The Zilliqa ecosystem keeps growing. This layer 1 blockchain just keeps building. They are a key player in web 3.0 and the metaverse. It looks like they will stay in this position in the long run. As a result, we will highlight 5 projects or developments in the Zilliqa ecosystem.
We will also look into some of Zilliqa’s strengths. These may be the reasons projects choose Zilliqa. So, without further ado, let’s look at what’s going on with the Zilliqa ecosystem.
What Is Zilliqa?
Zilliqa was the first blockchain to put sharding in place in 2019. Sharding splits the infrastructure of the platform. This results in various interconnected networks. You can compare this to a supermarket where only one cashier is open. As a result, there’s a long queue. However, if the supermarket opens more cashiers, the queue will go away.
Ethereum will also use sharding technology after the Merge.
Furthermore, Zilliqa has its own programming language, Scilla. A secure language that allows developers to run custom smart contracts. They have a native token, ZIL, that powers the network. However, Zilliqa is also active in the NFT market. Here they made some groundbreaking token developments. More on this shortly. These features are all valid reasons for projects to choose Zilliqa.
After this brief intro to Zilliqa, it’s time to dive into some of their ecosystem highlights.
LunarCrush is a social media cruncher for the crypto space. They sort through over 2,000,000 social media posts per day. Add to this over 300,000 links. Then, they arrange this info in handy channels for you.
This allows you to get good insights into project activity on social media channels. It gives you a head start on your research. This way, you can find a project that does 10x or more. It’s a unique platform that combines all available media info on one platform.
LunarCrush just added NFTs to their platform. This allows you to have the same search criteria for NFTs. You can spot young NFT communities that have growth potential. We just wrote an article about this.
The sharding aspect is why LunarCrush selected Zilliqa over other options. LunarCrush uses machine learning, a form of AI. They need to crunch lots of data every day, in real-time. In other words, sharding facilitates this. Furthermore, Zilliqa also offers to launch your very own token. LunarCrush did just that with their LUNR token.
💥With leading combined social + market activity, #Zilliqa has hit the No.1 LunarCrush AltRank™
🌋24-hour social activity:
Social mentions: 6.9K +101.1%
Social contributors: 255 +109%
Social dominance: 0.3% +250%
Social engagement: 16.94M +201.9%https://t.co/B06qg4cLEz $zil pic.twitter.com/hxajDuAIVG
— LunarCrush (@LunarCrush) May 5, 2022
The XCAD network is the largest content creator platform using YouTube. All creators can have their own unique currency token. In turn, viewers of his videos receive his token as a reward. That is to say, you can sell, buy, or trade these tokens on the XCAD DEX. On top of that, they can also buy creator NFTs, at the XCAD NFT marketplace.
Depending on how well a creator performs on YouTube, the more tokens he receives. This allows him to monetize them even more.
The XCAD token powers the XCAD ecosystem and has a few important use cases.
- It powers the XCAD DEX.
- Provides governance over which creators can tokenize.
- It’s the only trading pair with all creator tokens on the platform.
- You can stake it with creator tokens. This earns you a multiplier on creator rewards.
- It powers all creator liquidity offerings.
Some of the biggest YouTubers in the world back XCAD. For example, Mr. Beast with 96 million subscribers. KSI, has 23.8 million subscribers. Or Ali-A with 17.6 million subscribers, and a few more.
With millions of transactions, the sharding option on Zilliqa is a logical choice for XCAD. They need fast, low cost, and efficient transactions. Zilliqa offers a minimum of 2500 TPS. This is even likely to increase in the future. The speed from Proof of Stake consensus and the security from Proof of Work are a natural fit here.
Xfers offers secure and fast stablecoin transactions all over the world. They have their own stablecoins.
- XGSD—backed by the Singaporean dollar.
- XISD—the first Indonesian Rupiah fiat-backed stablecoin.
Xfers just launched the StraitsX platform. This is a digital payment infrastructure. They target the Southeast Asian market. As a result, they have two stablecoins backed by SEA currencies. As mentioned before. If you had an Xfers account, that changed now to a StraitsX account. A new name, but you can use the same login credentials as before.
An interesting aspect is that Xfers passed the regulation for the MAS. To clarify, that is the Monetary Authority of Singapore.
Once more, also for Xfers, it’s the sharding that attracts them to Zilliqa. With thousands of transactions all over the world, they need a secure and low-cost solution. Most importantly, a reliable solution. That’s where Zilliqa ticks all the boxes. Their network security using PoW(Proof of Work) helps too.
Xfers has received the Singapore Police Force Community Partnership Award, presented by the Minister of State for Home Affairs for our efforts in fighting scams!
Thank you to all the teams within Xfers & StraitsX who have made this achievement possible 🏆 pic.twitter.com/QNyK1rWE49
— Xfers (@xfers) April 14, 2022
4. Unstoppable Domains
As we all know, crypto wallet addresses are a long sequence of numbers and letters. It depends on which blockchain they come from. They are between 26-35 alphanumeric characters. How easy is it to remember one, or possibly, more of these addresses? Right, not easy at all.
Unstoppable Domains makes it easier to use wallet addresses. You can create a human-readable name. This replaces the long string of alphanumeric characters. A great advantage of Unstoppable Domains is, that you only pay once. Your new, human-readable domain name is forever. There are no renewal fees. You own the domain name, and you don’t rent it. Furthermore, there are no minting or gas fees.
They use NFT domains for their service. You can use them for instance for
Universal username across apps and websites
- Website URL
- Payment address for wallets
Unstoppable Domains currently supports six browsers. Among others, Chrome, Edge, Firefox, and Opera. They already registered well over 2.3 million domains. Furthermore, they support over 275 coins and tokens. Another 201 applications support Unstoppable Domains. For instance;
- Coinbase Wallet
- The Graph
The reason for Unstoppable Domains to pick Zilliqa is easy. Of course, there’s the sharding element. However, Zilliqa also has a big presence in Web 3.0 and the metaverse. For Unstoppable Domains, this is an extra reason to choose Zilliqa. Domain names will be important in this space.
Source: Unstoppable Domains
5. The ZRC-6 NFT Token Standard
The ZRC-6 NFT Token Standard is not a project as such. It’s different from the four projects we already discussed. This is more like a new development by the Zilliqa team. This standard allows creating, minting, and sharing NFTs.
It will unlock various creative and commercial possibilities. For instance:
- Enabling royalty features on sales.
- Batch operations for minting, burning, and token transfers.
- It powers the Zilliqa NFT marketplace.
As a result, it is now the new and official standard for the Zilliqa ecosystem.
This token standard has a few new features;
- Token URI—An updated specification for better gas efficiency. Supporting two different token IDs.
- Operator privileges—A change in the burning and adding or removing of the spender. This is now optional and removes a safety concern.
- Reference contract updates—Improve gas efficiency.
- Continue to improve the token standard.
Source: Zilliqa blog
We took you on a sightseeing tour on some top projects of the Zilliqa ecosystem. This includes a detailed explanation of the projects and the reasons they picked Zilliqa.
⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️Find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.