The evolution of blockchain technology has opened a vast number of opportunities in a variety of business disciplines. Right from the supply chain to Logistics and consumer electronics to FMCG, open ledger technology is manifesting its benefits for the entire ecosystem involved in accomplishing business objectives.
Zilliqa: A name to reckon with
Zilliqa is one of the well-known names in the blockchain domain as it offers a highly secured and scalable platform for building decentralized applications for different business domains. The initiative is a brainchild of expert researchers, engineers, and entrepreneurs who worked together at National University Singapore to come up with this ultra-efficient blockchain platform. The mainnet, the primary blockchain network of the platform, has been live since January 2019 and thanks to its technology that is backed by the research and peer-review process, the Zilliqa is finding favor with the business clients across the industries.
Some of the distinguishing features of Zilliqa blockchain include its peer-reviewed, research-backed platform, scalable blockchain solutions, smart contracts, high security, and environment-friendly mining process. The platform has adopted the sharding process, which enables the blockchain to scale in a linear manner and its smart contract language; Scilla puts safety and security at the top of the list of priorities. Moreover, the environmental impact of mining of its token is quite moderate, which makes the mining process environment-friendly.
In order to support the platform in terms of bringing more developers, entrepreneurs, and allied stakeholders, ZILHive is bringing together a number of initiatives under one roof, which includes the likes of educational programs, accelerators programs, and grants. Under this program, already 60 project teams are working on a number of different business disciplines to accelerate the adoption of blockchain through an increasing number of use cases.
Switcheo and Zilliqa Partnership
Realizing the potential of Zilliqa blockchain, a number of industry players, including the cryptocurrency exchanges, are partnering with the platform. Switcheo has collaborated with the Zilliqa blockchain that has enabled the exchange to offer the trading of ethereum and EOS assets. Thanks to this partnership, now the token holder of Zilliqa will be able to access assets that are based on the Ethereum. This will also help to widen the financial ecosystem of Zilliqa and to make further progress in this regard; the partnership is also looking to provide support for Bitcoin in the future. Given the distinctive competence of cross-trading of assets offered by Switcheo, the collaboration is bound to have a positive impact on the adoption and widening of services offered by both Switcheo and Zilliqa. As per the current statistics, Switcheo has a user-base of 34,800 traders and the number of pairs supported by the platform is 43 for now. In sum, Switcheo offers trading support for a total of 24 cryptocurrencies and the exchange has received funding NEO EcoFund in January earlier this year.
It will be interesting to witness what the future holds for the Zilliqa and how it ramps up its collaborative efforts with industry players in the coming time to widen its financial ecosystem and adoption rate. The decentralized platform has got the basics right and is expected to make brisk progress in the coming time. All it needs to do is to continue to build on its distinctive competencies and provide a safe, secure, and highly scalable blockchain platform to the world. What also makes sense for the platform is its environment-friendly technology, which puts minimum strain on the ecosystem as the effort required for the mining process is the bare minimum.