The road ahead for the crypto and blockchain landscape globally may be uncertain, but for the city-state of Singapore —considered by many as a safe haven for crypto— it’s a bit more optimistic.
Singapore has been fairly welcoming to the idea of crypto and blockchain which is why it is recognised as a crypto hub. One prominent name within the community is the crypto Zilliqa (ZIL).
During Singapore’s birthday month, let’s continue the celebration by highlighting some of the great contributions of this proudly Singapore-born crypto:
What is Zilliqa?
Launched in 2017, Zilliqa is a blockchain platform born out of peer-reviewed academic research conducted at the National University of Singapore, by a team of academics, entrepreneurs, and developers from Singapore and the UK.
Zilliqa Network is able to process around 1000 transactions per second(TPS), in comparison to Ethereum’s 15 TPS and Bitcoin’s 3-5 TPS. Zilliqa is powered with ZIL cryptocurrency, which is used to pay fees during transactions. ZIL was introduced to the public at the beginning of 2018 and stayed in TOP-50 for more than a year.
First public blockchain built on sharded architecture
Zilliqa is the world’s first public blockchain built on sharded architecture. Sharding is a database management technique that breaks a database into smaller segments, allowing transactions to be processed in parallel and at scale.
Eco-Friendly Dual Mining
Lauded for being one of the more environmentally sustainable cryptos in the space, ZIL is actually relatively eco-friendly.
Thanks to the consensus mechanism that Zilliqa utilises, the ecological footprint of ZIL mining has considerably been reduced. Dual mining as the name suggests, means that two cryptocurrencies are being mined at the same time with one of which being Ethereum. A day of dual mining requires only 8 minutes to mine ZIL. This significantly cuts energy costs, paving the way for a green and sustainable future.
First SGD stable coin
In late 2019, the first SGD-pegged stablecoin ($XGD) was launched on the Zilliqa blockchain, in a joint project with Xfers.
This has allowed SGD-denominated trades and transactions to occur on the blockchain. With $XSGD, the Singapore dollar effectively became the third most tokenized currency in the world and also the world’s first Travel Rule compliant stablecoin.
Zilswap, the first decentralised exchange on the Zilliqa blockchain which went live back in 2020. The platform has since gained solid support from the community, garnering a total value locked (TVL) of USD $1.1 million.
As part of Zilliqa’s DeFi ecosystem, a wide range of decentralised applications also went live on the Zilliqa mainnet including NFT marketplaces.
Zilliqa and NFTs
ZilDuck is the latest NFT project running on the Zilliqa blockchain that utilises a bonding curve to set the mint price for its ducks.
Apart from this NFT project, there are others powered by the Zilliqa Ecosystem including Elons, Zilstars, DeMons World to name a few.
ZIL also continues to collaborate with Singapore based companies like Switcheo, Xfers, Aquilliz, HGExchange, SG Blockchain Association and many others. The Zilliqa ecosystem is progressively growing with more projects under development, solidifying its place as a notable powerhouse.
📩 Sign-up to Subscribe to our mailing list to have them delivered straight to your inbox!
👉Join our Telegram community
Coinhako is available in these countries!
All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.