Last year, Zilliqa announced that it would launch its mainnet by end of December 2018. As it turns out Zilliqa postponed the mainnet to end of January. The company cited that it needed more time for a thorough security audit of its code, in addition to their pre-launch requirements for ERC20 token migration, wallet integration, etc. Now finally, the Zilliqa team is moving forward with the mainnet launch on 31st December.
Key features of the Zilliqa mainnet
Sharding: Zilliqa announced recently that it will deploy transaction sharding for both payment transactions and smart contracts. This will help the network in scaling easily with transaction-per-second (TPS) rate in the thousands range and meeting up the demands of a high number of users relying on its smart contracts.
Dual Consensus (PoW+PBFT): Zilliqa’s CEO Dr Xinshu Dong stated recently that the network will rely on Proof-of-Work (PoW) for Sybil resistance and its transactional consensus is achieved through Practical Byzantine Fault Tolerance (PBFT), a consensus mechanism which splits nodes between the shards and is also energy efficient. The dual consensus will ensure that Zilliqa remains secure and at the same time provide high scalability and throughput.
Scilla programming language: Zilliqa mainnet will support Dapps written in Scilla, a smart-contract language introduced by the team during the second testnet in 2018. Scilla language addresses common vulnerabilities that smart contracts usually suffer from, causing previous multi-million dollar hacks such as the DAO and Parity on Ethereum.
The launch of mainnet is expected to support the bullish bias of the price of Zilliqa at least in the medium to short term. At the current moment, the price action looks neutral and may also see some correction to find support at the immediate price level around 0.00000570 BTC.
On a medium term, if bullish continuation helps Zilliqa break above the 0.0000069 BTC immediate resistance level, then the next resistance will be observed at 0.000009 BTC.
A break above 0.0000069, therefore, gives a great risk-reward ratio as breakout traders will stoke the momentum. On the flip side, if Zilliqa fails to gain bullish momentum, it will enter the bearish territory under 0.000004 BTC.
Disclaimer by the Author:
This is not investment advice or promotion to ICO or Cryptocurrencies or any other investment in any form. These views are based on Author’s own research and readers must execute caution & suggested to do their own research during any investments.