Several crypto enthusiasts have pointed out that the social media giant of facebook might not have time on its side in terms of creating its own blockchain network from scratch to power its stablecoin project. Others have also stated that facebook can do the extraordinary in a matter of days because it has adequate funds to accelerate such an endeavor. For this piece of writing, we will explore the possibility of facebook not having time to create its own blockchain. In this case, the social media company has the option of building on the already available platforms such as Ethereum (ETH), Tron (TRX), Zilliqa (ZIL) or EOS.
Therefore, let us first explore the speculation that facebook is building on the Zilliqa network and how it might just work out.
Rumor that facebook is Building on Zilliqa (ZIL)
Crypto Twitter has for the past few hours been floating the theory that facebook will opt to adopt the highly anticipated blockchain network of Zilliqa (ZIL) rather than building its own. The facts that have been used to connect the dots in determining that the two teams are probably working on a joint project, are as follows:
- facebook and Zilliqa having a common partner in the global marketing and media company of Mindshare
- Evan Cheng being both an adviser at Zilliqa and head of blockchain at Facebook
- ZIL getting listed on Coinbase, serving as a precedent of something greater in the blockchain world
- David Marcus excusing himself from the board at Coinbase to avoid conflict of interest while working at facebook
The above facts have been pointed out courtesy of @Oly245 as can be seen in his tweet below.
Rumour going around regarding Facebook building on $ZIL:
• Evan Cheng: Zilliqa advisor & head of blockchain at FB
• Mindshare partnership: FB is a partner of Mindshare
• Ex-Facebook head of blockchain quits Coinbase to avoid conflict of interest: ZIL gets listed on Coinbase
— Oliver Bell (@Oly245) December 22, 2018
What Sets Zilliqa Apart From Other Networks
With the ZIL mainnet launch scheduled for the 31st of January 2019, many crypto enthusiasts and developers on the blockchain have postulated that the entrance of Zilliqa into the ecosystem will change the game completely. This is primarily due to the following reasons:
- Implementation of sharding in mining that has been found to scale as more miners join the Zilliqa network thus increasing its throughput. The team has demonstrated 2,828 transactions per second with just 6 shards. This opens the possibilities of higher transaction speeds as the network grows
- The new programming language of Scilla that was solely designed to avoid earlier identified vulnerabilities with Ethereum based smart contracts
- The ZIL project is research driven and by a team with experience in academia
- Proper funding for DApp developers through the Zilliqa ecosystem grant program that is currently worth a total of $5 Million
- Anticipation of the platform by both crypto investors and developers
Why facebook Would Choose Zilliqa?
For facebook to handle cryptocurrency transactions for its close to 1.5 Billion monthly users on WhatsApp, it needs a blockchain network that is fast and secure. Zilliqa has proven to provide both these benefits. What remains to be seen, is whether the speculation that facebook using the ZIL network will become a reality in the coming days, weeks or months.
What are your thoughts on the speculation that facebook might be building on the Zilliqa network? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.