There is an increased focus on blockchain-based financial platforms. One of the companies worth keeping an eye on goes by the name of Zilliqa. The project recently appointed two Fintech veterans as advisors. Moreover, the company performed experiments to process 2,488 transactions per second on the testnet. This high-transaction rate blockchain platform is continuing to make waves in the blockchain and financial sectors.
Good things are happening for Zilliqa as we speak. Earlier this month, their testnet trial was successful beyond expectations. More specifically, the blockchain-based platform processed over 2,488 transactions per second. That is virtually unprecedented in the world of blockchain technology these days. The use of “sharding” allows for a much higher throughput compared to what we are used to in this industry. At its peak, it may even rival VISA and Mastercard. An ambitious goal, but it is not unlikely either.
A Bright Future Lies Ahead for Zilliqa
To support their core team and perhaps indicate that the company is making inroads into the banking technology, Zilliqa recently appointed two new advisors. Former Bank of America Managing Director Alexander Lipton is a major addition to the team. Additionally, Stuart Prior has decades of experience in Corporate and Investment banking. Both of these gentlemen will help elevate Zilliqa to a whole new level in the future. After all, the company is still in the early stages of development. With sufficient scaling, a throughput of 15,000 transactions per second isn’t out of the question by any means.
Zilliqa CEO Xinshu Dong comments as follows:
“We are truly honored that both Alexander and Stuart have agreed to come on board and help us build Zilliqa into world class blockchain platform. The fact these true visionaries in banking and fintech have seen the potential in our technology is a testament to Zilliqa. I’m sure Zilliqa will greatly benefit from their experience and expertise to build the blockchain platform for high-throughput dApps.”
What once started as a research paper in 2015, co-authored by Loi Luu of KyberNetwork, Prateek Saxena from National University of Singapore and others, has become a massive breakthrough in the world of blockchain. Scalability concerns have been present for quite some time now. These issues are still present in most blockchain-based cryptocurrencies and digital assets alike. Especially Bitcoin and Ethereum are limited in transaction throughput right now.
Solving these problems through sharding is one way to address the situation. Zilliqa is clearly ahead of any competitors in this regard right now. The source code of this project and a public testnet will be made public in December of 2017. An interesting future lies ahead for this project, especially when additional developers participate in testing and start building applications on their super-fast blockchain platform.