The cryptocurrency market has been on a roll lately, with most coins in the top 100 making huge gains. The good news continues even after Bitcoin pushed above $7000 earlier this week, when the coin that had been most overshadowed with respect to performance took a big leap. That coin is called ZIL and its value skyrocketed more than 265% in 24 hours.
While the price of bitcoin moved above $7000, many altcoins surged to new highs. Among these coins is Zilliqa, which rose more than 260%. This sudden spike in value occurred just one day after the announcement of their partnership with Microsoft and IBM, which will be part of MoonZil.
For those who aren’t familiar with the project, Zilliqa is expected to be a new blockchain platform that was built on top of Bitcoin’s code. This means that it will operate very similarly to how Ethereum does, however unlike Ethereum’s platform Zilliqa’s is geared towards scalability as well as privacy.
Zilliqa (ZIL) has seen a price increase from $0.09 to $0.14 over the past month, with the market capitalization skyrocketing from ~$89 million to over $1 billion in that time frame. This makes Zilliqa among one of the top 20 crypto assets by market cap alongside Ethereum and Bitcoin.
At the same time, there has been a sudden increase in demand for Zilliqa tokens over 50% on the day of this article being published, indicating that the market may be about to take off. This correlates with an article posted today covering a possible bullish run-up in Zilliqa.
What is Zilliqa?
Zilliqa (ZIL) offers an on-chain Scaling Solution for Bitcoin, Ethereum and any other blockchain. The algorithm used within Zilliqa is a fork of Ethereum’s Dagger-Hashimoto consensus mechanism, implemented at a 1:1 ratio to allow for compatibility with existing smart contracts and DApps.
Zilliqa allows for “sharding”, a concept implemented in several projects that aims to increase network capacity. Sharding divides the network into several smaller component networks, allowing each node to process distinct subsets of the transactions being run on the network.
The simple two-tiered consensus mechanism ensures that individual nodes are incentivized to participate in the consensus process, based on their storage capacity, CPU power and bandwidth. By combining high throughput with low latency, as well as a proprietary DAG (directed acyclic graph) and IOTX (instant on-chain trade) mechanism (using the mijin protocol — compete with IBM on IBM’s blockchain) Zilliqa promises to deliver 1,000 transactions per second at a maximum fee of $0.005.
What to expect from Zilliqa Price Forecast
The market capitalization of Zilliqa is still minuscule compared to its rivals (Ethereum and Bitcoin) which means that a price increase is easily foreseeable. Assuming that ZIL achieves the $0.08 mark, the price will begin to climb up and reach a yearly high (to be determined) at $0.25.
Zilliqa (ZIL) Trading Competition
The trading competition we held from May to October 2017, would have rewarded participants with 200 ZIL, or about $160 USD if all the bonus prizes have been won. We are looking for more participants in such competitions for our upcoming events.
To enter the competition all you need to do is to fill in our form and we will reward you with 200 ZIL. There are no limits so your chances of winning are almost 100%.
The competition is still open, so if you would like to participate you can still do so. Please note that the tokens are sent on a monthly basis, so enter before December 31st to get your rewards by next year.
