Zilliqa woes

Zilliqa mainnet is down and has been for the last 24 hours due to problems with memory management and contract processing. This state of affairs begs the question…….’How can a decentralised network be closed down’

Mainnet down to my mind IS a big deal but for the Zilliqa team it seems not…

Not a mention on the main website (https://www.zilliqa.com/) a brief Twitter post and this Reddit

Moonlet my wallet of choice at the moment for easy staking all things Zilliqa has the following notice

This notice is conspicuous by its absence when using the chrome moonlet extension.

Aside from today’s problem I have had a minor issue with Moonlet. I have been staking with Moonlet for a while but had not staked my rewards, which had been stacking up. Unfortunately I had not been keeping an eye on my account and did not have enough unstaked Zilliqa to pay the fees in order to claim my rewards.

No problem : as I was thinking of buying more Zilliqa anyway I went to HitBTC and bought a bit…..only to find that withdrawls were locked.

I then realised that instead of buying more Zilliqa to transfer to my Moonlet account I could just used SWAP. That is swap gZIL for ZIL and be able to pay the fees to claim my rewards and compound my stake.

Since writing this post the Zilliqa transactions on the mainnet are now up and running…albeit very slowly. Although this is a knock in confidence for Zilliqa I am still optimistic that this is a just a blip in a project that has massive potential upside. Consequently I shall be experimenting with Zilliqa in the following areas.

Unstoppable domains

Liquidity Mining using ZilSwap

and NFTs

NFTs : from million$ to billion$

Non Fungible Token(s) are here to stay. At the moment the market may be in a bubble but that is only because this technology is scratching the surface of a global network of buyers and sellars. Although this sounds like a contradiction I believe that the market as it stands is going to fragment into many siloed exchanges, each with their own specialisms.

Currently NFTs are confined to digital art, audio, video or pictorial, in essence it is only a unit of data stored on a blockchain (ledger) which cannot be replicated. The artwork itself being digital can copied, and distributed anywhere but the NFT can only exist as a unique entity.

NFTs can revolutionize the way artists are rewarded for their work, this is especially true for pictorial artists who can reclaim the scarcity of their work. This in turn will increase the value of their work and create new revenue streams. NFTs cannot prevent plagiarism of a digitial artwork but it can prove provenance and ownership. The various NFT exchanges prove that the market for these collectables exists and that the potential has only just being recognised.

“Everydays – The First 5000 Days” by @beeple selling for $69 million at Christie’s momentarily catapulted NFT technology into the public consciousness only to be forgotten weeks later. This ’15 minutes of fame’ belies the fact that the NFT market is growing exponentially.

According to analysis by DappRadar the market(sales) for NFTs for the first half of 2021 was $2.5 billion compared with the same period last year of (only) $13.7 million. From millions to billions within a year.

All indicators point to a thriving NFT environment that will likely see the market to continue to expand at a rapid rate with innovative and idiosyncratic use cases to continue throughout 2021.

Useful NFT primers and explainers

Material Art to Crypto Art: An Overview of NFTs

Are NFTs The Future Of Fine Art Collecting?

The Line Between NFTs and Fine Art Gets Even Blurrier in New Auction

HOW TO LOOK AT NFTS

FINE ART PHOTOGRAPHY & NFT

A list of NFT exchanges such as Opensea , Rarible and KnownOrigin can be found here

There are curated meme’s such as CryptoPunks and The Bored Ape Yacht Club but also examples of fine art such as CryptoArt by Michele Petrelli.

Finally NFT exchanges reflect an infinite range of artistic expression from the mundane to the extraordinary.