It’s raining Crypto in India. Nope I am not talking about Airdrops. I am talking about exchange listings. With a new listing in the Indian market almost everyday, today is no different. Indian crypto exchanges are listing Zilliqa (ZIL), Ontology (ONT) and 0x Project (ZRX) today.
Zilliqa is launching simultaneously on Coindelta and BitBns. That grabbed my attention. I heard of Zilliqa last year during the ICO, could not participate. Currently ZIL can be stored on any ERC20 compatible wallet.
What is Zilliqa?
Zilliqa is a public-blockchain designed to scale to thousands of transactions per second. Blockchain should be easily scaleable else it is no use and cannot replace the traditional methods of payments. In comparison Bitcoin (minus the lightning) can manage 4-7 transactions per second, Ethereum can do 15 transactions per second and Digibyte seems to handle over 500 transactions per second.
Zilliqa’s Testnet has recorded over 2400 transactions per second. Once again to compare this is still half of what Visa and Mastercard can process in a second. But they are getting there. Zilliqa is based on the sharding technology that achieves the High-throughput. Sharding — dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel.
Proof of Work (PoW)
Zilliqa uses PoW, but not to achieve consensus. Zilliqa only leverages PoW to establish mining identities. This process defends against sybil attacks and is also used to perform network sharding. This means no high electricity costs unlike Bitcoin or Ethereum.
Zilliqa uses PoW coupled with a practical Byzantine Fault Tolerant (pBFT) protocol. Miners use PoW to establish their identities on the Zilliqa blockchain. Once the identities have been established, miners get assigned to a consensus group wherein multiple rounds of PBFT consensus can be run. Performing one PoW in turn writes multiple blocks to the chain, and thus provides greater and guaranteed rewards.
In Simple terms – you can mine with your CPU. But the mainnet is yet to be launched, so hold your horses people. Right now you can store them on any ERC20 compatible wallet.
Zilliqa has team of entrepreneurs, techies and financial advisors backing the project. Xinshu Dong is the CEO of Zilliqa. You can meet the rest of the members in this video:
This is what it all boils down to for traders – kitne mein milta hai aur kitna jayega. (How much is it now and how much can it go).
At the time of this writing ZIL is about 2.7 INR and the market cap is almost 18 Billion INR. Zilliqa ranks 48 in the market cap. The latest value can be found below in the CMC widget.
Where can I trade ZIL?
Zilliqa starts trading on Coindelta at 7:00 PM today (March 16) and tomorrow on Bitbns. The deposits are live on both exchanges.
Are you interested in Trading ZIL? Let us know in the comments below:
Update: Schedule updated for trading of ZIL on Bitbns