Zilliqa has released Jasper proto-testnet as part of its journey to Zilliqa 2.0 begins. Will ZIL price recover?
At its heart, Zilliqa is not only among the earliest blockchains to crack the scaling challenge but has outlived its many critics.
It supports smart contracts, and therein lies a striving ecosystem.
$ZIL / $USDT Update
First Confirmation monthly closed above .013 ✅
keep your butt tight https://t.co/yzQPB5fhxJ pic.twitter.com/SgJpXAzkYT— CøsmoHodler ⚛️ (@zil_maxi) September 7, 2024
Zilliqa Proto-Testnet Released
In its quest to move toward mass adoption, Zilliqa, , best known for its sharding technology, has launched the Jasper proto-testnet, setting the stage for Zilliqa 2.0.
Like in all testnets, this will allow developers and enthusiasts to explore what the platform plans to integrate, test its capabilities, and, most crucially, experiment with running Zilliqa’s new validator nodes.
The release of Jasper proto-testnet is the first major milestone for Zilliqa 2.0.
Zilliqa, Head of Research Zoltan Fazekas, said the testnet is “the beginning of a new era in blockchain technology, where speed, efficiency, and user-friendliness converge.”
This testnet will introduce the proof-of-stake consensus for fast transactions in a low-cost environment.
At the same time, it will provide developers with a chance to trial out Zilliqa’s EVM compatibility.
This feature allows developers to port their Scilla smart contracts to the more active Ethereum main net.
Gradually, Zilliqa developers will introduce additional features such as x-shards and smart accounts.
Through these tools, Zilliqa will be more customizable and accessible.
All these will be crucial, especially as the platform grows to meet the demand of network users, including other developers and protocols.
Eventually, once Zilliqa 2.0 is activated, the objective will be clear: make web3 interactions as easy to use as the mainstream internet.
Along with the scaling and growth, the objective is to make the network more sustainable.
ZIL Staking Rewards Reduced, Coin Down +94% In 3 Years
To do this, Zilliqa will adjust its staking rewards to reduce inflation risk and prop up ZIL prices.
Since February, the platform has been gradually decreasing the earnings of ZIL stakers. The goal is to reduce the percentage of total rewards set aside to Super Stakers until it drops to 25%.
The decision only makes sense.
Similar to the approach taken by ETH to check inflation through EIP-1559 and token burning as implemented by the BNB Chain, adjusting rewards will be a net positive for ZIL.
Over the years, ZIL has drifted off and is now outside the 200 most valuable currencies.
(Source)
After rallying to all-time highs of $0.25 in May 2021, ZIL price is now down 94% but building up momentum as of mid-September 2024.
It now needs to reclaim its lost glory, and part of achieving that is to ensure ZIL is scarce.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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