZIL) to be the ideal solution.
The team behind Zilliqa (ZIL) comprises of computer scientists and researchers. They have recently conducted a test trial which has delivered astonishing results. With a transaction rate of approx 1400 transactions per second, it is well ahead of its competitors. Zilliqa (ZIL) also focuses more on security and identity verification. Miners on the network are required to complete a proof of work hash and every machine is only allowed a limit of 1 node so that a small group of powerful people cannot compromise the governance and security of the entire blockchain, something that has continued to be a major issues with other platforms. Zilliqa (ZIL) does not use Proof of Work (PoW) for consensus. This is to make sure that big mining pools cannot control and dictate the future direction of the project. Instead, Zilliqa (ZIL) uses a consensus mechanism that is a mix of Proof of Work (PoW) and the Byzantine Fault Tolerance.
Zilliqa (ZIL) appears to have an effective use case as a scalable blockchain, but it is yet to provide a similar scalable solution of Dapps and smart contracts to be built on its platform. The way principles of sharding and throughput work with Zilliqa (ZIL) is that both of these focus more on data flow and programming rather than on checking variables, functions and stats of a smart contract. For smart contracts, these operations are a necessity and as such Zilliqa (ZIL) may not be the ideal solution yet. Zilliqa (ZIL) has traded boldly against Bitcoin (BTC) and USD ever since its launch. The crypto currency has seen increasing interest over the weeks and is one of the few cryptocurrencies to record double digits gains on sight of a possible recovery. The price continues to be in an uptrend and is poised mark new highs for the year if Bitcoin (BTC) holds ground.