Zilliqa Broke 2,400 Transactions per Second with their ‘Sharding’ Blockchain.
Hard Cap: $30,000,000 (50% for the presale and 50% for the crowdsale)
Presale Date: currently ongoing (min. $150k)
Presale Price: n/a
Presale Bonus: 10-15%
ICO Date: late Nov-2017, details to be released in early Nov-2017
ICO Price: n/a (will be updated)
Whitelist: Not available yet. You can sign for their newsletter.
Token distribution date: n/a (will be updated)
Social Interest (29-Oct-2017):
• Zilliqa is a new blockchain platform that is designed to scale in an open, permission-less distributed network securely. The core feature that makes Zilliqa scalable is sharding — dividing the network into several smaller component networks (called shards) capable of processing transactions in parallel.
• Zilliqa is miner friendly and offers 100x and more higher throughput that is secure and built to scale, data-flow and sharding-friendly smart contracts (dApps) and better energy efficiency.
• The Ziliqa team estimates that if it had as many nodes as are active in Ethereum, the platform would be able to manage over 15,000 TX/s. That is twice as many as the VISA network’s average throughput, the largest global electronic payment system in the world.
• I truly believe in blockchain technology, but whether the current king among cryptocurrencies, Bitcoin, will remain to be the most popular and most valuable cryptocurrency is questionable. One of the main challenges of distributed ledger technology is the scaling ability. Cryptocurrency of the future will have to be able to scale, meaning they will have to have the possibility to do a thousands of transactions per second. Bitcoin and Ethereum can currently do less than 10 TX/s. In comparison, VISA can do 8,000 TX/s. There is a huge gap between those two numbers that will have to be filled before seeing cryptocurrency payments going mainstream.
• Zilliqa is trying to solve the scalability problem with their sharding technology. The team recently reached the breakthrough by increasing their platform’s throughput threshold to 2,488 TX/s on an internal testnet. This is a great accomplishment.
• There are other high frequency transaction projects beside Zilliqa currently in development:
i) Raiden Network is an an Ethereum off-chain payment processing platform compatible with ERC-20 tokens.
ii) Lightning Network is a bitcoin instant payment and low transaction fees system.
iii) Then there is also a Plasma protocol, on which the Ethereum co-founder Vitalik Buterin is working on.
Both, Raiden Network and Lightning Network work by requiring participants to agree to a transaction on a separate channel after which the blockchain updates their accounts accordingly. This can be done without the need for miners or third parties such as digital wallet providers. In which phase of development these projects are and when will they be ready is difficult to say.
• As far as I was able to understand, in order for their networks to operate, the Raiden Network and Lightning Network will require the new set of nodes, beside the already existing Bitcoin and Ethereum full nodes. Zilliqa, on the other hand will not as it is being created from the very beginning with the scaling technology in its core.
• The source code and the first version of public test-net will be released in the Dec-2017, with the subsequent version to be released in February and March 2018. Public Main-net is scheduled to launch in Q2 2018 and Dapps in Q3 2018. I would prefer public main-net to be launched sooner, but it’s not a deal breaker.
• Zilliqa team consists of the National University of Singapore researchers. Whitepaper is only 14 pages long but it’s very technical. I also think that the market cap of $30M is fine. Out of that $30 million, 50% will be sold to presale investors and 50% will be offered in the crowdsale. The team didn’t offer huge discounts for pre-sale investors (10-15%), and they were quite picky in choosing who do they let in. They refused presale participation of Ian Balina’s pool, probably having in mind the debacle with that pool’s involvement in the Cobinhood presale. I do like all these facts.
• Recently Ethereum did the Metropolis upgrade, and I happily observed faster and cheaper transactions. I did couple of transactions of my own. I chose the lowest cost base of 1 Gwei per transaction, and those transactions were recorded on the ledger within 1.30 minutes. It’s beautiful and we’re getting closer to how the future of global payment transactions should look like. It should be free and instant. And scalable. That is why I’m also positive on Zilliqa.
• I will not give out any official short-term and long-term views on Zilliqa yet, until more information is released. My recommendation for now is to just sign up for the newsletter in order to be the first to know when the whitelist opens up in early November.
• The Zilliqa got fully funded during the presale phase. They will only allow community raise of $2M with individual caps of 5 ETH max. For this you had to become member of their Slack or Telegram channel before 29-Nov-2017. Check the announcement in their Telegram channel for the exact details.