One thing we all like to do is speculate on the price of your favorite cryptocurrency. Today, we’ll have a look at Zilliqa, a project that was introduced around 2017 evolving around a phenomenon called ‘sharding’. It has been designed to enhance the scalability of earlier networks such as Ethereum, although they have decided to create their own blockchain. Like many altcoins, Zilliqa has been suffering in terms of price lately, while development has steadily been going further. Let’s see what this project is exactly and what the future holds.
What is Zilliqa (ZIL)?
The moment you arrive at the website of Zilliqa it shows you the following message; ‘Make your idea possible’ with the message underneath saying; “Zilliqa enables new solutions to real-world problems with its scalable, secure, high-performance public blockchain platform”. That’s a whole mouth full and by any means a unique proposition in comparison to many other blockchain projects. Now, what makes Zilliqa different from all the other Blockchain projects out there that are promising to be highly scalable and a true problem-solver?
One thing that’s unique about Zilliqa is their sharding mechanism. It’s a mechanism that’s been talked about a lot during the many conferences surrounding Ethereum. One of the main issues for the Ethereum network is its scalability issue, that Sharding should be a solution to.
Zilliqa is the first public blockchain to have implemented sharding into its network and realized throughput of 2828 transactions per second on its testnet. This aims at the scalability of the project, the main selling point for Zilliqa. One cool thing is the fact that Zilliqa has its own programming language, Scilla. Their own native programming language is one of the reasons why they advocate the security of the network.
One other aspect that makes Zilliqa unique is the eco-friendly manner of mining their currency. As most of us know, the Proof-Of-Work concept, where you connect your device to the network of the blockchain to validate transactions, can be pretty harsh for mother nature. It usually requires your device to be running all the time with an active internet connection.
Zilliqa has found a way that this process of validation is only necessary once in every 1h-3h cycles of finding new blocks to validate. Anyone that meets the hardware requirements has the availability to mine, cutting out the option to centralize completely.
These factors are creating some unique value for Zilliqa, but the big question here is; is it enough to stand out from all the hundreds of other projects promising the same?
Zilliqa (ZIL) Price Prediction 2018
2018 was the year Zilliqa got introduced to the market in the middle of the bull-hype that skyrocketed their token price up very high. After their ICO that sold out very rapidly, they had raised 22 million dollars for a token price of 0.00381. Straight after listing on a couple of exchanges, the token was sold for 0.13 USD, which is an increase of more than 30 times from the price it had at the token sale. That’s super impressive, but the hype could not last for too long. A couple of weeks later the price sank down to more than half of what it was worth straight after listing, yet it was still at a way higher price than during the token sale.
The market dyed down a little after the absurd times at the beginning of the year, but shortly after the tables turned again. Zilliqa released its source code around March 2018 with the first version of their testnet, aiming at the fact that there is going to be an own blockchain. This made investors hysterious and the price skyrocketed once again. All the way up to its all-time high of 0.23 cents, around 50 times the price people paid during the token sale.
With a price that high for no direct reason, a reversal was evident. The remaining of the year the price went down the gutter accompanied by 90% of the other altcoins out there, leading the team to focus on development rather than marketing their project. Take into consideration that the team holds quite a big portion of the tokens after the token sale plus the raised currencies in Ethereum. The price of Ethereum jumped up straight after, which could have resulted in the Zilliqa team to generate way more than ‘just’ 24 million. So it’s safe to say that the runway is there.
Zilliqa (ZIL) Price Prediction 2020
With their mainnet being live and running the team has been actively calling for developers to start contributing their skills to the network. As a project with quite a smart manner of marketing all along, they came up with a solution for their system. Not only are they actively sharing the fact that their mainnet is up and running that allows dapps to focus on development rather than worry about the congestion of the network, but they are also present in the real world as well.
Recently Zilliqa has announced that they will be hosting a 5 million grant that’s divided into portions for each project that builds and develops on top of Zilliqa. This has sparked the interest of many and a true ‘ZIlHive’ has emerged. Several projects are currently being built on top of Zilliqa that could result in the success of the project.
As Zilliqa is a strong competitor for Ethereum the importance of applications and real use-cases being built on top of their Blockchain is very strong. They’re basically in a race against each other with Ethereum holding the most luggage with hundreds of projects that use the network that are slowing down and congesting the network at the same time. Still, Ethereum is way further ahead in the race to true adoption than Zilliqa.
What is happening though, Zilliqa being the project that promises to be able to live up to their promises of scalability does not have the issue of the luggage. They want as many projects to be hosted on top of their network in order to catch up in their race against Ethereum. If next year more and more projects decide to choose Zilliqa as their native Blockchain, we could just see a shift. With the price currently sitting at its all-time low, there is enough room for improvement. The question here is not if Zilliqa will rise, it’s a matter of how big the growth will be.
If next year more and more projects decide to choose Zilliqa as their native Blockchain, we could just see a shift. With the price currently sitting at its all-time low, there is enough room for improvement. The question here is not if Zilliqa will rise, it’s a matter of how big the growth will be.
Zilliqa (ZIL) Price Prediction 2021
In two years, Zilliqa will have had the time to find the right projects to be built on top of their network. They must have found the right people to contribute to their own network and the right amount of miners and validators for the network.
The network will have real value and many transactions will occur throughout the day, thus bringing value to the ZIL coin. That’s if everything goes right. When you compare the number of people working on Ethereum versus the tight core of developers that are contributing to Zilliqa, it’s hard to tell if Zilliqa manages to catch up in the race or even claim a position ahead of Ethereum.
As Vitalik has opposed the addition of sharding to the network, the change to Proof-of-Stake instead of the Proof-Of-Work it’s utilizing now, Ethereum is up for some radical improvements as well. The hard part here is the complexity of upgrading their system with so many projects being dependant on their services. That’s where Zilliqa has a chance to step in and claim at least a portion of these projects, if not all of them. When looking at the current tokenomics, there is room for growth here;
Market Cap: $47.479.056 USD
Circulating supply: 8.687.360.058
Total Supply: 12.533.042.435
What this shows is quite a big portion of the tokens that is already mined, yet close to 4 billion tokens have yet to enter the market. Now, skimming through their whitepaper it said the original total supply was 21 billion tokens.
After a process of burning and swapping, the total supply went down all the way to 12.5 billion tokens, which is great news for investors. With a market cap of ‘only’ 50 million, we are destined for a much higher token price.
Assuming that more and more projects will start developing on top of the Zilliqa blockchain, the market cap will increase, thus the token price will as well. Whether we will see the all-time high of 0.23 cents again, that’s unclear. Whether there is enough room for growth, that’s certain.
Zilliqa (ZIL) Price Prediction 2025
Whenever we start looking further into the future, things become even more unclear. The entire industry is extremely young in comparison to most assets out there and Zilliqa is even one of the youngest projects that’s made a name for itself.
In comparison to the dot.com bubble, for example, many companies failed to keep up with their growth, even after raising millions of dollars of investment money. This indicates that a company needs more than simply a great idea and great people, you do need some luck here and there. One of these companies that got lucky is Facebook, let’s compare Zilliqa in terms of growth with Facebook and other sectors;
- If Zilliqa has the average YoY growth that the Internet went through by amount of users (in its adoption phase 1995 / march 2017 = $0.254
- If Zilliqa has the average YoY growth that Facebook went through (in its adoption phase 2004 / 2016) = $0.6541
- If Zilliqa has the average YoY growth that the Mobile Phone went through (in its adoption phase 1993 / 2013) = $0.0242
One thing that comforts when thinking about the long-term value of Zilliqa is their ability to market their product. They have been consistently updating their community and finding clever ways to bring more and more people on their side. Once they manage to keep this up, we could just see some beautiful things happen for this project in the future. Let’s hope Zilliqa gets a little lucky like Facebook here.