scalability is considered to be a strong requirement for mainstream financial
applications of DLT, investors are bullish. In May, the Zilliqa cryptocoin ZIL achieved a market capitalization of over $1 billion. After a drop, ZIL is
getting close to a $1 billion market cap again, according
to CoinMarketCap. ZIL
is traded on major exchanges such as Binance, Bithumb and Huobi.
in Singapore, was created to solve two of the most crucial issues plaguing
blockchain technology: scalability and security.
“Since first proposed in
research paper in
2015, our team has fully developed this concept into a working technology and
earlier this year released our public testnet — the first blockchain platform to implement
sharding technology to enable high blockchain transaction speeds,” said Xinshu Dong, CEO of Zilliqa, summarizing a progress update
event that took place in Singapore on May 23. “[We] gave a glimpse of our
solution for building a better, more scalable, more secure, public blockchain
platform that we believe will be a better way for enterprise and developers to
build blockchain applications.”
According to the
paper, “The cornerstone in [Zilliqa’s]
design is the idea of sharding — dividing
the mining network into smaller … shards
each capable of processing transactions in parallel.”
“At Ethereum’s present
network size of 30,000 miners, [Zilliqa] would expect to process about a
thousand times the transaction rates of Ethereum,” claims the white paper.
The Zilliqa platform also features special-purpose smart contract
language and an execution environment that leverages the underlying
architecture to provide a scalable and efficient computation platform.
At a progress update
event, the Zilliqa team demonstrated Scilla, a new smart contract programming
“With Scilla, developers
will be able to write and test their contracts before deploying, thereby
getting the assurance that their contracts are safe to use and preventing
issues like the DAO hack,” said Dong. “Combined with our high throughput platform based on the
technology of sharding, Scilla will allow for new, more powerful blockchain
applications with use cases in gaming, digital advertising, e-commerce and many
The Zilliqa team is planning to launch a testnet 2.0 with smart contracts alpha in Q2 2018, a
mainnet with smart contracts beta in Q3 2018 and then work on privacy,
interoperability and decentralized applications (DApps). The company plans to
support DApps developers with a $5 million grant program.
Other plans in Zilliqa’s
roadmap are centered on partnerships, for example with the global ad agency Mindshare.
technology is going to influence the media and entertainment industry at a much
more rapid pace than we ever thought possible,” said senior Mindshare executive Gowthaman Ragothaman. “Mindshare is
absolutely delighted to partner with Zilliqa to test this technology and its
possible future application in the media and entertainment industry.”
For instance, Mindshare and Zilliqa will run
an application pilot for advertising in partnership with two
undisclosed, publicly traded companies.