One of the biggest problems facing many blockchain platforms is that of scalability. As a matter of fact, it is one of the main hindrances to the mass adoption of some major projects such as Bitcoin and Ethereum. One project that seems to have achieved this with an incredible degree of success is Zilliqa (ZIL).
Zilliqa stands as one of the most scalable blockchain projects in the market. That’s because it makes use of a revolutionary new concept known as Sharding. It splits nodes into micro transactions that can be sent out on parallel networks.
The Sharding concept has been tested out on private blockchains, and so far the results have been exceptional. When testing it on the private blockchain, Zilliqa (ZIL) has managed to achieve speeds of over 2400 transactions per second. That’s why the implementation of the same on the public blockchain is a much awaited event.
This scalability of the public blockchain will happen on the 23rd of May, and the market is already excited. In the last few weeks, Zilliqa has been on the rise, pushing up from around $0.038585 on the 10th of April to the current price of around $0.088227. That’s about 120% price increase in 10 days, indicating that demand is increasing, as we approach the scalability of public blockchain D-Day. Once this is launched, you can expect Zilliqa to edge even higher, given that this project has the potential to render many blockchain projects currently in the market irrelevant.
You know how people taunt EOS as the Ethereum killer? Well, Zilliqa could be the one that kills not just Ethereum but many other cryptos in the market. That’s because it has everything that most other cryptos have, but in an even better and perfect version. For instance, on top of the scalability issue that it solves through the Sharding concept, Zilliqa also makes use of the revolutionary Scilla programming language to write smart contracts that are easy to verify. This is one feature that could eat not just into Ethereum’s market, but also into the market of several other blockchain projects that are focused on the development of Dapps.
Zilliqa (ZIL) is, therefore, set to revolutionize not just the development of decentralized applications, but the world of finance as well. In the future we could see it get adopted by a wide array of merchants who are looking for a crypto that is fast, scalable and with low transaction costs. That’s one area that many cryptos including bitcoin have been unable to achieve any significant success.
So what’s the future value potential of Zilliqa? In the future, we are likely to see Zilliqa hit a dollar. Someone can argue that its total supply is too high for it to get to such a valuation. However, it has already been proven that the total number of coins in circulation has nothing to do with the value-growth of a crypto. Ripple is a good example of this. Its huge volumes made people believe that it would never get to a dollar, but it hit a value of over $3 in December. Zilliqa (ZIL) too could surprise many, if its strong technical attributes are anything to go by.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.