Zilliqa Joins the $1 Billion Crypto Club

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Zilliqa Joins the $1 Billion Crypto Club

Zilliqahas made a handsome entry into the $1 billionclub.

This week, the first public blockchain-based cryptocurrency intended to enable sharding became one of just 30 cryptocurrencies with a market valuation more than a billion dollars.

Zilliqawas was placed 22nd in the list of cryptocurrencies by market cap as of Thursday AM ET. The value of the crypto currency has surged by more than 5 times in the previous month. On April 10, its market valuation was roughly $280 million, but it is now worth more than $1.42 billion.

Image Courtesy: Coinmarketcap.com

As prominent cryptocurrency networks such as bitcoin and ethereum continue to have significant difficulties in transaction processing in a timely way, Zilliqa has emerged as a potential solution to the scalability problem. (Also see: What Is the Bitcoin Scaling Debate? A Reason to Be Concerned?)

Bitcoin is seeking to address the issue by deploying mechanisms such as the lightning network, raising worries that the bitcoin network may become more centralized. (See also: Lightning Network: What Is It and Can It Help Bitcoin Scale.)

Zilliqa: The Scalable Cryptocurrency Network

Zilliqa employs the sharding approach, which can scale along with the growing size of the bitcoin network. In theory, it permits the network to handle an unlimited number of transactions per second. Realistically, transaction processing will be determined by the number of active nodes on the network, and given Zilliqa’s traction, it seems to be well positioned to handle hundreds of thousands of transactions per second. It basically promises to be the answer to the scalability problem. According to its white paper, “with ethereum’s current network size of 30,000 miners, Zilliqa would anticipate to handle almost a thousand times the transaction rates of ethereum.”

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Another reason for its appeal is because, unlike bitcoin, it is not only a payment network. It also supports the hosting and execution of smart contracts on its blockchain, which is the main feature of the ethereum network. Ethereum, too, intends to include sharding at some point in the future. (See also: Four Blockchain Competitors to Ethereum.)

The virtual token may be purchased on prominent cryptocurrency exchanges including as Binance, Huobi, Gate.io, and OKEx.

Over the past 24 hours, it has increased by more than 17% to $0.1956.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns cryptocurrencies as of the day this post was published.

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