ZIL Zilliqa

Use Cases of Zilliqa

Zilliqa is a versatile blockchain network with various use cases:

• Smart Contract Execution: Zilliqa is used to execute smart contracts on the network, supporting high-volume transactions and decentralized applications (dApps).
• Mining and Staking: ZIL is used as a reward for miners and stakers who validate transactions and maintain the network's integrity. Staking also grants users a role in network governance.
• Transaction Costs: ZIL is used to cover the costs of transactions on the network, ensuring efficient processing.
• Investment and Trading: Some users hold, buy, and sell ZIL as an investment opportunity, taking advantage of its potential for long-term value appreciation.
• Network Governance: Stakers who hold ZIL have a say in the governance of the Zilliqa ecosystem, allowing them to influence the direction of the network.
• NFT Marketplaces: Zilliqa is used in NFT marketplaces, enabling the creation, discovery, and collection of NFTs.
• Financial Services: Zilliqa supports financial products and services in an open, transparent financial marketplace.
• Gaming and Community Building: Zilliqa is used in gaming and community building applications, offering fast and scalable solutions.
• Tokenization: Zilliqa is used for tokenizing physical assets, allowing for fractional ownership and trading.

Partnerships and Integrations

Zilliqa has partnerships and integrations with various platforms and services, including:

• Mintable: A marketplace for NFTs that allows users to purchase NFTs with ZIL.
• CommX: An investment platform that tokenizes and fractionalizes physical assets.
• Ledger: A hardware wallet that supports the storage of ZIL.
• Ezil: A cryptocurrency mining pool that allows users to mine both Zilliqa and Ethereum.
• Gitcoin: A platform that rewards developers for working on open-source dApps.
• Huobi: A platform that offers safe and convenient crypto trading services.
• Travala: A travel booking website that accepts payment in various cryptocurrencies, including Zilliqa.

Pros of Zilliqa

• Advanced Technology: Zilliqa is the first platform to use sharding technology, making it a completely new kind of blockchain designed to solve the problem of scalability. This puts it ahead of the rest of the market.
• High Scalability: Zilliqa can process thousands of transactions per second, significantly higher than many other blockchain platforms. This is achieved through its sharding technology, which divides the network into smaller groups of nodes that can process transactions in parallel.
• Strong Community: The platform has a lot of fans and a strong community, which is crucial for its development and adoption. The Zilliqa ICO showed that the crypto community is ready to see blockchain technology move to the next phase of its development.
• Low Transaction Fees: Zilliqa transactions cost less compared to Proof-of-Work (PoW) networks like Bitcoin, making it an attractive platform for developers looking to build decentralized applications (dApps).

Cons of Zilliqa

• Inexperienced Team: The creators of Zilliqa are academics, not businessmen. While Zilliqa’s tech is advanced, its business side needs to catch up. Other platforms have stronger links with real-world organizations.
• Adoption Challenges: One of the biggest challenges for Zilliqa and other blockchain platforms is adoption. Many businesses and individuals hesitate to adopt it due to its relative newness and complexity.
• Centralization Risk: Although Zilliqa is designed to be decentralized, there is still a risk of centralization if a few nodes or groups of nodes become dominant on the network. This could undermine the platform’s security and stability.
• Technical Limitations: Zilliqa faces technical challenges, especially with running smart contracts on a sharded network. This poses many challenges, including cross-shard contamination and reconciliation of transactions.

Founders of Zilliqa

The founders of Zilliqa include:

• Prateek Saxena: An award-winning research professor at the National University of Singapore, whose work has influenced various digital technologies.
• Max Kantelia: A serial entrepreneur with a background in engineering and extensive experience in tech and finance.
• Juzar Motiwalla: A venture capitalist with experience in tech startups and investments.
• Amrit Kumar: A key figure in the development of Zilliqa, who served as the chief scientific officer and later as president before stepping down.
• Xinshu Dong: Initially served as the CEO of Zilliqa Research, contributing to the early stages of the project's development.

Investors in Zilliqa

• Key Investors: Zilliqa has received investments from several prominent venture capital firms and investors, including:

  • One Block Capital: Known for their strategic investments in blockchain projects.
  • Polychain Capital: A leading venture capital firm focused on blockchain and cryptocurrency investments.
  • Signum Capital: A venture capital firm with a strong portfolio in blockchain and cryptocurrency projects.
  • Kenetic Capital: A venture capital firm that invests in blockchain and cryptocurrency projects.
  • Eden Block: A venture capital firm focused on blockchain and cryptocurrency investments.
  • NGC Ventures: A venture capital firm that invests in blockchain and cryptocurrency projects.

• Funding Rounds:

  • Private Round: Raised $22.2 million at a price of $0.0038807 per token.
  • Public Round: Raised $1.98 million at a price of $0.0034508 per token.

• Additional Information: Zilliqa has also partnered with various organizations to enhance its ecosystem, including Chainlink for integrating oracles to provide real-world data to smart contracts.

Is Zilliqa Halal?

Yes

Zilliqa is considered halal because it aligns with Islamic values and principles. Here are the key reasons:

Legitimacy and Shariah Compliance

• Project Legitimacy: Zilliqa was started by a group of researchers from a well-respected university and has an impressive list of backers and investors, giving it fundamental value under Islamic rulings.
• Shariah Compliance: The project does not contradict Islamic guidelines and is open to everyone, making it neutral from a Sharia perspective.

Financial Screening

• No Equity Backing: Zilliqa is not backed by any equity, eliminating the need for financial screening related to debt and borrowing.
• Token Uses: The ZIL token is used for payments and participating in services and applications on the Zilliqa blockchain, which is permissible.

Staking and Shariah Compliance

• Staking Compliance: Staking ZIL coin is halal as it complies with Islamic law by rewarding miners for their computational power and does not involve interest-bearing activities.

Community and Expert Opinions

• Community Views: The Muslim crypto community, including Crypto Halal Office and Marhaba DiFi, considers Zilliqa to be a halal digital asset.