Zilliqa is a permissionless and public blockchain-based on Sharding technology, which aims to offer high transaction speed. The use of sharding technology facilitates the transactions to be divided into small parts distributed among several miners performing parallel transactions.
ZIL is the native crypto of the Zilliqa platform, which can be used to buy the services on the platform. The current market price of ZIL is $0.2057 after an increase of 0.9% over 24-hours. It is currently ranked at #59 in the market in terms of market capitalization. Its trading volume has increased by more than 25% within a week.
Talking about the motive of Zilliqa, it seeks to empower the innovators by removing the most significant issues faced by blockchain users and developers. First of all, it was aimed to eliminate the concerns regarding scalability. Its sharding protocols enable thousands of transactions per second in combination with a unique consensus mechanism. Hence, it can scale up according to the network size by dividing the network into smaller groups.
Secondly, the platform is built to avoid energy consumption concerns by integrating the PBFT consensus mechanism. Notably, energy consumption is one of the critical issues faced by many blockchains because the Proof-of-work consensus mechanism requires intensive computational power.
Why should you choose Zilliqa?
· Security- Its structure helps it to maintain security. The platform enables the developers to build decentralized applications with confidence because of the sharded structure of blockchain. Notably, the network is never hacked since its launch in the market.
· Lower transaction fees- The transactions on Zilliqa only cost a fraction compared to its competitors. The platform avoids all the congestion, which drives the increase in miner fees on other blockchains.
· Decentralized- Zilliqa network operated as a code and cryptocurrency, and there is no central coordinator here. It provides the users with a decentralized alternative in the market.
Although the price prediction for Zilliqa is quite optimistic for the coming years, we still cannot expect something outstanding from the crypto. It all depends upon the technological development of the platform. We can say that ZIL would prove to be a good investment option for long-term traders.