For a long time now, we have been surrounded by virtual currencies and the rate at which its uses cases in day-to-day life are increasing is something that was never really anticipated and one of the major contributors to this huge success is the cryptocurrency industry.
The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!
Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.
To begin with, cryptocurrencies as the name suggests is nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.
In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.
In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.
On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.
Also, it is worth noting that, some of the major contributing factors for this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.
Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.
Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Zilliqa. To know more, I suggest you read further!
Everything to know about Zilliqa (ZIL)
Zilliqa or as commonly referred to as ZIL is nothing but a public, permissionless blockchain that is known to have been designed in order to offer a high throughput along with the ability to complete nearly thousands of transactions per second (TPS). Not just that, Zilliqa is said to be entirely focused on solving the so-called issue of blockchain scalability as well as the speed by simply employing sharding as a second layer scaling solution.
In addition to this, the platform is also known to be the home to many decentralized applications (DApps) and you should probably know that, as of October 2020, the platform has also started allowing yield farming as well as staking.
Before moving any further, it is worth noting that, Zilliqa was first conceived by an assistant professor at the National University of Singapore School of Computing, Mr. Prateek Saxena. Apart from this, ZIL is said to be the native utility token of the Zilliqa platform, which as a matter of fact can be used for a variety of purposes on the platform itself.
Coming back to the topic, as mentioned, Zilliqa is simply a virtual currency that is aimed at using sharding in order to solve the scalability issue that is known to have been faced by several blockchains. For some of you wondering as to what exactly is sharding? Allow me a chance to explain. Sharding is a process of dividing the mining network into various smaller pieces, or shards that will help in processing transactions in parallel.
Basically, Zilliqa is a software that seeks to incentivize a globally distributed network of computers in order to run a blockchain platform that is focused on increasing user scalability through sharding. As a result, Zilliqa is one of a number of competing blockchains that are focused on growing an ecosystem of decentralized applications as well as for cryptocurrencies such as EOS, Ethereum, and Tron.
Furthermore, the development work of Zilliqa officially started back in June 2017 and its testnet went live in March 2018, while a year later, in around June 2019, Zilliqa launched its mainnet. Also, ZIL that we talked about earlier can easily be used to process transactions on the network as well as for the purpose of executing smart contracts.
What makes Zilliqa special?
Zilliqa claims to be the world’s first public blockchain that is known to completely rely on a sharded network. This allows the platform to achieve a rather high throughout as well as a high rate of TPS, which it says solves the issue of scalability.
Since each shard is known to process transactions individually, as the network grows and the number of shards increases with passing time, the number of transactions that can be processed per second also will increase.
Moreover, Zilliqa aims on becoming the blockchain of choice for large-scale enterprise use including among the gaming, financial service, advertising as well as entertainment industries. Having said that, in its 2018 position paper, Zilliqa’s team is known to have stated that, “the platform aims to rival traditional centralized payment methods such as VISA and MasterCard.” Lastly, as of 2021, the said network is known to be an active newtork that runs over millions of transactions each month.
Not just that, the blockchain has also been constantly scaling, going from averaging over about 900 blocks produced each day when its mainnet launched to presently producing nearly 2500 blocks a day. Also, both Zilliqa Research as well as Anquan Capital, the company responsible for creating Zilliqa, are said to hold significant reserves of ZIL.
Now that we have talked much about Zilliqa, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing in Zilliqa (ZIL)
As of today, the price of Zilliqa is about 0.087303 US dollars with a twenty-four-hour trading volume of 2,565,683,987 dollars. Not just that, in just the past twenty-four hours, the value of Zilliqa has gone up by 62.75 percent, and with the current market cap of 1,097,633,839 US dollars, ZIL is currently placed at #84 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of Zilliqa is12,572,755,982 ZIL coins, with a maximum lifetime supply of the token being about 21,000,000,000 ZIL coins. In just the past week alone, the price of the platform has risen by 97.44 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Zilliqa is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Zilliqa can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Zilliqa does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy Zilliqa? Let me help you with that. Currently, Zilliqa is available on all major crypto exchanges but, some of the popular exchanges that have ZIL listed on them include Upbit, Binance, OKX, Bybit as well as BingX to name a few.
In conclusion, what are your thoughts on Zilliqa? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
Also read: Top 10 Indian cryptocurrency projects in 2022
