The Best Crypto Exchanges to buy and hold Zilliqa (ZIL)

The Best Exchanges to buy and hold Zilliqa (ZIL)?

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Launched in 2017, Zilliqa (ZIL) is a high-throughput blockchain designed to support linear scaling. Taking May 2021 as an example, ZIL traded at $0.2083 per token, had a circulation of $11.155 billion, and had a market cap of $2.323 billion.

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What is Zilliqa?

Scalability has long been a major concern with blockchain sustainability. Currently , Bitcoin (BTC) processes an average of 3-5 transactions per second, while Ethereum (ETH) processes an average of 10-15 transactions per second. However, compared to global payment companies like Visa, which averages about 1,700 transactions per second, this is far below that level.

Deloitte pointed out in a report published in 2018 that “because of its relatively poor performance, large-scale blockchain technology will not be available for large-scale applications.” The Bitcoin community has tried to solve this problem with projects like the Lightning Network, which Ethereum is expanding with Ethereum 2.0 .

Scalability is a critical issue for the Ethereum network, which is currently under pressure from the explosion of DeFi applications. Crypto’s ‘ Black Friday ‘ in 2020 had a significant impact as most of the DeFi services were temporarily unavailable due to the Ethereum network being blocked due to the high gas cost of Ethereum (the fee for using the Ethereum network ) . .

Zilliqa aims to provide a public and permissionless blockchain solution capable of supporting thousands of transactions per second at a low cost. Since Zilliqa is built on a unique shard architecture layer 2 scalability solution, it claims to be better suited to enterprise-scale demands with high security and transaction processing capabilities.

Zilliqa relies on the Byzantine Fault Tolerance protocol for security and uses Scilla, a new smart contract programming language. Scilla is a safe design smart contract language based on Zilliqa’s world’s first peer reviewed, and smart contracts written in Scilla enhance security through a protection device that considers developers to ensure communication and computation. It can be separated and processed more neatly.

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How is Zilliqa primarily used?

Zilliqa’s platform is used to host a variety of decentralized applications ( DApps ). Recently, staking and yield farming services are also available. Zilliqa has established itself as a blockchain for large-scale enterprise applications, particularly in the advertising, gaming and financial services industries.

One of the key DApps in the Zilliqa ecosystem is the Unstoppable Domains service, which increases the accessibility and uniqueness of wallet ownership. For a one-time registration fee, users can purchase a domain directly and store it in their wallet, and the purchased domain name can be used in place of a long hexadecimal account address, making cross-wallet transactions much easier.

Additionally, Unstoppable Domains provides the ability to extend domains on the Zilliqa Chain (.zil). With this service, your domain cannot be accessed, confiscated or censored by any third party because it is deployed in your wallet.

In crypto gaming applications, Zilliqa has been the platform of choice for Chinese developer Krypton, backed by major funds such as Danhua Capital and Tsinghua Blockchain Capital. Krypton developed SuperPlayer, the world’s first blockchain competitive shooter, and more recently, Zilliqa Planet.

The Zilliqa Planet DApp integrates fast-paced pixel gameplay with a built-in mainnet wallet and Zilliqa’s first non-fungible token ( NFT ) marketplace, allowing players to buy and sell NFTs in-game, up to 25 per year. You can stake ZIL for a % return.

Zilliqa also has partnerships with various financial and security blockchain services such as Hg Exchange and Chain Security.

Among them, HG Exchange (HGX) is Southeast Asia’s first member-led private exchange. HGX aims to provide more market opportunities and better startup access to capital in a network of over 500,000 investors.
One of Zilliqa’s first enterprise-ready projects, HGX, uses smart contracts in a secure design to represent digital assets. This means that stocks of companies like Uber and SpaceX are tokenized on HGX and easily accessed through a blockchain layer. Transactions, payments, and verification are possible.

Chain Security is a Swiss company that develops custom security solutions for blockchain projects. In particular, we have supported the development of security resources for the Zilliqa ecosystem so that developers can identify vulnerabilities and design problems through automatic security audits.
Zilliqa and Chain Security started working together in 2017, and at that time, during the initial development process, we conducted a security audit of the Zilliqa platform. Zilliqa noted that this partnership will help better identify security and vulnerability patterns in the community.

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Who is behind Zilliqa?

The origins of zilliqa can be traced back to a paper published in 2016 by Assistant Professor Pratek Saxena at the National University of Singapore (NUS) and several of his students. This paper describes how a sharding-driven blockchain can increase efficiency and speed.

Shortly after, Saxena joined Anquan Capital (with Max Kantelia), an entrepreneur and 25-year veteran of technology and finance, and Juzar Motiwalla, a venture capitalist and former CEO of Singapore’s largest computing lab. Anquan Capital).

In 2017, the company founded Zilliqa Research, which recruited a team of researchers from the NUS School of Computing to start developing the Zilliqa network. Later, Amrit Kumar was added as co-founder, who currently serves as President and Chief Scientific Officer of Zilliqa.

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ZIL price change

Like most crypto markets , Zilliqa continued to be bullish throughout 2021 and recently hit all-time highs. The token rose from $0.0658 on January 12th to $0.2083 on April 12th, a total surge of 208% over three months.

This rise in Zilliqa can be attributed to the continued hype surrounding DeFi and the presence of tokens in the NFT space. Zilliqa, along with Ethereum, serves as the blockchain backbone for the ZILHive project and Mintable, an NFT marketplace funded by prominent investors such as Mark Cuban.

Zilliqa raised about $20 million in personal funds during the initial platform development period, and sold 30% of the issued tokens during the ICO at the end of 2017 to raise an additional $22 million.

In late 2020, the Zilliqa Network added an incineration mechanism to gradually reduce the total circulation. The most common way to burn ZIL is to send the token to an address that is not retrievable. ZIL typically “recycles” the gas fee required for each transaction, sending funds to a special address containing the token’s mining reward. Amrit Kummer noted that this method removed more than 3 million ZILs from circulation.

Zilliqa currently ranks 56th by market cap and has a maximum supply of 21 million ZIL. Zilliqa mainnet was launched in 2019. According to the Zilliqa Coin whitepaper, approximately 80% of ZIL will be issued within the first 4 years and the remaining 20% ​​will be issued within the next 6 years.

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What is the future of Zilliqa?

Non-secure smart contracts have plagued the cryptocurrency space from the start. For example, in 2017, hackers exploited a smart contract vulnerability in Parity Wallet, costing them $34 million. A paper published by Capital Technology University estimates that since 2017, about $2 billion has been stolen in these attacks.

Bugs can be easily patched into existing software, but smart contracts work differently. This is still a major concern for many potential enterprise users, as transactions are not reversible on the blockchain. So, if Scilla proves to be as secure as Zilliqa claims, it could be a decisive factor in Zilliqa’s choice of large-scale applications.

However, despite Zilliqa’s continued targeting of large-scale enterprise applications, Zilliqa has not yet achieved widespread market adoption. So far, ZIL applications have only been used in the token’s own ZILHive accelerator financing project, most applications are still in their infancy, and information about Zilliqa is not yet widespread.

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Summary

Zilliqa is supported by a talented technical team with close ties to NUS with rich research experience. ZIL Token also has the advantage of being based in Singapore, one of the most crypto-friendly countries in the world and one of the continuing supporters of blockchain research and applications.

Although ZIL tokens are built on a strong technological foundation, partnerships and institutional backing are still somewhat lacking. Blockchain platforms like BitDegree have pointed out that “Zilliqa is ahead of the market in terms of technology, but their business as a whole is falling behind.” In fact, it can be seen that other platforms are one step ahead of Zilliqa.

The Zilliqa team still has a long way to go before it can reach its goal of “competing traditional centralized payment methods like Visa and Mastercard”. In particular, if the Zilliqa team succeeds in creating large-scale enterprise applications, it will help prove the value proposition of the token.

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