The total value of tokens on Zilliqa, a blockchain network founded by a Singapore-based company with the same name, has broken through the billion-dollar barrier, according to data from CoinMarketCap. The startup is one of many teams scrambling to solve Ethereum’s so-called scalability problem, which proponents say prevents blockchain from achieving its true potential.
Zilliqa is the second Singapore-based blockchain firm to achieve the feat. Qtum was the first. Zilliqa’s bull run began in April, days after it released a prototype (a “testnet” in crypto-lingo) of its blockchain, which aims to process far more transactions per second than Ethereum can manage. Zilliqa’s immense market cap is typical in the blockchain space. Companies can raise tens of millions within seconds with just a whitepaper and no workable product. Many scams have also been carried out under the guise of an initial coin offering (ICO). However, Zilliqa’s team is stacked with technical talent – its chief executive and head of technology hold PhDs in computer science from the National University of Singapore.