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Zilliqa is mainly based on the concept of Sharding and primarily aims at improving the scalability of the cryptocurrency networks as in case of Bitcoin or Ethereum.
Zilliqa leverages on their silicon-smooth, speedy and cost-effective blockchain platform to catalyze and transform digital infrastructure across all global communities and industries. The white paper mentions that the transactions speed would be approximately a thousand times more than that of Ethereum network. Zilliqa is fast, secured and decentralized. Zilliqa’s high throughput means that you can focus on developing your ideas without worrying about network congestion, high transaction fees or security which are the key issues with legacy blockchain platforms. Zilliqa network uses a concept called Sharding where the transactions merge into smaller groups and split among the miners for the parallel transactional verification. Developing smaller groups for transactional verification means the Consensus reaches faster and hence a higher number of transactions can process in a given time frame. This has led to an increase in ZIL price.
Network Capacity
The capacity of the network linearly increases in other cryptocurrencies as the number of people joins the network, but in this case, the capacity is increased at a higher variable rate than the number of members joining the network. By incorporating the Sharding Technology, it can completely revolutionize the smart contract functionality too.
Research Brought to Life
Zilliqa was born at the National University of Singapore. It is the brainchild of a team of academics, entrepreneurs, and engineers. Their technology is backed by peer-reviewed academic research.
Mainnet Live Since Early 2019
With the launch of our mainnet in January 2019, Zilliqa became the first public blockchain platform in the world to successfully utilise sharding as a scaling solution. Visit their Research and Development Roadmap 2021 to see what’s coming next.
Sharding in Practice
Their unique application of sharding allows the blockchain to scale in a linear fashion. This ensures that the Zilliqa platform can scale to meet the needs of a growing ecosystem of miners and applications.
Eco-Friendly Dual Mining
Thanks to Zilliqa’s consensus mechanism, the ecological footprint of mining has considerably been reduced. Only 1 minute out of every 2-3 hours is needed to mine ZIL. This allows one to dual-mine other chains at the same time.
Let us review ZIL price.
ZIL Price Prediction
ZIL is trading above the support zone of $0.0937. If it stays above this support zone, we could start seeing a move towards 0.1055, $0.1151, $0.1247, $0.1384 and $0.1557. If ZIL breaks the resistance at $0.1557, we could start seeing a move towards $0.2059, $0.2530, $0.2872 and $0.3684. Failure to hold the support at $0.0937 could lead to a drop towards $0.0745 and $0.0505.
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