Zilliqa Mainnet Set to Launch Jan 31st – Here’s What to Expect from ZIL

Zilliqa, a blockchain project building a scalable, secure, high-performance public blockchain platform, will launch its main network (mainnet) on Thursday, January 31. According to an announcement on its official blog.

The CEO of the Zilliqa project, Xinshu Dong took the opportunity to inform the community of the changes expected from the upcoming mainnet launch and what to do before, during and after the launch.

As Smartereum reported, the Zilliqa team announced last year that it would launch its mainnet either in December of 2018 or this January. The announcement came after a series of delays to the original mainnet launch date proposed in the project’s roadmap. The team explained at the time that they shifted the date because they needed more time to carry out adequate security audits, and other pre-launch requirements like preparation for the token migration, development of toolchains, integration with wallets, and bring more decentralized applications onboard.

Features of Zilliqa Mainnet

In the latest post, Dong explained that the goal of the Zilliqa project has always been to build a better blockchain platform that is capable of powering an ecosystem of decentralized applications (DApps) and products. “We focus on creating a platform that will bring real value to the end user and drive meaningful adoption of blockchain technology,” he continued.

Zilliqa is currently deployed on the Ethereum Network and its token the ZIL is an ERC-20 standard token. But like Tron (TRX) and some other blockchains that conducted ICO on the ethereum blockchain, Zilliqa is moving to its own blockchain which will have its own features independent of Ethereum. Dong discussed some of the features expected from the mainnet which ranges from blockchain security, sharding, new mining protocol, and block reward.

On sharding, he explained that the native blockchain will support transaction sharding for both regular payment transactions and those that invoke smart contracts. Solving scalability through sharding is one of the key aspects of the Zilliqa project.

He also noted that the Zilliqa blockchain will use Practical Byzantine Fault Tolerance (PBFT) technology which gives finality to transactions so that confirmations are not required. He said this PBFT-style blockchain will be efficient.

He also highlighted the importance of Scilla, a smart-contract language which will be supported by the Zilliqa blockchain. Scilla which, was first introduced in the in the second version its testnet last year, is designed to address vulnerabilities in older smart contracts which caused problems like the DAO hack and parity bug incident.

Furthermore, Dong wrote that the mining on the new blockchain will be eco-friendly. Because it uses Proof-of-Work (PoW) protocol only for Sybil resistance and PBFT as consensus algorithm, he explained that the mining process will take lesser PoW period and consume less energy.

NamePrice
bitcoin
Bitcoin
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zilliqa
Zilliqa
$0.00

Zilliqa (ZIL) Price Watch Today

Zilliqa (ZIL) token is down with the rest of the crypto markets today. It is trading at $0.02 to the USD, down by almost 7 percent in the last 24 hours. Its market cap is currently just over $165 million making it the 30th most valuable token by market cap according to CoinMarketCap. Transaction volumes have also shot up in the last two days leading up to the mainnet launch.

The Zilliqa project raised $22 million through its token sale just over a year ago. As Smartereum reported, its market cap grew to over $1 billion last year before it got caught in the protracted crypto winter. CEO Xinshu Dong hopes that the mainnet launch will lead to a resurgence in the Zilliqa project. His statement read:

“With the launch of the Zilliqa mainnet, we will be taking a big step towards exciting opportunities for adoption of the platform.”

Zilliqa has entered major partnerships with Kyber Network, Japan-based Infoteria, Global Brain Blockchain labs, the global Insurance Industry, and other organizations. Its ZIL token is listed on major exchanges including OKEx.

Token Swap is expected to carry on from Q1 to Q2 of this year.

 

 

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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