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Zilliqa Coin Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Zilliqa Coin.
Zilliqa Coin is a relatively new addition to the list of best crypto coins to invest in. The coin just began with its distribution 6 months ago on 26 January 2018. The white paper of the project dates back to 27 August of 2017. The project is backed by a Telegram chat group based in Singapore. With a high social media following, it could potentially be on its way to be a world top cryptocurrency.
The Zilliqa Coin makes use of blockchain technology but publically. This means that it allows linear scaling as the coin continues to grow in size. The coin makes use of Zil coins and tokens in the ecosystem. The aim is to make miners’ payments more secure and stable.
Zilliqa is building the platform in a way that allows higher transactions throughput as more nodes join the network. This is opposite to most of the blockchain platforms we see today. More nodes means more people must reach consensus before a transaction is confirmed. Zilliqa plans to solve this problem using Sharding technology.
Sharding is the process of dividing up the network into sections. Instead of all nodes being responsible for confirming all transactions, nodes are responsible for their specific part of the network. Nodes for each shard are verify and maintain consensus for their limited section.
This means that as Zilliqa grows, the network simply needs to create more shards/sections. Thus, a transaction in one shard won’t hinder the transactions for other shards. Decentralized applications will be able to process at transaction rates beyond today’s blockchains.
Zilliqa uses PoW to reach network consensus. It also employs a technology called Elliptic Curve Based Schnorr Signature Algorithm (EC-Schnorr) for when miners sign blocks. This technology allows for the size of the signature to stay small even when many of miners are signing the block.
- Unlike the other options for the best virtual currency to invest in, this coin can process a lot of demands simultaneously.
- The network scales with the number of applications it receives by making use of sharding. This technique divides the network into smaller nodes to address requests in parallel. Thus there is no limit to a number of applications it can attend to each second.
- Zilliqa Coin is facing the problem of scalability head on, which is promising.
- Since the coin is relatively new and faces a lot of competition, it still needs time to establish a strong hold in the market.
Through sharding, Zilliqa is addressing one of the biggest problems we face in the mining of cryptocurrency today. Currently, it is valued at $0.064 and has a total supply of 12.6 Billion. The value as we speak is expected to go up making it a strong contender in the field.
Scalability is a known issues for blockchain platforms. The team behind Zilliqa believes that to reach mainstream adoption, issues of transaction scaling must be solved.
If you have concluded that this is the coin for you, congratulations! Buy Zilliqa Coin here.