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  • Writer's pictureJamie

Zilliqa – The Blockchain of the Future?

With the explosive rise of Bitcoin in 2021, Blockchain technology has been a widely discussed topic within mainstream media as of late. In one of the most recent and controversial news stories concerning Bitcoin, it was claimed by Bill Gates that Bitcoin uses ‘more electricity per transaction than any other method known to mankind’. Whilst I feel that the concerns regarding Bitcoin and electricity concerning the climate are extremely dramatic, it does beg the question as to whether blockchains can be run in a much more efficient manner.

That is what brings us to our gem today, Zilliqa. In 2017, Zilliqa was introduced to the public as the first blockchain to introduce a concept called ‘Sharding’. With the ever-growing rise of transactions in Bitcoin, the BTC network has often struggled with the demand and scalability to be able to process the transactions in both an efficient and affordable manner. This has led to Bitcoin transactions at times being extremely slow, and often the fees associated with the transactions are becoming quite undesirable to the common investor. This issue of scalability has been more noticeable within the Ethereum network, which has led to extremely high gas fees which have at times reached highs of 400 GWEI.

With Zilliqa, the sharding technology allows for linear scaling as the blockchain grows in size. As the Zilliqa network grows in demand, the network will scale in a parallel manner. This means the Zilliiqa network will always be able to meet the demand of the transactions on the network as there will never be a limit to how many transactions the network can meet at a single time. With sharding, you will always be guaranteed transactions that are both extremely fast and cost-effective in their execution.

This type of stability may be effective in future usage of blockchain and the possibilities for adoption could be limitless. If election voting polls were to eventually use blockchain, would governments prefer to use a slow and expensive blockchain such as Bitcoin, or would they rather use a fast and inexpensive blockchain such as Zilliqa?

Furthermore, the Zilliqa network also supports smart-contracts. The inclusion of smart-contracts has allowed Zilliqa to already develop huge partnerships, and the sky really is the limit for future partners. One of Zilliqa’s most prominent partnerships so far is with the TV network BOLT.

BOLT will be utilizing Zilliqa on their dapp which will show live streams of prominent events such as The Cricket World Cup. This means many will be able to view some of the worlds most popular sporting events utilizing the technology of Zilliqa, and I’m sure many other dapps will utilize Zilliqa in the future.

Zilliqa has seen a rapid rise in popularity and price action over the last few months, in the last 30 days alone it has seen a 72.6% rise in price. However, Zilliqa at the time of writing is still on 56th in market cap ranking, so there is much room for growth for this coin.

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This is not financial advice, but is the opinion of the author, please do your own research before making any financial investment.

To learn more about $ZIL have a look at some of the links:

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