Zilliqa has brought new principles to the cryptocurrency world and is being hailed as the third generation cryptocurrency.
In harmony with the basis of general cryptocurrency principles, cryptocurrency has had three generations with Bitcoin (BTC) being a representative of the first generation.
Bitcoin represents the original prototype of the first generation because it was the first crypto ever to be created however. The first generation currencies comprises of those similar to bitcoin.
The launching of Ethereum blockchain sometime in 2015 marked the beginning of the second generation cryptocurrency and revealed an entire universe of smart contract operations that are blockchain-based.
Can Zilliqa be Described as aThird Generation Crypto or is it Aiming to Become One?
At the end of 2017, Zilliqa was introduced and it appeared with a wonderful solution which was said to be able to set the scalability of blockchain platforms to a whole new level. You might not have heard of Zilliqa (ZIL), but most certainly heard of Sharding.
The team behind Ethereum,ClassicCharles Hoskinson of Cardano (ADA) together with Vitalik Buterin from Ethereum have already mentioned Sharding based on their search of a solution that enables their blockchain networks become scalable.
Zilliqa being the first project to introduce Sharding as a scalability principle, divided the network into smaller portions called “shards,” and by that means solved one of the problems in blockchain space – scalability issues.
The third generation of cryptocurrencies claims to be able to solve three major problems abound in blockchain technology namely scalability, sustainability and interoperability.
Zilliqa tested its ability when it was issued and was found to be able to process nearly 3,000 transactions per second with sharding while ETH performed around 15 transactions in one second.
Therefore, Zilliqa solved the problem of scalability same as IOTA (MIOTA) with its unique “blockless” network called Tangle. IOTA is also considered to be a third generation crypto.
The main net of Zilliqa is also expected to be released in 2019 although previously scheduled for Q4 of 2018.
As far as interoperability concerned, which is another problem not yet solved by the celebrated third gen crypto, Zilliqa, the team mentioned that this function is also included in their roadmap.
The achievement of sustainability through blockchain technology should continuously place ZIL among the list of most notable blockchain-based projects, together with completing the image of the third generation cryptocurrency.
It is hoped that when the main net is released, Zilliqa will have the potential to skyrocket and be among the top ten cryptocurrencies, considering that ZIL is bringing a lot of innovations to the crypto space although currently, it represents a rather upcoming project.