In this growing digital era, the advent of cryptocurrency has helped people come out from the traditional banking system that was time and cost consuming. The current crypto market is filled with Bitcoin and other Altcoins that work as an alternative to fiat currency. One such Altcoin is Zilliqa that has become quite trending in recent times. Zilliqa coins are exceptionally good for crypto mining. In this article we will discuss the complete concept of Zilliqa mining.
What Is Zilliqa Mining?
Zilliqa Mining started its journey in 2017. It is a blockchain based company that operates with its native coin ZIL. The main motto with which Zilliqa was formed was to be the first public blockchain platform that would support 11000+ transactions of cryptocurrencies in just seconds. The founders of this uncommon blockchain platform are Amrit Kumar, Prateek Saxena, Jia Yaoqi, and Max Kantetlia. The integrated “Sharding” to enable accomplishing the motto.
“Shredding” is a process that allows breaking a long series into small series, where each small series is known as “shards”. This process enables easy data transfer that ensures high scalability. Presently, Zilliqa has crossed its original goals and now can support nearly 2828 transactions per second.
The current price of Zilliqa is $0.13003 with a market capitalization of 1,249,069,601. According to the crypto analysts, it looks like the price of Zilliqa will touch the $0.756 mark by 2025.
Despite that many crypto enthusiasts stand divided on the price prediction of Zilliqa. According to another business insider the capability to touch $4.5 value by 2026 and find a place in the top 35 cryptocurrencies throughout the globe.
Unlike Bitcoin or Litecoin, Zilliqa is a digital currency that has been designed to scale high from the time of its launch. Its ability to clear more than thousands of transactions per second is its major selling point.
Basics of Zilliqa Coin Mining
Zilliqa is providing high profit revenues and hence many crypto users are transferring to mine ZIL coins. An application specific integrated circuit is a type of machine that is designed specifically to conduct complex mining functions of digital currencies. Most miners prefer mining in a mining pool. This is a system where many miners mine their coins together to generate the opportunity to mine more coins. Above that Zilliqa offers its own Zilliqa mining pool farm that ensures the safety and security of the miners. The pool runs on the basis of a common consensus that supports 30ZIL per share.
Like Ethereum, Zilliqa also allows smart contracts. This smart contract is programmed by a specially designed programming language called the Scilla. Having an own programming language enables the users to take advantage of their unique design and create smart contracts without any vulnerabilities.
Since the concept of blockchain is new in the market, the smart contract has not developed to a great extent. So taking the loop holes into consideration hackers have started to exploit that and drain liquidity from applications. But with Scilla, Zilliqa expects that the programmers will get a better smart contract experience and there will be no scope for hackers to exploit the resources.
As stated earlier, the highest selling proposition of Zilliqa is a personalized program to enable smart contracts. There are a lot of different ideas on how to scale a blockchain and the solution that Zilliqa has opted for in sharding.
We have already discussed the concept of sharding. Now let’s discuss the disadvantages of sharding. With sharding, interoperability is hampered. Though the shards are in continuous contact with each other they are not as quick as they should have been if all smart contracts were built on the same chain. This is the disadvantage that sharding holds.
Zilliqa Mining Coin
In terms of price hikes, the Zilliqa Mining coins or ZIL are doing really well. At one point the Zilliqa coins were rallied by 950% and went up to 40 number spots on the crypto chart rank that was done by market cap.
According to Messari, ZIL has the maximum grant of 20,999,982,720 coins and the annual inflation is 6.8%. That is compared to a cryptocurrency like Bitcoin which has annual inflation of 2%.
The money for Zilliqa was raised from private fundings and ICO. This is so because during the time when Zilliqa was raising private funds they could only raise $20 million. That was raised to support the project’s development. This fund was enough to run a small team for several years. There was an ICO craze that was a tempting offer. After that Zilliqa held an ICO from December 2017. They continued to hold that till January 2018. During that time, they were able to raise an additional fund of $22 million.
Zilliqa Mining Wallet
Just like other cryptocurrencies, Zilliqa Mining coins are also required to be stored in a cryptocurrency wallet that stores public and private keys that enables the users to buy and sell digital assets. The user has an option to choose from several types of wallets that range from hardware, desktop, mobile, online, and paper wallets. Among them, the most commonly used wallets are mobile and desktops. With mobile, allows payments on the go, and with desktop, transaction procedures have to be installed on the desktop before the transaction.
Along with all these, Zilliqa provides a non-custodial wallet called Exodus. This means nobody else will be having access to your coins except you. With Exodus, the user can buy ZIL with an in-built exchange feature instantly.
Due to the stuffing ambiance and high transaction fees on Ethereum, cryptocurrencies like Zilliqa Mining seem more convincing to users now with a stable smart contract. For developers, there has to be a space where they can scale as they need and there won’t be any interference if any decentralized application with high volume. For Zilliqa to stand out, they have to attract a whole new generation of developers, users, and applications.