The power of a cryptocurrency lies in blockchain. The revolutionary technology is the backbone of many secure and scalable platforms that help transform the digital payments infrastructure worldwide. Zilliqa is a public blockchain network that allows developers and enterprises to create digital assets, smart contracts, and decentralized applications (dApps) using its decentralized sharded architecture. Zilliqa distinguishes itself from other blockchain networks such as Ethereum (ETH) by implementing sharding on its mainnet.
Zilliqa aims at solving the scalability issues prevalent in blockchain technology by successfully utilizing sharding. The sharded technique scales the blockchain network linearly and breaks nodes into shards to handle large transaction volumes. In effect, Zilliqa delivers a throughput of 2,488 transactions per second (TPS), which is pretty higher compared to Bitcoin (7 TPS), Ethereum 15 (TPS), and Tezos (50 TPS). Because of executing maximum transactions quickly, enterprises find Zilliqa more suitable for their various blockchain projects.
Over the years, the network has garnered a lot of interest from the blockchain community, which continues today. In this article, the recent advancements made by Zilliqa have been elaborated.
Recent advancements of Zilliqa
- Transition to Decentralized Exchange (DEX): To grow its presence in the decentralized finance segment, Zilliqa has collaborated with the world’s leading DEX platform, Switcheo, in October 2020. As part of the partnership, the network will power a non-custodial DEX, dubbed ZilSwap, which one can use to trade and provide asset liquidity or lending.
- Tokenization of Whiskey: In January 2021, Zilliqa became the first public blockchain to tokenize the single-malt Scotch whiskey collection, Casks of Distinction, asset-backed security. The Hg Exchange (HGX) has listed the rare whiskey collection, and the Casks of Distinction-backed securities will now be exchanged after they reach maturity.
- Bug Fixes: In the same month, Zilliqa discovered and fixed a bug in the transaction pool management’s miner nodes that had gone unnoticed for a long time.
- Introduction Of ZIL Token: Like most blockchain platforms, Zilliqa launched on February 4, 2021, the governance ZIL (or gZIL) token $ZWAP. The token will enable long-term token holders to contribute to the decentralization of ZilSwap and the management of the protocol. In addition to decentralizing the blockchain and supporting ZilSwap, gZIL will play a pivotal role in the Pillar Protocol for issuing stable coins.
- Growth In Partners: The number of Zilliqa partners grew to 65, thanks to its scalable enterprise-friendly solution. While witnessing the surge during December 2019-December 2020, the network started working on customizable delivery solutions for enterprises.
- PolyNetwork Bridge: Zilliqa also plans to launch the PolyNetwork Bridge sometime in 2021 to allow ERC-20 coin holders to wrap their digital assets. In the future, the bridge built on the Zilliqa blockchain will benefit holders of ETH, Bitcoin (BTC), and Binance coin (BUSD). More importantly, the cost of using ERC-20 coins on the PolyNetwork Bridge will be much lower than that on the Ethereum blockchain.
Will these advancements affect Zilliqa’s price?
At the time of writing, the Zilliqa coin (or ZIL) was trading at $0.17 and had a market cap of $1.9 billion. It is an indication that these advancements have begun to show results. Furthermore, the inclusion of more partners and transition to the DEX would only strengthen the blockchain platform reputation. What is more, gZIL and PolyNetwork Bridge will empower the Zilliqa community with futuristic solutions that would reflect in price gains according to ZIL price prediction. Check out about Zilliqa price prediction at https://www.cryptonewsz.com/forecast/zilliqa-price-prediction/ in more detail.