Zilliqa joins TokenTraxx to modernize the music industry with the use of blockchain technology and NFT.
Zilliqa public blockchain has joined NFT music platform TokenTraxx as part of a partnership deal worth $1.1 million. The goal of the partnership will be to modernize the music industry by making it more equitable and rewarding.
The platform that aims to become carbon-neutral by 2022 is looking forward to positioning itself in the music industry with the help of a powerful blockchain network and newly available NFT technology, which will be used as a bridge between real-world and blockchain technology.
Zilliqa’s partnership with TokenTraxx is not its first rodeo in the NFT industry. The protocol powers platforms like Mintable, Unicutes and DeMons gaming platform, in addition to other solutions based on NFT technology.
With the tokenization of the music creation process, Zilliqa will create more opportunities for artists to receive royalty payments, rights ownership and other elements found on platforms like Spotify and Apple Music. All functions can be powered via distributed ledger technology or simply run on the blockchain.
Zilliqa is excited to join a company that includes powerful expertise from the music and entertainment industries and combine modern technology and effective business practices together. By collaborating with each other, the company’s CEO, Dr. Ben Livshits, is looking forward to leveraging the benefits of blockchain.
One of the terms of the new partnership is the injection of $1.1 million from both Zilliqa as a company and its co-founder Max Kantelia, who believes in the game-changing model that TokenTraxx created and the value it brings to music creation, consumption and collection. All of these aspects of the industry will be combined with the most modern and actively developing blockchain technology.
After collaborating with Zilliqa, the music NFT platform will instantly gain access to a secure and scalable protocol that is being used with low costs and modest gas fees. Zilliqa’s network is able to process thousands of transactions per second without facing issues like network congestion or extremely high gas fees.
Zilliqa (ZIL) Pooling Liquidity on ZIL/USDT, ZIL/ETH and ZIL/BTC pairs
Zilliqa claims to be the pulse of the creator economy facilitating borderless solutions and NFT market places.
Zilliqa expressed: Liquidity Mining Incentives are now LIVE on ZilSwap for Bridged Assets. 45.3m ZIL in incentives will be disbursed over the course of 6 weeks for pooling liquidity on ZIL/USDT, ZIL/ETH and ZIL/BTC pairs
Further, Zilliqa ecosystem has been showing some volume on PIL in the past 24 hours and therefore many were left wondering if the community was taking leverage or Arbitraging.
Community Response: I think ZIL is down the drain slowly getting out of the top 100. You can do it ZIL. Just keep on pushing.
As soon as I finish the pool, I will migrate to big projects, and stop speculating on these kind of weak projects.
Considering it’s a stable coin and it’s at the price it needs to be, I wouldn’t worry, if you look at the chart for this, their is no logic to it, it’s at $1 then for some reason jumps to something like $7 then straight back down.
For clarity, PIL is the stable coin from the Pillar Protocol easy to generate, held in wallets supported by the Zilliqa blockchain. The Pillar Protocol is a dapp on the Zilliqa blockchain. Designed by a disparate group of contributors, including developers within the Pillar Foundation, its outside partners, and other persons and entities, and will be a decentralized finance (DeFi) application.
The Pillar Protocol is managed by people around the world who hold Zilliqa’s governance token, gZIL. Through a system of scientific governance involving Executive Voting and Governance Polling, gZil holders govern the Protocol and the financial risks of Pillar to ensure its stability, transparency, and efficiency. One gZIL token locked in a voting contract equals one vote.
Leverage is the process of using borrowed capital for an investment and expecting the profits made to be greater than the interest payable. It is about using something to maximum advantage.
Arbitraging is the process of simultaneously buying and selling a commodity in two different markets.
Liquidity Mining is the DeFi (decentralized finance) terminology used to refer to participants who supply cryptocurrencies to liquidity pools. They get rewarded with fees and tokens based on their share of the total pool liquidity.
The revenue of the Liquidity pool comes from the transaction fee, which is paid by end-users who make transactions like borrowing, lending, and exchanging coins. These are known as mining rewards and they work out to be the profits for investors who provide for liquidity to the protocol.
Liquidity mining is also known as yield farming. The entire process is about staking your token to the liquidity pool to eventually make some profits from transaction fee, which is considered to be a good way to make some money as opposed to simply holding the crypto as the price goes up and down.
Locking the value in the liquidity pool is a lot like make a fixed deposit and earning an interest on the amount in the real time world.
Zilliqa (ZIL) to Have Its Own NFT Marketplace
Zilliqa’s DeFi ecosystem ZilSwap to host “the OpenSea of Zilliqa”: details
Switcheo Network, a second-layer interoperability platform, shares the details on the launch of the marketplace for non-fungible tokens (NFTs) on ZilSwap.
NFT euphoria outgrows Ethereum (ETH), Switcheo launches marketplace on Zilliqa (ZIL)
According to the official announcement (https://blog.switcheo.network/creating-the-opensea-of-zilliqa/) shared on the Switcheo Network’s blog, the multi-purpose platform for minting, storage and trading of non-fungible tokens is set to launch on Zilliqa (ZIL).
In collaborating with ZilSwap, a Zilliqa-based decentralized finances hub, Switcheo Labs, is going to release “more inclusive and accessible NFT ecosystem.”
The upcoming marketplace will be interoperable with Ethereum (ETH) thanks to a novel cross-chain bridge powered by the Switcheo Network. As such, existing Ethereum-based NFT initiatives will be able to migrate to Zilliqa.
The Switcheo Network team is certain that this launch will come as a crucial milestone for both the digital collectibles’ space and Zilliqa (ZIL) progresses:
As a platform that is well-positioned to capture a significant portion of the NFT space, the new marketplace will serve to further strengthen ZilSwap’s position as the premier platform on Zilliqa.
Limited NFT collection introduced to commemorate the milestone
More details on the upcoming release will be unveiled soon.
To celebrate the launch, The Bear Market limited NFT collection will be introduced on Sept. 15, 2021. Besides the launch of the marketplace, this release will commemorate the first
As covered by U.Today previously, Zilliqa’s (ZIL) transactions got stuck on Aug. 30 due to unexpected issues with the mainnet upgrade. The Zilliqa (ZIL) team released the recovery plan and claimed that all losses would be compensated.
Zilliqa (ZIL) Were the First To Employ Sharding in a Public Blockchain
ZIL community appreciates Zilliqa, the high-performance enterprise-grade blockchain, by pointing to how it has shown that blockchain is not just about buying and selling crypto. It can also be about: Combating fraud, enhancing Transparency for social impact and predicting Risks thru crowdsourcing, and maximizing Investment ROI. Furthermore, supporting SMEs and Protecting Data.
The community claims the Zilbridge progress to give people valid reasons to build on Zilliqa.
Amrit Kumar of Zilliqa stated one of their Unique Selling points was: “There was a point in time if you wanted to perform a transaction worth of 5 dollars, you have to pay a transaction fee of 100 dollars’ worth of fees. It was at that time that you get started looking into scalability. And the solution that we came up with was Sharding, which is something that you see that many other chains are pursuing as well, but we are the first ones to show that we actually employed Sharding in a public blockchain like Zilliqa.”
The second problem they identified was that you could have smart contracts that are so expressive that they invite many attacks. It started from DAO when the Ethereum community got divided into Ethereum Classic. It was very clear from all these incidents that you can’t just wait and watch; you need to go ahead to build solutions that could prevent if you cannot eliminate completely at least mitigate some of those hacks that you see on an everyday basis.
To deal with this, Zilliqa collaborated with an academic from UCL in London. The idea was to develop a language that would eliminate some of the hacks from happening in the future. We designed a new language that we call Scilla with the idea of making the language more resistant to attacks; you could actually make it even stronger. You could say, look, if you have a contract that holds a billion dollars, you want to make sure that no one can steal or freeze that money. And, what you need essentially is a mathematical proof that would say here is the guarantee. My guarantee is a guarantee it a mathematical proof. And, languages like Scilla allow you to do that more easily. Even if you tried to do that, it is much more complex.
So, the idea was to be able to design a language that is safe by design and at the same time gives you some stronger properties that is very hard to proof. And, thus focusing on scalability and smart contract safety.