Zilliqa is getting ready for its mainnet launch scheduled for the end of this month. And this could wind up being one of the most important events in the Q1 for the whole crypto industry. Why?
Because of their use case and ostensibly well developed scalability solution that could pave the way for many other projects, most notably Ethereum, in implementing solutions for the pressing issue of blockchains: achieving scalability without sacrificing decentralization.
ZIL is one of the most promising projects in the blockchain space, primarily due to the following reasons:
- Implementation of sharding in mining that has been found to scale as more miners join the Zilliqa network thus increasing its throughput.
Sharding is, in short, dividing the mining network into smaller shards each able to process transactions in parallel. The team has demonstrated 2,828 transactions per second with just 6 shards. This opens the possibilities of higher transaction speeds as the network grows
- The new programming language of Scilla that was solely designed to avoid earlier identified vulnerabilities with Ethereum based smart contracts. Scilla is short for Smart Contract Intermediate-Level LAnguage is an intermediate-level smart contract language being developed for Zilliqa. Scilla has been designed as a principled language with smart contract safety in mind.
A Singapore-based project is a strong contender for tackling the problem of scalability, and has quickly established itself as one of the hottest coins of 2018. Then they went under the radar, mostly due to their own fault and missed deadlines.
After open public criticism picked up so did the Zilliqa team, both in their communication and technological progress.
The primary strength that Zilliqa brings to the table is that it is one of the first projects to successfully harness the power of sharding as a scaling solution. While other projects (including Ethereum) are planning to implement sharding, Zilliqa was among the first to demonstrate that it can really work.
Quick summary of the upcoming timeline
End Jan 2019 — Mainnet launch
The team plans to bootstrap the mainnet carefully to mitigate attacks when hashpower is low.
Bootstrap phase: Miners will get mining rewards, but no transactions will be processed; bootstrap phase will automatically end when a set amount of hashing power and/or number of blocks is achieved.
Q1-Q2 2019 — Token Swap window
Details will be released AFTER mainnet launch in late Q1. This will include the list of exchanges/custodians supporting the swap
Zilliqa wil have the token swap window open for several months to allow for enough time for the swap.
The mainnet should come with several useful features, including:
- Running on a scalable system that can support a high number of transactions per second
- Increased security thanks to Scilla, project’s safe-by-design smart contract language
- Low transaction fees
- Maintained decentralization
The first release of the project’s mainnet will also be capable of sharding, technology which will ensure scalability by allowing smart contracts to be processed in parallel across different shards.
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