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High-Throughput Blockchain Developer Zilliqa Showcases Next-Generation Smart Contracts

In November, Distributed.com reported that Zilliqa — a project to develop next-generation distributed ledger technology (DLT) with high throughput, a relatively low energy footprint and a light, non-Turing-complete smart contracts system — was positioning itself as a strong candidate for implementation in legacy enterprises. In fact, Zilliqa’s estimated throughput (number of transactions per second) was much higher than other open DLTs like the Bitcoin or Ethereum blockchains, and it could support high-performance DLT applications in financial markets and global trade. 

“Test results show the [Zilliqa] network hitting 2,400 transactions per second (TX/S) with ambitions to hit Visa level throughputs of 4,000 TX/S,” noted Forbes in December.

Since throughput 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. 

Zilliqa, headquartered in Singapore, was created to solve two of the most crucial issues plaguing blockchain technology: scalability and security. 

“Since first proposed in an academic 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 company’s white 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 language. 

“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 more [sectors].” 

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

"Blockchain 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.

A Former CFTC Chairman’s Plan for Federal Crypto Regulation

Timothy Massad, the former chairman of the Commodity Futures Trading Commission (CFTC), has outlined a case for better (read: stricter) federal crypto asset regulation in a substantial report for the Brookings Institute, “It’s Time to Strengthen the Regulation of Crypto-Assets.”

Square to Hire Full-Time Team of Open-Source Bitcoin, Crypto Contributors

Source: Twitter

Jack Dorsey, founder and CEO of social media giant Twitter and mobile payments company Square, announced that he is hiring a handful of full-time employees for the latter who will work on open-source contributions to the Bitcoin and cryptocurrency ecosystem. He added that the work done by this team, made up of three or four engineers and one designer, will be independent of Square's business objectives and all resulting work will be open and free.

Will #DeleteCoinbase Hurt Cryptocurrency Adoption?

There has been no shortage of news regarding trust issues in the cryptocurrency sphere. For example, the recent death of QuadrigaCX CEO Gerry Cotten revealed that he personally held the keys for the company’s reserves and they were lost, leaving platform users dependent on the Canadian justice system for a solution.

Huobi Introduces Coin Launch Platform

Source: Huobi

The Singapore-based cryptocurrency exchange Huobi has announce that "Huobi Prime," a coin launch platform, will go live on March 26. The service will allow professional and retail investors to purchase new cryptocurrencies before they are listed more broadly and potentially at lower costs. The announcement appears to compete with Binance's Launchpad service.