In four words or less: Programmable money & smart contracts
Zilliqa (ZIL) is an innovative Ethereum-based token, aiming to solve the problem of network overload by offering a scaling solution involving sharding. Zilliqa is a project that offers a platform for the creation of a special subclass of apps, directed at the potential creators of marketplaces, as well as other real-world applications.
The Zilliqa ecosystem is still in the very early stages, and the asset is promising a lot, but so far, the roadmap is ahead in the future. The project has the ambitious aim of launching its own smart contract language, Scilla.
Properties of Zilliqa:
Zilliqa is a tokenized app ecosystem, and a project aiming to create a viable “sharding” solutions, in which parts of the distributed ledger are verified separately, and only later settled on the main chain. With that approach, Zilliqa aims to become a next-generation, speedier blockchain platform.
Right now, the ZIL digital asset is a token. However, in the future, the network will migrate to a brand-new blockchain. This event is expected for the third quarter of 2018, and it means owning ZIL will require vigilance, and some technical knowledge to be able to participate effectively in the token swap.
What problems does Zilliqa solve: The problem of network overload, and of creating a platform capable of carrying business-grade transaction levels. Zilliqa aims to offer a proprietary language aimed at correctness and security in building smart contracts, to avoid exploits and losses that have affected other projects with hastily engineered smart contracts.
Adoption and Penetration:
ZIL is a token present on most major exchanges. Otherwise, the project is still very young, and has not unrolled most of its features for developers. ZIL is seen as a relatively liquid, tradable asset. Its most recent listing was on Bitfinex, one of the most active crypto exchanges.
ZIL has a circulating supply of 7.5 billion tokens, lower than some projects, and a total of about 12 billion tokens. Based on its still low market capitalisation, the asset is creating a strong community of fans, expecting the project to gain to a fair price in the future, especially after unrolling its technology.
Management and governance:
The Zillqa team was founded based on the ideas and work of a team of computer scientists. Xinshu Dong is the CEO, and Prateek Saxena serves as a Chief Scientific Advisor.
Zilliqa is still working out the plan for its governance approach, wanting to hit the sweet spot between total centralization, and a democratic, but very slow decision process.
Risks and Limitations:
Zilliqa is a relatively young project, launching trading a few months ago. Still without a mainnet, it lags behind the majority of platforms. The mainnet launch may come with technical problems, and require involvement from users and owners. Additionally, there are red flags with the website, such as incomplete sections.