Zil Coin: A Good Investment Or Just Hype?

Zilliqa (ZIL) is a smart contract platform that aims to address the scalability limitations faced by other blockchains. Its unique sharding architecture enables concurrent chains to process transactions in parallel, allowing the network to handle thousands of transactions per second. Zilliqa is also the first public blockchain to implement sharding on its mainnet. The native utility token, ZIL, is used to facilitate transactions and execute smart contracts on the Zilliqa blockchain. With the recent announcement of its metaverse project, Metapolis, Zilliqa has the potential to become one of the top 50 cryptocurrencies by market cap. This has sparked interest among investors, who are now closely watching the performance of ZIL.

Zilliqa's recent metaverse project launch

Zilliqa, a high-performance layer-1 blockchain framework, has recently rocked the crypto world with the launch of its new metaverse project, Metapolis. This new platform may push Zilliqa to become one of the 50 biggest cryptocurrencies by market cap and solidify its position as one of the top crypto projects.

Metapolis, as the project will be named, will enable users to host businesses, artists, ideas, property investment, games, and other things. Users may also engage with these functionalities and perhaps even move to other cities using their NFT avatars or personas.

The Zilliqa Group has described Metapolis as "self-sustaining" and incorporating interaction layers, including NFTs, e-commerce, play-to-earn, digital avatars, and marketing signage. Ben Livshits, the CEO of Zilliqa, has reassured people that the Metaverse is not intended to take the place of the actual world but is instead about "improving our interaction with the online realm."

In line with its vision to transform the way we interact and engage, the Zilliqa Group has relaunched its metaverse venture, now called MetaMinds. This rebranding effort is part of a bigger restructuring exercise by the Group to focus more on spatial web development. MetaMinds is officially the world’s first Metaverse-as-a-Service (MaaS) platform provider, offering clients an immersive metaverse experience by leveraging spatial web technologies.

MetaMinds infrastructure is top-notch, with the platform being optimized for high performance, scalability, and interoperability. The platform's multi-tenant architecture allows different user groups to enjoy personalized metaverse experiences.

The Zilliqa Group is keen to address the notion that the metaverse is dead, and its newly relaunched metaverse arm tackles some of the significant bottlenecks of metaverse development. With its recent moves, the Group is strengthening its commitment to delivering top-notch Web3 and blockchain-powered products and services, which could have a notable impact on Zilliqa's price.

Zilliqa's price prediction for 2024 and 2025

Zilliqa (ZIL) is a cryptocurrency project designed to be a scalable and secure blockchain solution for decentralised applications. It is the first public blockchain to implement the concept of sharding.

Zilliqa's price has been volatile, and it is currently trading below its 200 simple moving average. As of 27 August 2024, Zilliqa is trading at $0.0143, with a 24-hour trading volume of around 12.45 million, making it the 174th currency in the whole crypto world.

Zilliqa Price Prediction for 2024

Zilliqa is predicted to reach a maximum price of $0.0369 by the end of 2024. The lowest price is expected to be between $0.0307 and $0.0369, with the most likely price being steady at around $0.0352. Billionaire venture capitalist Tim Draper predicts that Zilliqa will reach $0.0369 by the end of 2024 or early 2025.

Zilliqa Price Prediction for 2025

Zilliqa is anticipated to be ranked among the top 35 currencies by the end of 2025. The highest ZIL crypto price could hit a maximum of $0.0599. The average and minimum possibilities are predicted to be $0.0495 and $0.0391, respectively.

It is important to note that cryptocurrency markets are extremely volatile, and it is challenging to predict prices with total certainty. These predictions are based on historical data, current market sentiment, and technical analysis.

Zilliqa's unique sharding mechanism

At its core, Zilliqa's sharding mechanism involves dividing the network into multiple shards, or smaller groups, with each shard processing transactions in parallel. This parallel processing increases the overall capacity of the network, resulting in higher transaction rates and improved efficiency. The shards work independently, each responsible for a subset of accounts, while maintaining consistent communication to ensure overall network security and consistency.

Zilliqa's sharding technique is particularly notable for its ability to scale linearly as the network grows. This scalability is a key advantage for businesses and dApps that require high throughput, as it enables the handling of a large volume of transactions. For instance, with six shards, each containing 600 nodes, processing transactions individually, the collective transaction processing capacity reaches approximately 2828 transactions per second. This high-throughput capability positions Zilliqa as a disruptor in various industries, including finance, gaming, and supply chain management.

The implementation of sharding also contributes to Zilliqa's energy efficiency. By increasing the network's capacity and reducing transaction backlogs, Zilliqa consumes less power compared to other blockchain platforms. This energy efficiency is a critical aspect of Zilliqa's sustainability and performance.

In addition to sharding, Zilliqa employs a unique consensus mechanism called Proof of Work-Based Byzantine Fault Tolerance (PBFT). This mechanism guarantees finality, ensuring that once a block is added to the blockchain, it cannot be reversed. The combination of sharding and PBFT enables Zilliqa to achieve high levels of security, decentralisation, and transaction throughput.

Zilliqa's smart contract layer

Zilliqa is a smart contract platform built on a sharded blockchain that has achieved thousands of transactions per second (TPS). It includes its own smart contract language called Scilla, which stands for Smart Contract Intermediate Level Language. Scilla is designed with smart contract safety in mind, aiming to make applications less vulnerable to attacks and more secure.

One of the key design choices in Scilla is the separation between computation and communication. Contracts in Scilla are structured as communicating automata, where each in-contract computation, such as changing the balance or computing a function, is implemented as a standalone, atomic transition. This means that any involvement from other parties is explicitly communicated through the sending and receiving of messages. Another important feature of Scilla is the separation between effectual and pure computations. Any in-contract computation within a transition must terminate and have a predictable effect on the state of the contract and its execution.

Scilla also includes a static analysis framework and an automated scanner, making it easier for developers to identify generic security vulnerabilities. Additionally, Scilla's strong type system simplifies the process of writing bug-free code. The language is inspired by functional programming languages like OCaml, which makes it amenable to formal verification and provides automated mathematical proofs of safety properties.

Zilliqa's consensus protocol

Zilliqa is a layer 1 protocol and dapp development platform. It is a high-throughput public blockchain platform that can handle thousands of transactions per second. Zilliqa's blockchain works by dividing the work done on the network, with throughput increasing for every 600 new nodes. This technique of dividing the network is known as network sharding.

Zilliqa uses an optimized practical Byzantine Fault Tolerant (pBFT) protocol for consensus. pBFT is a voting-based, multi-round consensus algorithm that achieves consensus in 3 different phases: pre-prepare, prepare, and commit. The working of the pBFT is as follows:

• The consensus starts with a client (that is not part of the consensus group) requesting a primary node in the consensus group.
• In the pre-prepare phase, the primary node broadcasts the request to all the other nodes in the group.
• In the next phase, i.e., prepare, all the nodes execute the request and broadcast their respective results to all the other nodes.
• In the commit phase, all the nodes validate the response they receive from other nodes. Each consensus node waits for valid prepare responses from more than 2/3 of the total nodes before it can finally commit the result. Additionally, nodes also look for a valid commit from more than 2/3 of the other nodes.

PBFT can tolerate f byzantine faults, where f is a number strictly less than one-third of the total nodes. pBFT does the consensus work very well within a small group but doesn’t scale well as the network size grows. Zilliqa’s pBFT solves this problem very well.

Zilliqa also uses sharding technology to break transactions into smaller transactions so that more transactions can move through the network more efficiently and at a lower cost.

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