coincodex.com
Key Highlights:
- Zilliqa project hits major milestone following its emergence as Zilliqa Group, a unified corporate structure that brings together various businesses dedicated to Web3 and blockchain applications on the Zilliqa network.
- The massive transitioning to Zilliqa Group is aimed at enabling the establishment of a unique services layer, facilitating easier integration across industries. Hence, exciting new ventures are on the horizon in sectors such as DeFi, loyalty programs, and spatial web, all of which will benefit from the newly created corporate structure.
Leading blockchain platform, Zilliqa is set to unfold a new chapter in its journey as it announced that the project has transformed to Zilliqa Group, introducing a unified approach to the realm of web3 applications.
The formation of the Zilliqa Group marks a significant milestone for the company as it will see the platform enabling the establishment of a unique services layer, facilitating easier integration across the web3 industry. This development has raised anticipation as to what its impact will be on the Zilliqa market. Could this be an opportunity to recover the price of Zilliqa?
A Corporate Structure Facilitating New Zilliqa -Based Initiatives
Marking the beginning of a new era for the project, Zilliqa Group has emerged as a unified corporate structure that brings together a consortium of businesses that are dedicated to the development of Web3 and blockchain applications on the Zilliqa network.
Signaling the team's commitment to the continuous advancement of the blockchain, the emergence of the Zilliqa Group can be attributed to the technical team's unrelenting efforts and concerns to providing a secure, reliable, and high-performance infrastructure for the thriving ecosystem of decentralized applications on the Zilliqa network. Hence, the team noted that the big shift will cause no disruption to the blockchain development and operations currently ongoing within the ecosystem.
With Zilliqa's massive transitioning to Zilliqa Group comes the commissioning of a fresh framework which will be put in place to enable companies within the group to provide top-tier services that connect and expand upon the technology developed by other parts of the new group structure.
Basically, the group is aimed at providing the ideal support for the emergence of innovative use cases on the Zilliqa network. It lays the foundation for a unique service layer, enhancing network integration across diverse industries, thereby fostering the expansion of blockchain business applications.
Matt Dyer, CEO of Zilliqa, elaborates on the relevance of Zilliqa Group's formation saying; "With the inception of Zilliqa Group, we are casting a vision that goes beyond the current paradigms of blockchain technology. This transition is our pledge to every developer, innovator, and user out there – that we will consistently pioneer, adapt, and deliver solutions that don't just meet the current demands of the market, but set new benchmarks for excellence for the entire industry."
Zilliqa Group Introduces a Federated Approach to Governance
Following the team's effort to enhance governance, Zilliqa Group has adopted a federated approach through the establishment of a CEO Office. This office, led by Group CEO Matt Dyer, alongside Zilliqa CTO Richard Watts and Sandra Helou, the GCC lead, will oversee the day-to-day operations and corporate affairs of the group. Moreover, it will allow for scalability as more ventures continue to join the group.
Notably, the new system of governance is accompanied by a renewed board of directors. Mark Hemsley, formerly Chairman of Zilliqa Research, takes the helm as Chairman of Zilliqa Group. He envisions this transformation as pivotal for enabling innovative new use cases within the Web3 domain, stating, "The formation of Zilliqa Group signifies a landmark moment in our journey. By integrating our range of businesses, we are not only strengthening our position in a fast-moving and competitive space but charting a new course that will see us spearheading advancements in the Web3 and blockchain spaces for many years to come."
In addition to this, Zilliqa co-founder Juzar Motiwalla has also retained his directorial role on the newly-formed board, which also welcomes co-founder Max Kantelia. Max, known for his dedication to expanding Zilliqa's Web3 ecosystem and backing state-of-the-art metaverse and NFT projects, anticipates new opportunities and revenue growth across the Group, spanning luxury goods to corporate social responsibility.
Max shares his enthusiasm stating, "the expansive vision and mandate for the newly formed Zilliqa Group are ones that resonate deeply with me - both personally and professionally. I'm excited about the opportunity to work closely alongside existing businesses within the Zilliqa ecosystem and help to grow our presence into all-new areas brimming with potential."
Will the Big Transition to Zilliqa Group Recover the ZIL Price?
While the massive transitioning to Zilliqa Group may appear promising to the Zilliqa ecosystem, it however remains quite unpredictable to tell if this major development will cause the price of ZIL to recover.
According to our latest forecast on the price of Zilliqa, we predict a downturn of about -5.94%, projecting the price to be around $0.015975 by August 29, 2023. Technical indicators on Coincodex point to a Bearish sentiment as of the time of writing. Looking at the recent performance, Zilliqa had 13 out of 30 days (about 43%) with positive gains, showcasing an 8.03% price fluctuation over the past month. Given these factors, our Zilliqa prediction suggests that the current period might not be favorable for purchasing Zilliqa.
Nonetheless, investors are encouraged to observe the impact of the recent development on the Zilliqa market before making further ventures.