In accordance with the basis of general cryptocurrency principles, there are three generations of cryptocurrency, Bitcoin (BTC) being the representative of the first generation of cryptocurrency.
As Bitcoin was the first crypto ever to be created it represents the original prototype of the first generation, however, all currencies similar to BTC are actually categorized as gen one.
The second generation cryptocurrency started out with the launching of Ethereum blockchain back in 2015, revealing an entire universe of blockchain-based use cases with smart contract operations.
The third generation of cryptocurrencies is said to be able to solve three major problems within blockchain technology: scalability, interoperability, and sustainability.
Is Zilliqa Already a Third Generation Crypto or Aiming to Become One?
Zilliqa appeared at the end of 2017 with a magnificent solution that is said to be able to set scalability of blockchain platforms to the next level. Even if you haven’t heard of Zilliqa (ZIL), you have most certainly heard of Sharding.
Vitalik Buterin from Ethereum as well as the team behind Ethereum Classic, and Charles Hoskinson of Cardano (ADA) have already mentioned Sharding regarding their search of a solution that would make their blockchain networks more scalable.
Zilliqa was the first project to introduce Sharding as a scalability principle, set to divide the network into smaller portions called “shards,” that way solving one of the major problems in the blockchain space – scalability issues.
That is how while ETH is able to perform around 15 transactions in a second, Zilliqa tested its ability on its test net back when it was issued, being able to process nearly 3,000 transactions in a second with sharding.
So, Zilliqa solved the problem of scalability just as IOTA (MIOTA), also considered to be a third generation crypto, did with its unique “blockless” network called Tangle.
Zilliqa is also expecting to see its main net released in 2019, originally set to be released for Q4 of 2018.
As far as interoperability concerned, which is another problem waiting to be solved by a prominent third gen crypto, Zilliqa team added that this function also represents a major part of their roadmap.
The next stop would be achieving sustainability through blockchain technology, which should further set ZIL among the list of most prominent blockchain-based projects, as well as complete the image of the third generation cryptocurrency.
Potentially upon its main net release, Zilliqa might even skyrocket to become one of the top ten cryptocurrencies, given the fact that ZIL is bringing so many innovations to the crypto space although it still represents a rather “young” project.