Zilliqa (ZIL) is a project that hails from the minds of several academicians who looked past their differences to break all barriers and build a blockchain infrastructure for the future. There are many projects in the industry that are grappling with scalability issues, however, Zilliqa project is one of most scalable digital assets you can find. The team utilizes the technology of sharding in order to ensure the throughput is constantly expanding within the network.
The platform has also made it a mission to bring solutions to the current smart contracts issues. Due to this, a new smart contract language has been introduced referred to as Scilla. This language makes writing smart contracts a lot easier for developers. The introduction of Scilla is in line with the launch of a mainnet later in the year. The launch of the language is, however, scheduled to take place at the end of June. The team in its latest report said various projects had already started expressing interest in developing decentralized applications on Zilliqa. The new platform is built with the highest level of security and scalability both of which have been designed to cater for the latest applications in finance, games, payments, media and digital advertisements among others sectors.
Zilliqa project is also supporting the development of dApps on the platform by introducing the Zillaqa Ecosystem Grant Programme. This is a fund worth $5 million that is going to be dedicated to supporting to great applications, projects, individuals as well as teams building Zilliqa platform. The funds will be distributed 30% in ZIL tokens while the rest will either be in USD or ETH.
The Team behind Zilliqa (ZIL) Billion-dollar Project
Back in 20116, Prateek Saxena a professor at the NUS School of Computing realized that the blockchain networks had certain issues. Some of these included slow transactions, reducing scalability as the networks became bigger, alongside security vital compromises. Prateek Saxena in collaboration with his then Ph.D. student Loi Luu came up with a research paper that explored sharding as a database infrastructure and how it influences blockchain networks and especially scalability. While Loi Luu started a decentralized exchange platform for virtual currencies, Kyber Network, Prateek Saxena went ahead to launch Anquan Capital to use to commercialize sharding solution.
The team at Anquan Capital dived into providing solutions for various industries ranging from financial services, manufacturing, and e-commerce. Working with these sectors opened them to the idea of expanding their blockchain and essentially this became the start of a billion-dollar blockchain project. Zilliqa was started officially on June 1, 2017. The journey has not been easy, and as the CEO of Zilliqa, CEO Xinshu Dong says:
“A research paper in computer science is about 10 to 15 pages, written about the researcher’s immediate scope of work,” adds Dong. “It can be a starting point, but it’s not meant to be a solution that can be readily applied in the real world.”
The team has grown over the years achieving many milestones, signing multiple partnerships with various industry players. The biggest milestone so far is reaching $1 billion market capitalization. The CEO says that they never focused on the market cap but providing solutions and having a community that is supportive. Dong added with a slight touch of humor:
“Hitting the billion-dollar mark is nice, but it has never been our priority,” he says. “I see it as a natural consequence of what we have been working on at Zilliqa, and that number is just a way to represent the confidence people have in us.”
Zilliqa (ZIL) Market Overview
Zilliqa (ZIL) price is trading at $0.060 at the time of writing. The price is currently bearish, besides it has declined from trading above $0.068 on June 28. ZIL/USD dipped below $0.060, but it is currently forming a support at this level. Zilliqa (ZIL) has a total supply of 12.6 billion ZIL tokens and 7.5 billion ZIL tokens are in circulation.