Introduction:
Let's face it. Bitcoin & Ethereum (in their current situation) are NOT eligible for mass adoption.
There are some flaws with Bitcoin that hinder it from being the "uniform cryptocurrency" of the world .
Putting its volatile price problem aside, we can bravely say that its bad scalability might be one of the most serious flaws.
We all still remember what happened back in 2017 when the crypto mania prompted many people over the world to crazily buy and use Bitcoin with other crytocurrencies causing the entire network to clog up and the transaction fees hiked sharply...and the same went for Ethereum.
The main reason for this bottleneck was the structure of blockchain itself.
To execute a transaction, you have to reach a consensus with most nodes on the network and as more these nodes or transactions are, the more difficult transaction process is. This is the core of scalability problem.
There are a plethora of crypto projects that take this issue seriously and try to solve it with innovative solutions. One of these project is Zilliqa with its "SHARDING" solution.
The idea of "Sharding" is to break up the nodes on the network into groups (or shards) and each one is responsible for only a portion of the transactions. This mechanism is meant to speed up the network as the whole and we can comfortably say that Zilliqa is the first project that effectively implemented it (There are many projects trying to do so including Ethereum itself)
By this method we can divide the being work done on the network, so sharding-based blockchains will scale lineally as they grow.
The more nodes are, the more speed a blockchain is. It's a completely opposite scenario to traditional blockchains.
For this post, I don't want to get bogged down in the technical details , instead I just want to highlight some points achieved by the team Which in my view caused the recent increasing attention around Zilliqa
Stake feature:
Binance and KuCoin were the first exchanges that supported this feature so you can stake your coins directly from your account with an expected annual yield any from 6-10% percent depending on the amount staked.
Staking option is supposed to be implemented into AtomicWallet too, but it is not yet available.
Anyway, this news has had a positive impact among investors as everyone loves seeing their money increase passively. 🙂
partnerships with high-profile corporations:
If you're watching Zilliqa team closely, then you definitely notice that this team is keen on making partnerships with high profile enterprises,for example:
- In march-2020: Zilliqa announced a new partnership with Switcheo (NEO-based decentralized exchange).
The fact that we are trading our decentralized assets on centralized platforms (i.e Binance, kucoin...) is somewhat outrageous and in order to shut down this ironic scenario, Zilliqa & Switcheo are teaming up to launch the first multi-blockchain DEX platform that enables cross-trading of ZIL, EOS, Ethereum,and NEO-based tokens...Related article
- Zilliqa announced a partnership with Chainlink which is a very respectful project in the crypto world that aims to connect smart contracts with the real world.
Through this partnership, Zilliqa’s smart contracts will manage to use a customised Chainlink adapter to refer real data feeds, allowing real-time access to data including market prices, weather forecasts, voting results..something will enrich the Zilliqa ecosystem ..Related article
- A partnership with Asteria:
Asteria is a Japan-based software enterprise which develops different products to help campanies with internal business automation. it is interested in technology, blockchain, programming and AI products
Zilliqa & Asteria are teaming up to support mass adoption in Japan. They are also planning to start many actions to support the development of enterprise DApps based on Zilliqa Blockchain... Related article
- A partnership with Hg Exchange (HGX):
it is a Singapore-based crypto exchange aims to become the first member-driven exchange in Southeast Asia region.
Hg Exchange uses zilliqa's smart contracts to represent its digital assets.
It is worth noting that this partnership has a lot of praise and positive atmosphere in South Asia...Related article
- A partnership with Xfers:
Xfers is a Singapore-based fintech startup with more than 500,000 users around South-East Asia...source
Xfers & Zilliqa teamed up to launch a new stablecoin called "StraitsX". Unlike other popular stablecoins which are usually pegged to USD, they launched this project with XSGD which is a token pegged 1:1 to the Singapore Dollar. There a plethora prominent companies in the crypto space that support this new project including Coinhako, Binance Singapore, Sparrow...the list goes on...Related article
Growth in price:
For all above mentioned reason we can see a clear increasing price for Zilliqa:
in the beginning of May, Zilliqa was at $ 0.005 levels and now it is at close to $ 0.02 levels. We're talking about an increase of 400% in less than two months.
Where can you get a return like this in less than cryto space? probably nowhere, and That's what make me love this space.
In this volatile and stormy market, the best thing for a cryptocurrency to do is to maintain stable growth in price and that's exactly what Zilliqa did in the recent month..
There is much more I'd like to talk about on this topic but I'll end my post here (honestly, I don't want anyone to get bored with a so long post 😁 ). However, you'll find me sharing some other exciting information about Zilliqa project very soon.
Do you believe in Zilliqa project?
It's crucial for me to learn your opinion....
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