In the midst of current news of a slight crypto-market recovery, lies the gem that is known as Zilliqa (ZIL). The project and token that packs a punch in terms of what it aims to do in the crypto-verse, has left many fans and HODLers continually excited since inception of the concept.
Current market analysis indicate that the token is currently valued at $0.13 and up 12.8% in 24 hours. Further analyzing its levels on Tuesday, 29th of May, when the entire crypto-market was almost below $300 Billion in market capitalization, we find ZIL was valued at $0.098. This means ZIL has improved by 32.7% since then and in a period that is less than a week.
Further analyzing the token’s market capitalization, we see that it is currently valued at $956.11 Million and $43.89 Million shy from the $1 Billion market capitalization mark. The last time Zilliqa managed to reach these levels, was on the 10th of May when the total marketcap of the token reached $1.68 Billion. The token was in turn valued at $0.22.
The question now in all the crypto-traders’ minds is as to whether ZIL will maintain these new heights as the project plans on releasing the MainNet version of the platform in the third quarter of this year. The Testnet is currently live for developers to download.
Zilliqa has been on the spotlight since it announced plans on revolutionizing the smart contracts aspect of blockchain technology by introducing a new programming language of Scilla and by introducing mining through Sharding.
The platform is designed to scale in transaction rates as the number of Shards increases. Sharding is defined as dividing the mining network into smaller shards (mining units) each capable of processing transactions in parallel. This then solves the issues of Network congestion experienced on the Ethereum platform whenever an animal based Decentralized Application is launched and becomes a hit on the platform.
On the other hand, the Scilla programming language is meant to be developer friendly and allows the testing of smart contracts before launching. This then avoids situations where live smart contracts are later found to have security vulnerabilities as was the case with the Parity incident on the Ethereum platform.
In conclusion, the Zilliqa project and token, is one to watch out for as we roll down the third quarter of 2018.