Zilliqa (ZIL) has proven its mettle as one of the research-backed blockchain projects within the crypto ecosystem. the blockchain which moved to its mainnet earlier in the year has continued ts migration from Ethereum to its native network.
As part of the migration process, Zilliqa announced today that it would be migrating to a new address format in a bid to improve the user experience on the platform. This information was released on its Reddit platform with a link to its website which explained the reason behind the move.
Zilliqa (ZIL) adopts bech32 encoding new address format
According to Ziliqa, this move was also made to address the current situation that could hamper users. Zilliqa’s current address format is similar to Ethereum as it consists of 20 bytes which could lead to confusion among users when performing transactions.
Users could mistakenly send Zil tokens to the wrong address due to the similarity in address format which would lead to permanent loss of tokens.
Zilliqa new address would resolve this issue, as the blockchain has decided to adopt the bech32 encoding. This means that any mistake in transactions by wallets and exchanges would be rejected by both Ethereum and Zilliqa network.
According to the statement by Zilliqa users are not required to create a new key pair either public or private as the blockchain would maintain full access to accounts with existing key pairs. The change is merely an additive change without many technical consequences.
Zilliqa revealed that the blockchain platform is in talks with several wallets to migrate to this new address by the end of the month.
Binance recently detailed Zilliqa approach to Blockchain technology
Zilliqa (ZIL) has continued to have the attention of the major players within the blockchain industry with Binance applauding the blockchain with an in-depth research report. The report which was announced on the Twitter page of the exchange articulated the benefits and applications of the coin
Zilliqa is currently priced at $0.020779 USD per unit with the coin experiencing a dip of 1.56% in the last 24-hours of trading.
There is much confidence in the coin that it can become a major player with the launch of its mainnet, it remains to be seen if the coin can leverage on this to embark on an extended bullish run.