Zilliqa ZIL – Heads UP – Keep your eye on this one
This is a new coin just post ICO, still in testnet. Current Value just under one Billion dollars. Based in Singapore, this coin is doing a lot of exciting things, it's Ethereum 3.0 on steroids. The technology employs sharding to increase block throughput to levels that will compete with the Visa Network when scaled. Sharding permits the blockchain to be divided into shards of the whole blockchain to get consensus on a transaction much more quickly. The overall consensus of the blockchain is still protected and prevents double spends. Visa currently can processes 8,000 transactions a second, Zilliqa has just completed a testnet run with 6 shards, 3,600 nodes on AWS (Amazon Servers) that exceeded 2,488 transactions a second. A production network will be much larger and the technology permits a nearly linear improvement in transaction speed with the addition of more nodes.
Zilliqa uses a new smart contract processing approach and language that increases throughput and security over Ethereum. Zilliqa uses Scilla an automata-based language which is non-turing complete language which simplifies the process and avoids the kind of complexity that Ethereum introduced leading to very large hacks of the Ethereum network.
Some features of this project are:
[*]Efficient processing with computational sharding using a process that divides the network into groups, called shards. Each shard is running a consensus protocol. Then a dedicated group of machines combines outputs from each shard and reaches overall consensus on it.
[*]Data-flow smart contracts with simple abstractions that are amenable to verification
[*]200X and more higher throughput, built to scale
[*]Data-flow & sharding-friendly smart contracts
[*]Miner friendly: lower cost, stable rewards, compatible to ethash
[*]Much lower transaction fees for users
Partnerships - Mindshare has announced that is has formed a partnership with Zilliqa. Mindshare is a global media agency with 7,000 employees and $31 Billion in annual revenue.
Zilliqa is publishing all of their code to github for public review so any bugs or security issues can be revealed by members of the public, yet Zilliqa is not open source and is retaining it's legal rights to exclusive use of the code.
The core team is unknown to me. Their resumes look good and the team has a few PHD and Masters Degree grads with experience that is relevant to the project. Judging by the outputs of the project so far and the partnerships they are forming, it seems the capability of this team is being proven already.
Mainnet launch is planned for 3rd Quarter 2018 with the Anchor app release in the next and last quarter of 2018.
My plan for accumulation of coins - I'm beginning to buy here, and will add coins in steps as the price falls with the current decline of Bitcoin. Currently I'm looking for Bitcoin to bounce back up in the 7600 to 78900 range so this would be the bottom of my expected accumulation range for buying Zilliqa. There is upward price pressure on Zilliqa and it is only the current decline of Bitcoin that is pushing the price of ZIL down.
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
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