Review on Zilliqa by The hsotaka
My review about the Zilliqa project
Today i want to share my experience with the Zilliqa project.
What is Zilliqa?
The slogan of the Zilliqa project is "Catalsysing Open Commerce". This means, Zilliqa was made for developers and enterprises who want to build decentralised applications.
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Where is the team located?
The Zilliqa blockchain was developed by academics and engineers at the National University of Singapore, so it's a Singapore based project.
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When was the project created?
Zilliqa was founded in 2018. The Mainnet of the Zilliqa blockchain was launched in January 2019 which was the biggest milestone so far.
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What consensus mechanism is used by the Zilliqa blockchain?
The blockchain uses a proof of work algorithm, but they claim to be way more eco friendly compared to other PoW blockchains. Only 1 minute out of every 2-3 hours is needed to mine ZIL.
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What is the advantage of the Zilliqa blockchain compared to Ethereum?
The Zilliqa blockchain was the first blockhain which successfully implemented sharding. This means that the platform can scale and is able to handle a growing ecosystem. The scalability issues of other blockchains seems to be solved by Zilliqa.
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What projects already using the Zilliqa technology?
There are already famous projects which are based on the Zilliqa blockchain.
Most famous examples are:
- Unstoppable Domains, a project which offers uncensorable domains for everyone
- Depos, a project which is offering stablecoin technologies.
- Blockchain games like "Ocean Rumble".
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What are the data of the ZIL coin?
Like mentioned above ZIL is running on it's on blockchain which is already in the mainnet since January 2019.
It currently has a market cap of $212,082,745 USD with a circulating supply of 10,388,379,138 ZIL and a total supply of 13,679,846,291 ZIL.
This leads to a current price of round 0,20$ per ZIL.
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Where can i buy ZIL?
The ZIL coin has great liquidity because it is listed on almost all major exchanges. The most notable are:
- Binance
- Okex
- Kucoin
- Crypto .com
- Huobi
- Bittrex
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What is the purpose of the ZIL coin?
Currently ZIL is used to reward miners of the ZIL blockchain for the power they provide to run the blockchain. Every transaction on the Zilliqa blockchain requires ZIL to pay transaction fees, so every project which is based on the Zilliqa blockchain need to buy, hold and use ZIL.
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Why should is buy ZIL? What can i expect in the future?
Like many other projects, Zilliqa wants to switch the consensus mechanism of the Zilliqa blockchain to Proof of Stake. This means you can run a node and earn ZIL by stacking your existing ZIL holding in the furure.
They rolled out Phase 0, which already allows you to stake your coins on Binance and Kucoin and get reward for it.
With the upcoming Phase 1, you will be able to stake your ZIL coins on non custodial wallets, which allows you to earn by staking while knowing the private key of the wallet you are using.
The more companies and projects decide to use the Zilliqa blockchain for their products, the more ZIL will be used and needed.
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What's your conclusion? Do you use the ZIL blockchain or do you recommend to invest?
I'm not developing blockchain based products, so i don't have the need to use a blockchains for a product. If i would be a developer of a blockchain based product, i definitely would consider to choose the Zilliqa blockchain.
There are not many competitors who are offering such a great scalability solution while ensuring that security won't be affected. THe sharding technology is a fantastic improvement and a lot of other or older blockchains are trying to implement it too.
I hold a good amount of ZIL and already staked it on Kucoin. So I'm using the blockchain as a retailer. I am really looking forward to the upcoming Phase 1, because this will offer new possibilities for hodlers and users of this fantastic project.
If you ask me if i recommend to invest, i would say:
Give it a try, but always diversify and don't put all eggs in one basket.
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Thank you for reading my review.
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Pros
- First project which implemented sharding, which is a powerful, important technology to handly scalability.
- The team is full of geniuses, it's hard to find a team which consists of so many academics, entrepreneurs, and engineers.
Cons
- It's hard to fins any disadvantages. I think Zilliqa should convince and aquire more enterprises who are willing to use the blockchain. The have great technology but a lack of marketing, like so many other projects out there.
New products
Comments (1)
October 24, 2020
is an open protocol for the ethereum blockchain and decentralized exchanges. Since the developers of zilliqa have a belief that all assets will be equivalent to a token in the future, they aimed to build a reliable platform that will allow all these tokens to be exchanged for each other. With this platform, users will be able to exchange smart contracts via decentralized exchanges.
