Crypto strategist Tom Busby from Crypto Busy unveils a 10x promising altcoin called Zilliqa (ZIL). The altcoin possessed a huge potential to become the top 20 game changer.
At the time of the video, Zilliqa (ZIL) was trading at $0.07, ranked #80 on Coinmarketcap. Busby holds a strong belief that ZIL will be in the top 20 by market cap because Zilliqa is the first mover in the sharding technique in the crypto market.
Overview
Zilliqa (ZIL) is a software that seeks to incentivize a global, distributed network of computers to run a blockchain platform that aims to increase user scalability through sharding.
According to the trader, Zilliqa is the only blockchain that has functioning sharding, which allows the blockchain to scale in a linear fashion as the network grows in size. This is a fundamental change to how a blockchain reaches consensus, as the sharding solution scales alongside the size of the Zilliqa network. In theory, Zillqa has no limit on the number of transactions per second it could process.
Besides, the Zilliqa team has also said that the blockchain will ultimately support smart contracts: “This is a major technical hurdle, as running smart contracts on a sharded network poses many challenges.”
Tokenomics
There is a token for the Zilliqa ecosystem and it is known as a Zilling (ZIL). Those familiar with other Dapp platforms like Ethereum and NEO know that the token is necessary as a mining incentive, and as tender for paying transaction fees, but perhaps most importantly as gas for contract execution.
ZIL was created initially as an ERC-20 token on the Ethereum blockchain. This was done because the project needed development funds, but the public main net for Zilliqa hadn’t been released yet. Following the January 2019 release of the mainnet, the native ZIL tokens have been issued, and users are required to exchange the ERC-20 ZIL tokens for native ZIL tokens.
“Users may find Zilliqa appealing based on its attempt to create a scalable and secure platform for decentralized applications.”
Further, developers may find the platform attractive for products and services that may garner a high volume of activity. Investors may seek to buy ZIL and add it to their portfolio should they believe the market will one day favor more scalable blockchains.
Price Analysis
As Busby says, ZIL has been moving downwards since attaining an all-time high in May but has bounced after reaching a long-term support area.
“The bounce led to a breakout from a descending wedge. ZIL is now aiming to move towards the two closest resistance areas at $0.09 and $0.115”.
Meanwhile, the ZIL/BTC chart looks decisively bullish. The token has been trading inside a descending wedge since May 6. It is nearing the end of the pattern, therefore a decisive movement is expected:
“If a breakout occurs, the closest resistance area would be at 277 sats.”