Zilliqa (ZIL), one of the first sharded decentralized networks, is inviting all holders of its governance asset gZIL to participate in two referendums on potential upgrades to the blockchain’s design. With the proposed upgrades, ZIL will distribute rewards more equitably. In addition, the altcoin project will save resources in processing transactions by dividing them into parts.
Altcoin project is voting on two major upgrades!
Ziilliqa (ZIL), a powerful blockchain network, is preparing for two major upgrades. First, ‘sharding’ aims to change architecture. Developers propose to temporarily eliminate shards (interconnected sub-blockchains) until more efficient sharding infrastructure is launched on Zilliqa (ZIL). In this context, the altcoin project made the following announcement:
Attention Zilfam! Two new proposals focused on improving network efficiency and managing ZIL inflation as we transition to Zilliqa 2.0 are now up for voting on Snapshot. The initial proposal aims to temporarily eliminate parts until more efficient shredding infrastructure can be introduced, improving cost efficiency in the meantime.
Attention #Zilfam! Two new proposals are now open for voting on Snapshot centred around improving network efficiency and managing $ZIL inflation as we move to Zilliqa 2.0.
The first proposal aims to temporarily eliminate shards until the more efficient sharding infrastructure is…
— Zilliqa (@zilliqa) September 15, 2023
The upgrade, called “Desharding”, will facilitate the transition to a more resource-efficient network design. Desharding will eliminate unnecessary costs for the Blockchain and its validators as a whole. The second upgrade, “Active Reward Mechanism”, will control ZIL inflation. Additionally, the altcoin project will thus increase the sustainability of the network. The developers designed it accordingly to guarantee competitive returns.
What are the requirements to vote?
To vote on either proposal, Zilliqa (ZIL) enthusiasts must have an active Zilpay wallet and gZIL deposited into a Zilliqa (ZIL) account. By the way, the Zilpay wallet needs to remain open during the voting procedure. Additionally, Zilliqa (ZIL) enthusiasts also have the opportunity to vote via Zilstream, a decentralized market data portal for the Zilliqa (ZIL) ecosystem.
Aims to be more productive with seamless transition to Zilliqa 2.0
As explained by the altcoin team, both upgrades are necessary for the transition to Zilliqa 2.0, a new blockchain version tuned to the needs of the modern cryptocurrency segment. As you follow from Kriptokoin.com, Zilliqa recently established a strategic partnership with Google Cloud. Within the framework of this collaboration, Google Cloud started supporting one of the staked seed node (SSN) operators in Zilliqa (ZIL).
Triggered by the news, the price of ZIL, one of the core tokens of the Zilliqa ecosystem, started to rise. The Google Cloud impact led to an 11.2% increase in the altcoin price. In this move, the token reached the local high, rising above $0.1638 on major spot exchanges. However, the token price subsequently saw a decline in line with the market. However, ZIL managed to recover again. At press time, ZIL is trading at $0.1628, up 1.28% on a daily basis.
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