The Zilliqa blockchain has recently announced that it is bringing the Ethereum Virtual Machine (EVM) to its mainnet, which has excited many in the blockchain world. This upgrade is expected to take place on 25 April and naturally, it’s one that creates a lot of buzz. But what does this mean for the Zilliqa platform and its users?
In this article I explain in simple terms what Zilliqa is and how the EVM implementation will benefit its community, as well as how it can affect the market value of the ZIL token.
Zilliqa is a blockchain platform that was launched in 2017 with the aim of solving the issue of scalability that plagues many existing blockchains but primarily Ethereum. Zilliqa uses sharding technology to divide its network into smaller groups of nodes, allowing for higher throughput and lower transaction fees - a key advantage of many of the Ethereum competitors, since Ethereum, even after all of its upgrades and protocol changes, is still a costly platform, with the highest transaction fees than any other blockchain.
In other words, one of the main advantages of Zilliqa is its focus on scalability. By using sharding, Zilliqa can process thousands of transactions per second, making it one of the fastest blockchain platforms on the market. This makes it an attractive option for applications that require high throughput, such as gaming and e-commerce.
This sharding technology allows it to scale horizontally without sacrificing security.
Sharding involves dividing the network into smaller groups, or shards, that can process transactions in parallel. This not only improves throughput, but also enhances security by making it more difficult for attackers to compromise the entire network. Ethereum, by the way, is also working on its own version of sharding, but as of right now, that’s not yet implemented.
Over the years, Zilliqa has attracted a growing user base, particularly in the gaming and finance industries. In 2021 the network surpassed 1 million wallet addresses on its platform, a milestone that demonstrates the growing adoption of the blockchain.
Now, with the integration of the Ethereum Virtual Machine (EVM) onto its mainnet, Zilliqa is opening up even more opportunities for developers and users. By enabling the use of Ethereum smart contracts on its platform, Zilliqa is providing a bridge between the Ethereum and Zilliqa ecosystems, allowing for greater interoperability and creating a more connected blockchain community.
The EVM integration also means that Zilliqa can tap into the existing Ethereum developer community, which is one of the largest and most active in the blockchain world. This could lead to the development of new and innovative projects on the Zilliqa platform, and help to cement its position as a leading player in the blockchain space.
Zilliqa is not alone in its efforts to bring interoperability with Ethereum. Several other blockchain platforms have integrated the Ethereum Virtual Machine (EVM) and have enabled compatibility with Ethereum-based smart contracts and decentralized applications. Here are a few examples:
Binance Smart Chain (BSC): Binance Smart Chain is a blockchain platform that was launched by Binance, one of the largest cryptocurrency exchanges in the world. BSC is compatible with the EVM, which allows developers to port their existing Ethereum-based applications to the Binance Smart Chain more easily. BSC has gained a lot of attention recently due to its high transaction throughput and low fees.
Polygon (formerly Matic Network): Polygon is a Layer 2 scaling solution for Ethereum that aims to increase transaction throughput and reduce fees. It is compatible with the EVM, which allows for easy integration with existing Ethereum-based applications. Polygon has gained a lot of attention recently due to its partnerships with major players in the blockchain space.
Avalanche: Avalanche is a blockchain platform that aims to provide high throughput and low latency for decentralized applications. It is compatible with the EVM, which allows for easy integration with existing Ethereum-based applications.
Cardano: a blockchain platform that is often mentioned in the same breath as Zilliqa. It has a focus on scalability and security, and uses a proof-of-stake consensus mechanism. Cardano has gained a lot of attention recently due to its high-profile partnerships and strong community.
Polkadot - a blockchain platform that aims to create a more interconnected blockchain ecosystem. It allows for interoperability between different blockchains, and has a focus on scalability and security. Polkadot has gained a lot of attention recently due to its unique approach to blockchain architecture.
And then there’s Cosmos, Harmony, Solana and most recently, EOS, who all have developed such interoperability between their own networks and the Ethereum Virtual Machine, all competing for developers attention and user adoption.
In conclusion:
Zilliqa's integration of the EVM onto its mainnet is a significant milestone that showcases the platform's commitment to scalability, interoperability, and innovation. With its growing user base and unique sharding technology, Zilliqa is well-positioned to continue making an impact in the blockchain world but this will depend on whether it can outperform the competition. Time will tell if this will become a reality. In the meantime, place ZIL on your crypto radar if it's not yet in your portfolio, I see a great potential for the token price appreciation in the coming months.
☝These are my opinions, not financial advice, always DYOR.
⚠️ DISCLAIMER ⚠️
This information is what was found publicly on the internet. This information could have been doctored or misrepresented by the internet. All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.