The relatively new Zilliqa (ZIL) is shaking the ground the cryptocurrency industry. The project launched early this year but it is threatening the relevance of other mature projects, for instance, Ethereum (ETH). Although Zilliqa is ranked 33rd with a market capitalization of $290 million, the impending mainnet launch is expected to boost it to a higher position, possibly in the top 20. At the time of writing, ZIL/USD is trading at $0.027. It is up a subtle 1.74% on Wednesday 10.
The exchange trading volume according to the data on CoinMarketCap is up 41% in 24 hours. Traders seem to be changing their sentiments positively towards ZIL and taking their position in line with the expected surge towards the end of the year. Zilliqa (ZIL) trading volume currently stands at $12.7 million up from the previous closing at $7.4 on October 8.
Cryptocurrency prices continue to deflated below the long-term bearish trendline that started at the beginning of the year. 2018 has been tough for digital assets especially in terms of price performance. New lows have been formed while assets are stuck in various bear ranges. Zilliqa has not been spared by the negative wave that is constantly sweeping across the market. However, amid the declining prices, Zilliqa team made a valid choice of concentrating on developments and in turn, the prices will come back up one way or the other.
For this reason, the team announced in August 2018 that the mainnet launch had been pushed forward from the Q3 to sometime in January 2018. The need to have a more robust protocol with the highest security levels achievable warranted the postponement of the launch date. The delay will also allow the team to work on toke swap, integrating wallets, developing tool-charts as well as establish a framework that will allow more decentralized applications to come on board. At the time of delay announcement, the co-founder of Zilliqa (ZIL) Amrit Kumar said:
“In the past few weeks, we have had extensive discussions to review the timeline in light of these enhancements. Unfortunately, we will need more time to ensure that the code gets properly tested by the core team, the community and last but not the least, established auditing firms.”
Issues of scalability have been haunting the crypto industry for quite some time now. Bitcoin (BTC) although popularized as a payment system, an alternative to the traditional fiat system, only manages a handful of transactions per hour while block times take even longer. Ethereum is currently working on an upgrade of the current protocol using the sharding technology in order to increase scalability and other security issues.
Significantly, Zilliqa (ZIL) is known to be one of the most ambitious crypto projects when it comes to scalability. In fact, the website introduces it as “the scalable and secure blockchain platform for hosting decentralized applications.” The team is working hard to ensure that Zilliqa does not end up with the same problems faced by the above mentioned legacy platforms (Bitcoin and Ethereum).
Zilliqa (ZIL) allows developers to build their decentralized applications. The platform supports business models that eliminate middlemen and other chronic inefficiencies. The blockchain is trustless and the connections within it are able to come up with entirely news was of trading with one another. The possibilities with Zilliqa’s ecosystem are limitless but the launch of the mainnet will spearhead the project in the right direction.