On today’s edition of Emerging Coins This Week, we take a look at ZILLIQA, a new blockchain platform designed to scale in transaction rates.
ZILLIQA went to ICO at the end of last year and were not hyped, coming in low under the radar but with a very heavily subscribed sale due to an extremely strong community. They are based out of Singapore, with a team that focuses heavily on tech and has a lot of experience in financial markets. ZILLIQA’s design aims to allow transaction rates to roughly double with every few hundred nodes added to its network. Their goals are high transactional volume, fast speeds and cheaper transfers. ZILLIQA also proposes an innovative special-purpose smart contract language and execution environment that leverages the underlying architecture to provide a large-scale and highly-efficient computation platform.
They rely heavily on sharding, which is the same technology a lot of players are relying on to make that leap to serious commercial throughputs in payment processing for the future, solving one of the biggest issues with blockchain technology at the moment.
ZILLIQA explains through their documentation that in the Ethereum network, for example,
transactions had to be broadcast to them as well before being confirmed, which means as more and more miners join the network, each data about a block had to travel much more before being part of the blockchain. This made the network slower, just as distributing information to many people is slower than to a small number of people. This is the problem ZILLIQA plans on solving through their linear scaling, where the more miner nodes participate, the more transactions the network can process and that happens at an almost linear rate.
Their ICO price was 0.38 US cents and out of the $22 million needed, they had sold the majority in pre-sale and to private investors on the strength of the community they had built up, touring the world, making the connections on all levels but especially on the technical side. When they peaked, they gave their investors a 40x increase over the ICO value and still even now are 12x the original price running at just under 5 US cents.
They have an outstanding team and a big community to support them as they grow. They are listed across an impressive number of exchanges and, at the beginning of March, were voted as community coin of the month for Binance, getting them free entry to the listings.
Over the last seven days, as the market gets beaten down, Zilliqa is at pretty much the same level as it started, showing it has faith from buyers. As the year moves forward, Zilliqa has potential for growth if it carries on building on what it has started; a serious contender in the market.