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By now, many people know about cryptocurrencies and the changes they want to make to the traditional financial infrastructure. Many know about Bitcoin and Ethereum, but not so many can explain how exactly they work. While there are thousands of cryptocurrencies, not all of them are worth your investment. Zilliqa is not a new cryptocurrency, but the crypto Zil price forecast aims to rise. Understanding the price forecast will help you better decide whether you should include it in your investment portfolio. 

If this is the first time you are hearing about Zilliqa, then the following section is for you. Here you can learn more about the Zilliqa network, the benefits, and why it is becoming more popular.

What is Zilliqa?

Zilliqa is a Singapore-based blockchain network that was launched in 2017. At its inception, it used the Ethereum blockchain network but has since evolved and transitioned to its own network in 2019. Following the transition, ERC20 tokens were exchanged for Zilliqa (ZIL) tokens as the blockchain's native utility token. The Zilliqa network also has another token, GZIL, which is its governance token.

One of the things that set Zilliqa apart from other cryptocurrency networks is its use of sharding. One of the biggest problems with many cryptocurrencies is scalability, and sharding on the Zilliqa network is a great solution.

Sharding refers to the division of a blockchain network into smaller partitions called shards. These shards, which are connected to the main network, perform certain tasks that are normally performed on the main chain. This helps reduce congestion on the main network and helps the network process transactions faster.

Like Ethereum, Zilliqa is also home to many decentralized applications, as developers have the ability to write smart contracts for the network. When writing these contracts, developers use the SCILLA or Smart Contract Intermediate language.

Those interested in trading Zilliqa can buy it on some top exchanges such as Binance, Huobi Global, FTX, OKEx, and Upbit.

Zilliqa price prediction is based on its historical market status.

On July 20, 2021, ZIL was trading at $0.0561, down 7.56% from the previous day. With $48,542,181 in traded volume in the last 24 hours, it ranks 82nd on Coinmarketcap. While the maximum supply is set at 21,000,000,000 ZIL, the current circulating supply is 11,505,899,739 ZIL.

Since its launch, it has traded at an all-time high of $0.2563 on 6 May 2021. Its all-time low was reached on 13 March 2020 at $0.002477.

Zil Price Forecast for 2021

On 20 July 2021, ZIL traded at $0.0561, down 7.56% from the previous day. It ranks 82nd on Coinmarketcap with $48,542,181 in traded volume over the last 24 hours. While the maximum supply is set at 21,000,000,000 ZIL, the current circulating supply is 11,505,899,739 ZIL.

Currently, ZIL is in a downtrend and its price has steadily declined since its all-time high in May. However, the current trend says nothing about how the coin will perform in the future.

Here you can see what various investors predict for ZIL in 2021.
 

The News Crypto

According to The News Crypto's technical analysis, ZIL is expected to trend upwards in 2021. They predict that ZIL could trade at $0.25 in 2021, reaching its current all-time high.

Trading Beasts

Trading Beasts' analysis shows that Zil's price forecast is based on 20 July 2021, when ZIL was trading at $0.0561, down 7.56% from the previous day. With $48,542,181 in trading volume in the last 24 hours, Zil ranks 82nd on Coinmarketcap. While the maximum supply is set at 21,000,000,000 ZIL, the current circulating supply is 11,505,899,739 ZIL. Suggests that the price of ZIL will increase over the course of the year. However, their price predictions are far more modest than those of The News Crypto. They expect ZIL to trade at a maximum of $0.1068 in December 2021, which would still represent a 50% increase from the current price.

According to Wallet Investor's forecast, Zilliqa could trade at a peak price of $0.145 by the end of 2021. This represents an increase of almost 50% from the current price.

Why the Zil price forecast is for a price increase in 2021.

There are several factors that determine the success of a cryptocurrency, and ZIL currently exhibits the characteristics of a cryptocurrency that will increase in value in the near future. The following reasons show why more people might show interest in ZIL in the future.

a.    Sharding 

Many people have expressed their doubts about the viability of cryptocurrencies (including Bitcoin) as a global currency because of the problem of scalability. The biggest concern has been how energy-intensive the proof of work consensus algorithm that many cryptocurrencies use is. The other problem is how quickly these cryptocurrencies can verify transactions and add them to their blockchain.

For a cryptocurrency to be accepted globally, it needs to be in line with current sustainability trends and process thousands of transactions per second. Sharding solves both problems, which means that the blockchain can accommodate even more transactions per second, even as its popularity grows.

b. Decentralised finances

There are many reasons why people prefer decentralized financial apps over centralized financial solutions. The main reason is that people want to have more control over their money without being influenced by third-party apps while trusting that all contracts and agreements will be honoured.

With smart contract-enabled development, developers can now create decentralized apps that execute agreements efficiently. Combine these DeFi apps with the benefits of using ZIL and you'll understand why some experts believe DeFi could turn traditional financial infrastructures as we know them on their heads.

c. Low fees

Thanks to sharding, the Zilliqa Network is less congested than many other blockchain networks. Combined with the lower mining fees thanks to the lower energy and fuel requirements, you can see why this all leads to lower transaction fees.

d. Upgrades and maintenance

The development and maintenance of Zilliqa is not a one-off. Instead, the Zilliqa team is constantly working to make the ecosystem more stable and expand its functionality. For example, the Zilliqa team has planned an upgrade to the Zilliqa v8.0.0 network on 11 May.

Conclusion

The Zilliqa network may look like a newcomer in terms of popularity, but the Zil price prediction may become a reality sooner than expected. All forecasts predict a price increase for the rest of 2021. Of course, you should always do your own analysis of a product before investing your money in it.

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