If you have been around the cryptocurrency space long enough, you are probably familiar with Zilliqa (ZIL). With its wild fluctuations and price swings, ZIL is one of the more unpredictable coins on the market.
But what do you know about this token? Let’s take a closer look at what it is and how it differs from other cryptocurrencies like Bitcoin or Ethereum.
Zilliqa (ZIL) Token: What You Need to Know
About Zilliqa Token
Zilliqa is a new blockchain platform that is focused on solving scalability issues using sharding.
Zilliqa Token; The goal of Zilliqa is to be able to handle thousands of transactions per second, and many people believe that Zilliqa might even be capable of achieving transaction rates similar to VISA and MasterCard in a near future.
This makes Zilliqa an interesting cryptocurrency as it seems like one of only a few projects that have a chance at fixing scalability issues in blockchain technology.
Zilliqa is a cryptocurrency that you can buy and sell on exchanges. It has a market cap of over US$3,000,000 at the time of writing.
How do Zilliqa Token works?
Zilliqa aims to solve one of blockchain’s greatest challenges by providing a new, more scalable consensus algorithm. Dubbed sharding, it enables a blockchain network to host an unlimited number of transactions simultaneously while maintaining its decentralization and security features.
This means that Zilliqa can process thousands of transactions per second — tens of thousands if there is enough computing power provided.
Why should I invest in Zil?
As an investor, you can expect high returns on your investment as Zilliqa is not only solving one of blockchain’s biggest problems but also has a working product in the test net with plans for a main net launch later in 2018.
Its ICO sold out within 5 minutes due to high demand from investors looking for projects like these.
Is Zil a token or coin?
The answer is both. ZILs are a token on Ethereum’s network, which means they can be stored in any compatible wallet and traded on exchanges.
However, Zilliqa is also building its proprietary blockchain (which they plan to launch later in 2018), on which ZILs will act as utility tokens that can be spent by dApp developers or holders of ZIL for using computational resources on their blockchain.
What type of coin is zil?
ZILs are ERC-20 tokens issued during an ICO last year. Once Zilliqa’s main net launches, these ERC-20 tokens will be replaced with native coins that operate on their proprietary blockchain.
Why do we need more scalability in blockchain technology?
The problem that Zilliqa is solving with its high throughput network is important. Cryptocurrencies are quickly gaining popularity in today’s global market.
However, scalability issues are holding back mass adoption. Cryptocurrencies such as Bitcoin and Ethereum can only process up to 3-7 transactions per second. Zilliqa’s goal is to bring these numbers up by about 300x by increasing transaction processing capabilities in a shared network.
Basic features of Zilliqa
Zilliqa is an open-source, public, blockchain-based distributed computing platform featuring sharding. Zilliqa uses proof of work as its consensus mechanism.
Zilliqa claims it can achieve higher throughput than Ethereum without sacrificing decentralization.
In addition, Zilliqa will have an inbuilt smart contract programming language that uses a more secure coding environment and can support hundreds of developers building on it at once. The development team believes that by using their token, they can avoid many of the issues associated with Ethereum (including high fees) while also providing better incentives for miners.
The Zil token has value because transactions on Zilliqa’s network require payment in tokens; therefore, demand for tokens should increase as usage increases. The total supply of tokens is fixed at 12.6 million (the initial supply was 10 million).
The competitive advantage of Zilliqa
Zilliqa is a platform that offers public and private implementation of sharding. Sharding can bring transactions per second from 3-5 tps to 2,000+.
Zilliqa is one of the first blockchain platforms which allows for smart contracts. Using their programming language Scilla, developers will be able to create safer smart contracts with fewer bugs or exploits than Ethereum or other blockchains. Thus using sharding and smart contracts, Zilliqa offers two ways in which they aim to be superior to Ethereum.
Details about market cap and supply volume
Most of you are familiar with the market cap, which represents a currency’s price multiplied by its circulating supply.
For example, if Bitcoin is trading at $10,000 and its circulating supply is 16.6 million coins, then its market cap is (16.6 million x $10,000) = $166 billion. This tells us that Bitcoin’s market cap on a given day was ~$166 billion. The same math applies to other cryptocurrencies like Zilliqa which have a fixed supply schedule.
Where can I buy Zilliqa with fiat currency (e.g. USD)?
We don’t know of any exchanges that offer direct fiat-to-ZIL trading pairs, but ZIL can be purchased with other cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
If you already own BTC or ETH, you can buy ZIL on several popular exchanges. Popular exchanges include Binance, Huobi, and OKEx. To get started with these, follow our guides on how to purchase BTC and ETH.
Where can I store my tokens securely?
The ZIL token is an ERC-20 token, so you can use any wallet that supports these tokens. We recommend using MyEtherWallet or MetaMask.
For maximum security, however, we strongly recommend using hardware wallets such as Ledger Nano S or Trezor.
Both these devices allow you to store your private keys offline on a physical device which adds an extra layer of security on top of your password and username.
How much will the value increase in 2022, 2023, and 2024?
The value of ZIL is currently hovering at around $0.0014, but even though there are no more developments scheduled for 2018 on their roadmap, that doesn’t mean that 2019 and beyond won’t hold a lot of promise for investors.
The best thing you can do right now is to keep up with Zilliqa, so if you want to find out how much ZIL could be worth in two years, just subscribe to our newsletter and keep reading.
Where is the development going next?
The mainnet launch for Zilliqa was a major step forward for its development. As it stands, two primary features are beingare developed on top of Zilliqa. The first is Scilla, which is a new programming language that will allow developers to write applications on Zilliqa more easily. The second feature is called Project Proton and it aims to solve one of blockchain’s biggest problems – scalability.
Team behind Zilliqa
Having a great idea isn’t enough. Many altcoins have proven that even a great idea and competent team is not sufficient. Altcoins with a questionable background can easily be revealed as scams or something worse once they hit an exchange, so it’s important to do your research before committing money or time.
Zilliqa has been in development for over two years now, which means there is plenty of information available about its developers and their vision for ZIL. The company has also managed to raise more than $12 million in funding from private investors since 2017—an impressive feat considering how difficult it can be for new companies to gain traction in today’s market.
Does Zilliqa has future
Yes, it does. Currently, ZIL is one of the verythevery? few sharding-based blockchains that have a live working product. It is currently operating on 1267 nodes in the testnet and will support up to 10,000 nodes when main net launches in Q3 2018.
This live blockchain demonstrates how ZIL’s sharding-based infrastructure allows for linear scaling, far beyond what current blockchains are capable of. Furthermore, ZIL already has impressive partnerships with Jiawei Zhu (co-founder of Scilla programming language) and InfoCorp (one of China’s largest blockchain development companies). It also has a proven track record in terms of its research output as well as community growth.
Zilliqa is a new blockchain platform that plans to go head-to-head with Ethereum. It uses a hybrid consensus algorithm and sharding to allow for fast and secure transactions, as well as scalable computation. The platform supports smart contracts and is already being used in various test environments.
While it’s still early days for Zilliqa, its creators have laid out an ambitious roadmap of improvements they plan to makeover time. If you’re interested in investing in cryptocurrency or simply want to learn more about what makes blockchains tick, keep an eye on Zilliqa—it could be one of 2018’s biggest stories.