Let's talk about Zilliqa (ZIL) and how the network sharding can create a speed of transactions that can match the current expansion of the Cryptoverse. Now I hate it (or not!) but I have to remind you that I wrote about this huge potential in June 2020. Zilliqa (ZIL) as a solution for the ever growing crypto market was about the blockchain test on Zilliqa that recorded 2,800 TPS, 200x more than top chains.
Zilliqa sharding uses partitioned data to spread out the computational and storage workload across a peer-to-peer (P2P) network. Sounds easy and complicated in the same time, but this method is reducing the pressure on the nodes and speeds up the transactions. For such an innovative framework, Zilliqa was a cheap investment. The price in June 2020 was $0.019 and that's when I bought few thousand ZIL. The current price is still hanging close to $0.07 but lets not forget the $0.255 ATH achieved on the 6th of May. Is 4x from June 2020 to June 2021 a good improvement , considering the May's market crash? Yes, Zilliqa improved a lot in the last year and the ZenSwap will pump ZIL again.
The ZIL-ETH bridge testnet will go live in July. The new incentive mechanism will make possible cross-chain LPs and ZilSwap testing will start immediately after the bridge mainnet launch.
The vision behind the ZIL-ETH bridge is cost efficient transactions and peer2peer commerce. The interoperability between protocols is the hotest topic in the Cryptoverse. As a crypto enthusiast, I am bored and tired of isolated Dapps, tokens and DeFi farms, scattered across the multitude of blockchains.
Zilliqa, Swithceo and Polynetwork are working together to enable interoperability, and a new wave of blockchain solution for creators, investors and yield farmers. The interoperability will integrate the best feature of the Ethereum and Zilliqa blockchains without limiting the date within the chain.
The users and developers will use multiple blockchains and create cross-chain Dapps, decentralised finance protocols, gaming platforms, etc. The cross chain interoperability will create a friction free experience and will deliver the future crypto.
What is PolyNetwork? PolyNetwork is a custom made interoperability protocol that links multiple chains and build the internet infrastructure of the future.
Switcheo is blockchain team works to create the decentralised protocols that will change traditional finance and expand the DeFi ecosystem. This is the team that crated the first DEX on Zilliqa, ZilSwap.
The united vision of Zilliqa, Switcheo, ZilSwap and PolyNetwork is to create seamless movement of tokens across the Ethereum and Zilliqa blockchains. The bridge will integrated in ZilSwap, creating the one-stop portal for Ethereum a day Zilliqa assets.
Staking ZIL and earning gZIL
When Atomic Wallet added Zilliqa staking, I started to send batches of ZIL from Binance. The governance token, gZIL was announced few days after the staking went live. The gZIL, abbreviation of Governance ZIL, is a ZRC-2 compliant fungible token contract that is currently rewarded when claiming Zilliqa staking rewards. For every ZIL claimed, the users will receive 0.001 gZIL. I am heading towards 1 gZIL, and I am waiting for the day when I will be able to use it in governance decisions.
I am claiming my ZIL reward once a month and I staked it on top of the others. By creating this clear pattern, I can grow both the Zilliqa and qZIL stash and enhance the future rewards.
The Zilliqa Library:
Staking Zilliqa and generating gZIL, the governance token
How to stake Zilliqa (ZIL) on Atomic Wallet
Zilliqa (ZIL) - the solution for the ever-growing crypto market!
Resources:
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Thank you for this I learned something about Zilliqa.. I was little bit confused too atleast I understand a little, step by step..