Connect with us

#Blockchain

What is Zilliqa? Should you invest in Zilliqa?

Published

on

Zilliqa is based on the concept of Sharding and aims at improving the scalability of the cryptocurrency networks as in case of Bitcoin or Ethereum.

Deciphering key attributes of Zilliqa which renders it favourable for investments.

Opening remarks

As Mahatma Gandhi, an Indian Social Activist has rightly said, “There is sufficiency in the world for man’s need but not for man’s greed,” no matter how many different varieties of cryptocurrencies are developed, there doesn’t seem to be an end to this, where a single cryptocurrency could manage the whole globalized financial transactions. It is estimated that more than 1500 different variety of cryptocurrencies are available in the Crypto market. The Ethereum Blockchain has been a major contributor to the development of cryptocurrency tokens by providing a standard template for the creation of decentralized applications.

The drawbacks of one of the most prominent Cryptocurrencies like Bitcoin, Ethereum and many other, has led to the development of other better cryptocurrencies. Also, the investments have been radically shifted from the stock market towards the cryptocurrency market, probably, due to the popularity of cryptocurrencies in the recent decade. This has given rise to a number of illegal spam activities which are constantly undertaken in the cryptocurrency field due to which a lot of people are losing their precious Investments in the field. Nevertheless, there are a few cryptocurrencies in the market which really have the most requirement in the real world.

Zilliqa

Zilliqa (ZIL) is one such cryptocurrency developed in the year 2017. Zilliqa is mainly based on the concept of Sharding and primarily aims at improving the scalability of the cryptocurrency networks as in case of Bitcoin or Ethereum. The white paper mentions that the transactions speed would be approximately a thousand times more than that of Ethereum network.

 

What is Sharding?

The Sharding process is nothing but dividing the transactional network into smaller groups for parallel verification. The actual project was put forth in the year 2015 and has been under constant development since then. Zilliqa project has understood the importance of scalability, in this trillion dollar industry for an effective usage. It’s white paper mentions that the consensus mechanism and decentralization implies scalability issues in Bitcoin or Ethereum, but redesigning the whole protocol from the scratch might be of some help to the users.

Advantages

Zilliqa network uses a concept called Sharding where the transactions are grouped into smaller groups and divided among the miners for the parallel transactional verification. Developing smaller groups for transactional verification means the Consensus can be reached faster and hence a higher number of transactions can be processed in a given time frame.

The capacity of the network linearly increases in other cryptocurrencies as the number of people joins the network, but in this case, the capacity is increased at a higher variable rate than the number of members joining the network. By incorporating the Sharding Technology, it can completely revolutionize the smart contract functionality too.

 

The Ethash proof-of-work

The Zilliqa network incorporates Ethash proof-of-work (PoW) mechanism in order to confirm the transactions about from providing security to the network. It even helps the network to curb the Sybil attacks. It is to be noted that, it doesn’t use the Proof of Work mechanism in order to achieve Consensus, hence the high energy consumption by the miners to achieve consensus is avoided by and the network claims that the expenditure of running a node is at one-tenth of the cost of the Ethereum network currently.

Investment

As Zilliqa is the first cryptocurrency to incorporate, the Sharding Technology for mining, it will have an immense amount of first Movers advantage. Scilla, it’s most awaited and user-friendly programming language which can be used for the creation and testing of smart contracts has created a much hike around the community. Even the team members don’t seem to have much don’t seem to have much experience in the major industries of similar kind hence the project doesn’t feel to have a strong backing.

Some people feel that Zilliqa project is currently not worth to invest, as the prices are relatively higher with respect to its main net launch. Therefore the investments can be carried on, but prior to that, one must understand the market conditions and do their own research on the project for their personal satisfaction. The traditional financial industry was experiencing a constant Jet lag until the cryptocurrencies have power charged them.

#Blockchain

Adoption: Courts in France adopt blockchain technology

Published

on

The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

Continue Reading

#Blockchain

HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

Published

on

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

Continue Reading

#Blockchain

World’s biggest Blockchain ETF on London Stock Exchange

Published

on

The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.