Zilliqa (ZIL) has seen a spectacular decline in 2019, much worse than most other altcoins. This is largely due to the fact that its CEO and CTO have both departed from the development team, leaving the project in limbo and likely complete irrelevance.
In 2018, Zilliqa (ZIL) was bursting with high hopes. Not only was it among the first blockchain networks to implement partial sharding, but it also claimed to scale much better than Ethereum. Overall, it seemed to be a contender for one of the top smart contract platforms, with many comparing it to NEO.
However, things have taken a turn for the worst this year for Zilliqa. As crypto-reporter Dovey Wan recently pointed out, the CTO of Zilliqa recently which has accelerated the cryptocurrencies decline. “Now it’s fully decentralized,” Wan jokingly tweeted.
Zilliqa CTO quit recently as well.. just FYI .. now it’s fully decentralized lol https://t.co/xCW9IUKlHQ
— Dovey Wan 🗝 🦖 (@DoveyWan) September 18, 2019
It seemed that the signs were already in the air last month though when the founder and CEO of Zilliqa left the project to start a new one. Now, with the CTO leaving as well, the smart contract platform really has no management to promote it and spur development beyond those who are left.
As James McCue (@jamestmccue) wrote in response to Wan’s tweets, Zilliqa was an ‘honest project’ that simply did not have the technical ability to make their vision a reality. The project now, he claims, is in its ‘death throes.’
Although I think this project is a failure and in it’s death throes… I believe it was honestly conceived and a lot of hard work was done. Legit projects can fail. The economics of ICOs is terrible though, raise money to start building. Win or lose you have to dump to pay people
— James McCue (@jamestmccue) September 19, 2019
After all, as McCue added, sharding is hard or else Ethereum would have had been able to do it already. Yet, this doesn’t mean that emerging platforms can’t or won’t ever do it. Zilliqa just seemed to lack the commitment and talent to make it possible.
At the time of writing, ZIL is trading at around $0.007 with a market capitalization of around $61M. This is a long ways away from where it was in May 2018 when ZIL reached a market capitalization of around $1.4B and hit a price of $0.20.
It seems, though, that the project is now in uncharted territory and will likely continue to decline into complete irrelevance unless it is somehow revived. For now, investors may want to keep away.
Do you agree that the Zilliqa project is in its ‘death throes?’ Can it ever recover? Let us know your thoughts below in the comments.
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Images courtesy of Twitter.