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New Zilliqa Upgrade Brings EVM Enhancements, Sharding Improvements

10 months ago
Bitcoin Ethereum News
New Zilliqa Upgrade Brings EVM Enhancements, Sharding Improvements

Key highlights:

  • Zilliqa’s network has been upgraded to version 9.3.0, bringing major improvements as the team builds towards Zilliqa 2.0 later this year.
  • This new upgrade introduces active reward control for miners/stakers, temporarily removes sharding to improve efficiency, and expands EVM compatibility to increase developer accessibility.
  • In order to maximize the network performance, a number of technological adjustments were made, including processing contracts, moving underlying infrastructure to Google Cloud, and increasing mining efficiency.
  • The price of Zilliqa (ZIL) is currently $0.021, up 3.62 over the last 24 hours.

The Zilliqa blockchain network has completed a major upgrade with the successful deployment of Zilliqa v9.3.0 to mainnet on January 3, 2024. 

The 9.3.0 update brings several improvements that will enhance the speed, efficiency, and features of Zilliqa as the team continues to develop a significant network overhaul dubbed Zilliqa 2.0, which is planned for later this year.

Two important changes are the introduction of active reward control and the temporary removal of sharding from the network. These changes were enacted based on successful community votes through Zilliqa’s decentralized governance platform. 

Active reward control will enable more precise management of mining rewards, safeguarding miners and stakers from sudden inflation while still providing competitive returns. With Zilliqa 2.0 set to launch a more advanced sharding architecture, shards have been temporarily removed from the network to improve efficiency until sharding is reintroduced.

Another change is EVM compatibility, which remains a key focus for Zilliqa to improve accessibility for developers building on the network. The upgrade expands EVM support with compatibility added for Type 1 and Type 2 transactions. EVM tools can also now directly reflect errors when interacting with Zilliqa’s smart contract language, Scilla.

Additionally, various changes have been introduced in v9.3.0 to continue optimizing the performance and reliability of Zilliqa’s network infrastructure. This includes refinements to mining efficiency, contract processing, and the beginnings of a migration to Google Cloud Platform to further improve uptime and efficiency.

Recent Zilliqa (ZIL) price movements

Zilliqa’s current price is $0.020, following a 2.2% decline in the last 24 hours. The token has a market cap of over $360 million and is currently ranked as the 130th largest cryptocurrency by market cap.

Although the last month has been bullish overall for the cryptocurrency market, ZIL didn’t benefit from the positive momentum. While BTC has gained 7% against the US dollar in the last 30 days, ZIL has lost 14.7% in the same time period.

The ZIL price prediction is currently bearish. Our Zilliqa price prediction algorithm forecasts a -10% drop in the next month, which is forecasted to take the token to a low of $0.0177.

The bottom line

The successful upgrade to Zilliqa v9.3.0 represents an important step forward as the network evolves to meet its full potential. 

As the Zilliqa team gears up to unveil the major Zilliqa 2.0 milestone later this year, v9.3.0 update sets the foundation for the network’s next phase of technological advancement and practical implementation.

Source: https://coincodex.com/article/36463/new-zilliqa-upgrade-brings-evm-enhancements-sharding-improvements/