Zilliqa (ZIL) is a relatively young cryptocurrency which currently trades for less than $0.50 but lately there has been some buzz surrounding the token. We’ll analyze the token here to see if we can find the source for the interest.
First up is a bit of background for ZIL. The platform, based naturally on the blockchain, was developed to meet the increasing problem of scalability on the blockchain network. This problem is particularly acute where the operating of smart contracts is increasingly becoming the norm. This current bottleneck in the processing of heavy volume is affecting the mainstreaming of blockchain and the whole cryptocurrency ecosystem. ZIL was built to address this need. Its developers have created a unique system and architecture that is based around the idea of sharding. Instead of pooling all miners in a blockchain network to perform given tasks, these miners are divided up in individual clusters or shards. These shards then work in parallel, providing the leverage working of distributed but unified systems processing.
ZIL developers have also gone one step further in shoring up the deployment of smart contracts. Whereby current smart contract infrastructure is based on a general underlying language infrastructure, ZIL has put forward a solution that would see a unique special purpose smart contract language developed to boost the existing system via a newly created and updated computation platform. This sounds like no less than a radical overhaul of the way the blockchain works with smart contracts and is a credit to the developers.
ZIL is increasingly raising its profile among token users, traders and investors and recently it took a major step towards becoming a household name. ZIL developers recently unveiled updates for Scilla as it looks to build stronger networking ties within the blockchain ecosystem. Already there is talk that the developments and improvements that are set to flow from ZIL will rival companies like Visa in terms of pure transactional capacity. This would certainly be a different kettle of fish for the blockchain and the native platforms upon which ZIL is built. Already the fruits of such hard work by ZIL developers are starting to ripen.
ZIL has signed partnerships arrangements with several high-profile platforms in the digital tokens space. One such partnership is with Bitcoin Suisse, a partnership which has gone a long to positioning ZIL as the future of the scalability tokens that are out there. ZIL also has a partnership with Talenta and one with 8Decimal. All these growing number of partnerships is a clear sign that ZIL becoming more and more of an active force in the development of the blockchain. So how has it impacted the tokens market presence.
As we pointed out at the start, ZIL is trading below $0.50 currently, but there is lots of upside based on the latest developments. For one thing, a token that is built on a promise of increasing scalability and transaction through-put is bound to become a much more valuable proposition than ZIL currently enjoys. After all, when everyone rushes to platforms like Ethereum and Bitcoin they’ll be faced with the inevitable reality of poor scalability. And once news get out about the one token that is helping to free up this transaction process bottleneck, all attention will naturally turn to ZIL. Investors and traders will definitely be keeping an eye on ZIL.
ZIL therefore has the potential to become the underwriter for the whole scalability of the blockchain. It isn’t just scalability that ZIL is promising to change; this is, after all, a platform that is creating its own scripting language to further enhance the viability of the blockchain. And to top it off, ZIL has just attained $1B in market cap.