Zilliqa (ZIL) is somewhat still young due to the fact that it hasn’t been issued before February of 2018. Still, ZIL seems to be easily one of the most promising currencies in the market.
To meet the growing trend of seeking independence through the launching of mainnet, Zilliqa team was supposed to release their ZIL’s own network during the third quarter of the current year.
However, the team still needs to address many features that make up for the core of the mainnet release, taking more time to work on the mainnet prior to the official launch. The specific date for the mainnet release is still not specified, but it is said that the official launch should take place at the end of 2018 or 2019.
This event might provide the much-needed bull run for ZIL, but in the meanwhile, this cryptocurrency already greatly contributed to the general blockchain community.
We are of course talking about Sharding.
Many top projects like Cardano (ADA) and Ethereum (ETH) are considering using Sharding as the main concept for achieving the ultimate level of scalability.
Zilliqa (ZIL): How Sharding is Solving Scalability Issues
Even if you would have read your first article about blockchain space only now, you would soon realize that the major problem of blockchain industry that everyone is talking about is actually scalability.
Scalability by itself, although posing a major problem to the majority of decentralized platforms, is what allows a network to scale in accordance with the growing base of users.
That way, a scalable network would be able to process more transactions at the same time while not affecting the network time. Also, by having a scalable network, multiple operations functioning at the same time, take for instance multiple simultaneous but divided smart contract operations.
This all adds to the general value of a currency, as well as Sharding most definitely contributes to the significance of Zilliqa in the market and within the means of developing blockchain technology.
Sharding conditions that the network is divided into smaller parts which are all departed but at the same time interconnected to enable communication between those smaller parts which are called Shards.
Multiple shards across the network make possible that the need for having a central power source, or Master node, is diminished, also providing more computing power to the network by scaling it through the concept of sharding.
Simultaneously, due to the utilization of this concept, Zilliqa network is able to process around 2,000 transactions per second, which makes it a near instant solution for sending global transactions.
The network is thus made to be more cost-effective and more energy-efficient, which additionally places Zilliqa to the top prominent cryptocurrency projects.
Sharding Complements the Blockchain Space even Outside Zilliqa
Zilliqa made a serious impact on blockchain technology by presenting how Sharding can solve scalability issues.
Many times have we heard that scaling a network demands a rather complicated solution, which might be easier said than done. However, major networks that are suffering from these issues, like Ethereum seem to have already found their answer to scalability.
In the Roadmap 2.0 published at the beginning of September, the team behind the second largest currency, Ethereum, is presenting Sharding as their main solution for scaling the network, which will ultimately make Ethereum into a highly scalable ecosystem.
In addition to this use case of the concept of Sharing previously introduced by Zilliqa, Charles Hoskinson, the CEO of IOHK and the founder of Cardano (ADA), also mentioned considering Sharding as a solution for solving scalability issues, adding that the team is also exploring parallel chains.
In addition to providing a unique solution for scalability which will be utilized by more than one top projects in the blockchain space, Zilliqa is most definitely changing the face of blockchain in the long run.
In the meanwhile, these recognitions are somewhat reflecting on the success that ZIL is having in the market, showcasing a rather stable pace of growth.
With the latest increase of 1.20%, ZIL is worth around 0.034$, with previously setting an all-time high of 0.20 back in May. As such ZIL represents one of the most prominent under 1$ investment in the crypto market.