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Serious Altcoins 101: Is Zilliqa Worth Investing In?

Serious Altcoins 101: Is Zilliqa Worth Investing In?

Explainers Cryptocurrencies

03 Jul 2020

Have you heard about the enterprise-ready crypto project Zilliqa?

Since January 2018, after collecting $22 million during the project's Initial Coin Offering (ICO), Zilliqa (ZIL) has climbed into the top 50 cryptocurrencies by market cap, now ranking 44th.

What Is Zilliqa?

Zilliqa is a smart contract platform that seeks to solve the industry's scalability problem with a high speed and enterprise-ready blockchain platform.

By using the Practical Byzantine Fault Tolerance (PBFT) consensus mechanism as well as utilizing its unique sharding technique, Zilliqa created a highly scalable blockchain platform that features a Transactions Per Second (TPS) rate of 2,828.

As the brainchild of academics, engineers, and entrepreneurs, Zilliqa is not only based on peer-reviewed academic research but also uses the same process to power the project's safe-by-design smart contract language Scilla to provide advanced security to users.

Interestingly, Zilliqa's PBFT consensus algorithm allows transactions in the network to become final after one confirmation, enabling speedy transfers between users.

Furthermore, due to the high scaling capabilities of the blockchain platform, Zilliqa users pay very low fees for transactions, which opens up possibilities for micropayment processing.

Zilliqa also placed emphasis on creating an eco-friendly blockchain project.

According to Zilliqa, users are only required to mine ZIL for one minute in every 1-2 hours to cut the energy use of the network as well as to allow users to dual-mine ZIL with other coins.

Everything You Should Know About the ZIL Price

Zilliqa has been featured recently in crypto media outlets due to ZIL's massive price gains that surpassed the Bitcoin surge between March and early June.

However, the ZIL price was not always in an uptrend.

After its ICO in January 2018, Zilliqa's price has increased its initial $0.09 value to $0.10 but entered into a downtrend soon, falling to $0.04 by early April.

However, a few days later, ZIL initiated a bull run during which the cryptocurrency had increased its value by 400% by May 10, 2018 to $0.2.

Potentially affected by the crypto winter's bear market, Zilliqa's price started to fall in May, ending 2018 with a value of $0.02.

The ZIL price even reached new lows in 2019, falling from $0.02 to $0.0047 by December 31, representing a decrease of 76.5%.

Except for a short bull run between January and mid-February, price trends have remained unchanged for Zilliqa.

However, after the Coronavirus-fueled market crash in March, Zilliqa entered into a strong bull run, increasing the ZIL price from $0.0035 to $0.03 by June 11, which represents a growth of over 750% in three months.

Since then, Zilliqa's price has entered into a correction, currently standing at $0.0177 at the time of writing this article.

What Is Happening With Zilliqa Nowadays?

The ZIL price was not the only reason why Zilliqa has been featured in the news recently.

One of the hottest events in the crypto project's history is Zilliqa's last year's partnership with the Singapore-based fintech company Xfers, in which the two organizations are set to explore blockchain payments together.

In terms of partnerships, Ten31, the fintech arm of the German WEG Bank, agreed to work together on blockchain and banking applications with Anquan Capital – the Singapore-based technology incubator that launched Zilliqa – in May.

In addition to launching the Zeeves Telegram tipping bot in April, Zilliqa has been praised recently by Ethereum co-founder Vitalik Buterin who stated that the crypto project has a lot of room to succeed and prosper.

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