Overview
Zilliqa, the world’s first public blockchain, was developed entirely on sharded architecture. It is a secure, scalable, fast, low-cost, and decentralized blockchain. It is also a permissionless, public blockchain designed by experts. Zilliqa has fixed the blockchain scalability and speed problems by implementing sharding, which enables thousands of low-cost transactions in seconds, and has led to the creation of secure and safe smart contracts, using the Scilla language. The mainnet (distributed ledger technology) of Zilliqa was launched in January 2019. Zilliqa has its pros and cons.
Supply of ZIL
Zilliqa is considered the 27th largest cryptocurrency in the market. Many post-launch developments have also been seen on the platform. The total supply of Zilliqa is capped at 12.6 billion, with over 7.35 billion ZIL tokens already in circulation. According to the ZIL coin price prediction, the price is expected to rise to twenty times the current valve. The price of the ZIL token was 0.0038 USD at the time of the Zilliqa ICO.
Zilliqa Price Prediction
The current price of ZIL is $0.1406, and it looks quite promising according to the ZIL coin price prediction for 2021. At the beginning of January 2021, the ZIL coin was traded at $0.08. Then, the price of the ZIL coin started to elevate due to the attention gained by several investors. It is anticipated that after certain software upgrades and development, the ZIL coin can rise further. By the end of 2021, it is expected that the ZIL coin might reach the price of $1.
Pros and Cons
Pros
Zilliqa offers many advantages:
- The CEO of Zilliqa has good experience of working with blockchain scalability and security. Zilliqa’s team has the brightest minds in the blockchain industry compared to the other teams, solving the blockchain scalability problem.
- Zilliqa is the first permissionless, public blockchain that has successfully implemented sharding. This has enabled scaling thousands of transactions per second. If the technology used by Zilliqa is used by real-world enterprise applications, it could become a major enterprise blockchain player.
- Zilliqa is one of the first platforms to offer sharding technology. This also makes it the first platform that has used a new type of blockchain for solving the scalability problem.
- Zilliqa platform has a strong community of followers. The Zilliqa ICO was launched due to the high demand. This clearly shows that the community is ready to use blockchain technology and successfully move to the next developmental stage.
Cons
Some of the disadvantages of Zilliqa are:
- Turing complete language permits more complex apps as compared to the non-Turing complete language. So, the type of applications that are developed as the dApp on the blockchain of Zilliqa have a limitation.
- Gigabytes of data are needed for storage. This is due to the high throughput, implying thousands of transactions per second. Zilliqa does the transaction sharding and not the state sharding. It means that each node has to store the data, which is possible only with terabytes of storage.
How is Zilliqa Unique?
- Zilliqa is environment friendly, and the identity is established by its proof-of-work. A single proof-of-work writes on several blocks at a time. This results in less energy utilization as compared to Bitcoin and Ethereum, thereby offering higher rewards to the miners.
- Zilliqa has a very unique and secure consensus algorithm called PBFT (Practical Byzantine Fault Tolerance). Moreover, the network is highly secure.
- Zilliqa has implemented sharding to increase the transaction speed linearly. This implies that the network’s throughput capacity increases on joining new nodes in the network.
- Zilliqa’s proof-of-work and PBFT algorithms offer low transaction fees as compared to the other blockchains like Neo and Ethereum.
- Zilliqa has a smart contract layer that is being developed on top of a blockchain layer. This layer of Zilliqa will also include solidarity language.
Final Thoughts
Zilliqa is one of the best projects with the sole objective of solving the blockchain scalability issue. Zilliqa has implemented sharding in the network, which helps to carry out several transactions per second and that too at a fast rate. The Zilliqa team is constantly working to improve the processes. Moreover, Zilliqa is the first to have a solution, whereas the other blockchains are still working on it.
