Zilliqa To Work On Modular Network, Launch DEX in 2020
Singapore-based blockchain project Zilliqa (ZIL) is starting its work on a modular system in 2020, while by the end of the year, they plan to begin trading on their brand-new Zilliqa DEX exchange.
"In 2020, our plan is to begin creating a modular network and open-sourced platform of financial products to help improve the interoperability of payment and asset management applications," - Amrit Kumar, President and Chief Scientific Officer of Zilliqa
The company believes that by providing an open toolkit and a public infrastructure, they can "lower the barriers to entry for FinTechs looking to serve the masses, especially across emerging markets who are leapfrogging with technology adoption."
Modularity refers to the ability of a system to be divided into components or modules and be recombined. In a modular network design, singular modules are created to be placed where required and put together to meet the demands of the entire network.
That said, Kumar shared that Zilliqa is focused on building an open, interoperable financial network that supports next-generation FinTech solutions, specifically in ASEAN (Association of Southeast Asian Nations), by leveraging blockchain and smart contracts, and collaborating with strategic partners in the financial ecosystem. This, they find, will enable them to serve the underbanked and unbanked and to create a transparent and inclusive Open Finance environment (OpFi).
This can be accomplished with blockchain, Zilliqa believes, as it "has the potential to bridge the gap between today’s legacy finance infrastructures and the emerging technologies of our industry."
To this end, on their part, Zilliqa says that they decided to work with an established player in traditional peer-to-peer payments, and so they partnered with fintech payments provider Xfers (the fifth firm and first fintech startup to be accredited by the Monetary Authority of Singapore as a Widely Accepted Stored Value Facility) in June 2019. Kumar says this enabled bringing blockchain-enabled payments services and remittance services to Xfers' network of over 500,000 enterprises and users across Southeast Asia.