Zilliqa: High Transaction Speed Network
We examine ten reasons why you should be interested in the Zilliqa project.
By Piyush Tripathi -January 13, 2021
Zilliqa: High Transaction Speed Network
A project that is definitely worth a closer look is Zilliqa. This project features a slew of tremendous features that are pushing blockchain innovation.
Ten Reasons To Buy Zilliqa
1. The Zilliqa platform is the hub of many decentralized applications, and it also allows staking and yield farming. Bitcoin and Ethereum blockchains have struggled to process transactions faster. As a result, the transaction fees soar whenever the transaction count increases. Moreover, the Zilliqa blockchain is capable of scaling as the network grows in size.
2. Its platform is very useful to those users who want to develop high-volume smart contracts and dApps.
3. In other blockchains, when the number of transactions increases, the network usage fees also soar. However, due to the scaling ability, fees on Zilliqa are low, even though it allows micro-payments to be processed.
4. Zilliqa can host transaction-intensive social media dApps like Facebook or Twitter. Moreover, it has the potential to support advertising campaigns and offers payment processing services.
5. Token: The native token for the Zilliqa blockchain is known as ZIL. It is used as a mining incentive, as well as a tender for paying transaction fees. The token holders can enjoy staking returns on their investments.
6. Wallet: There are many wallets which we can use for the native ZIL tokens. However, the Zilliqa team recommends the Moonlet wallet, which is a wallet that supports both Ethereum and Zilliqa chains. Users can also use Trust wallet and hardware wallet Ledger.
7. It allows developers to create smart contracts on their blockchain using Scilla. Scilla is a language that checks for bugs within each smart contract before they go live. It also has its own library which removes the need to rely on external programming libraries.
8. Users can buy attractive merchandise and collectibles from their website, which supports payment in ZIL tokens.
9. The Zil team comprises PhDs in computer science with an academic background. Amrit Kumar is the president and chief scientific officer of Zilliqa.
10. While the Ethereum network is only capable of processing 15 transactions per second, the Zilliqa network can process thousands of transactions per second via sharding.
Zilliqa vs Ethereum 2.0
1. Ethereum 2.0 is creating a state sharding system, but Zilliqa has implemented network sharding. Zil divides the network nodes to process the transactions.
2. The validator that maintains the sharding system is a single point of failure. Zilliqa has no such central entity on which the entire system is dependent.
3. Zilliqa has reported throughput which is 250 times higher than Ethereum.
News and Events
Recently, Zil launched the ZilPay mobile app on the iOS App Store. It will allow the use of dApps and supports .zil domains.
The governance token: Zilliqa (gZIL) is a governance token, listed on LunarCRUSH, while ZIL is listed on Changelly PRO and other exchanges to empower token holders.
Staking: ZIL staking contract recently locked more than USD $200 million. Moreover, they have partnered with Travala.com, where users can book vacation trips through ZIL tokens.
Zilliqa worked with Binance to bring the BUSD stable coin onto the Zil network. They built a connection between Ethereum and the Zilliqa chain that allows users to move ERC-20 BUSD to the Zilliqa chain.
They partnered with Zeeves, which manages a Zilliqa wallet within Telegram, to buy ZIL and create links to receive crypto tips.
Their partnership with Chainlink allows users to access real-time data. Users can access exchange rates, market prices, voting results, weather forecasts, and other data sets.
Zil also partnered with the NEO-based decentralized exchange Switcheo. Together, they are creating a non-custodial decentralized exchange (DEX) based on ZIL.
Zilliqa and Xfers partnered to explore blockchain payments. The Xfers platform makes it easy for businesses to accept payments, store users’ funds, and disburse funds to users’ bank accounts.
Mindshare partnered with Zil to provide end-to-end reconciliation for beverages manufacturer PepsiCo on their blockchain.
Zilliqa Technical Analysis
Zilliqa’s price today is $0.062730 with a 24-hour trading volume of $165,125,299. It has a circulating supply of 11.5 billion ZIL coins and a max supply of 21 billion. The top exchanges for trading ZIL are currently Binance, Huobi Global, OKEx, and BiKi.
With the above fundamental news and recent partnerships, it has already shown a strong rally. It is facing resistance at $0.05393 Level and also consolidating between $0.05393 and $0.04570, which is also a pivot resistance and support zone. If it will break out through this resistance, then it can reach $0.06812.
Conclusion
In the near future, the number of blockchain users will increase and the need for a high transaction speed blockchain will be indispensable. Zilliqa will play a major role in the high-speed blockchain era.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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