How To Buy Zilliqa (ZIL)?

A common question you often see on social media from crypto beginners is “Where can I buy Zilliqa?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Zilliqa (ZIL)

First, you will need to open an account on a cryptocurrency exchange that supports Zilliqa (ZIL).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Zilliqa (ZIL) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Zilliqa (ZIL)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Zilliqa (ZIL) or Zilliqa (ZIL) trading pairs. Look for the section that will allow you to buy Zilliqa (ZIL), and enter the amount of the cryptocurrency that you want to spend for Zilliqa (ZIL) or the amount of fiat currency that you want to spend towards buying Zilliqa (ZIL). The exchange will then calculate the equivalent amount of Zilliqa (ZIL) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Zilliqa (ZIL) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

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What Is Zilliqa (ZIL)?

Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. Zilliqa is also capable of handling complex computational processes making it a useful software tool for businesses to build decentralised applications (dApps) just like the Ethereum and Bitcoin blockchain network.

The decentralised protocol is popular for its security, speed and scalability and in fact, prides itself as the first public blockchain platform in the world to successful utilise sharding as a scaling solution. 

Notably, Zilliqa can scale up 2,488 transactions per second (TPS) – a transaction speed touted to be approximately a thousand times more than that of the Ethereum network. With these special features, hosted dApps no longer have to worry about clogged networks, high processing fees or security issues that challenge the development of products and services in some other blockchain networks.

The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.

Development work officially started on Zilliqa in June 2017, and its testnet went live in March 2018. A little over a year later, in June 2019, the platform launched its mainnet.

How does Zilliqa work?

The Zilliqa network offers many features common to other cryptocurrency networks such as smart contracting, transaction settlement, and token issuance. Developers can use its proprietary language, Scilla, to run custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services.

While this system is complex in implementation, Zilliqa is ultimately designed to execute smart contracts and confirm network transactions in a scalable and efficient manner.

Sharding
Sharding is a structural technique that splits the network into several pieces, or shards, allowing nodes to only process a fraction of the network’s transactions. Each shard acts as its own blockchain and allows nodes assigned to them to store data, process transactions and add new blocks to their specific shard chain, called microblocks.

Microblocks are then combined into a transaction block by Directory Service Nodes (or DS nodes) to be added to the Zilliqa blockchain. Of note, the shard nodes contain a specific subset of the Zilliqa blockchain, and do not have to store Zilliqa’s entire history.

Practical Byzantine Fault Tolerance (pBFT)
Central to Zilliqa is the Practical Byzantine Fault Tolerance (pBFT) governance mechanism that keeps the distributed network of computers in sync. In order for nodes to power the blockchain and vote on changes, they must first stake ZIL, meaning that anyone who owns ZIL can help operate the network. Using pBFT, all nodes assigned to specific shards must agree before a microblock is finalized and combined into a transaction block.

Each node is subsequently rewarded with a portion of the block reward for validating the transactions.

What is the ZIL token?

ZIL is Zilliqa’s native cryptocurrency, which debuted on the Zilliqa blockchain in 2019. The ERC-20 token, in addition to being a utility token, has a wide range of applications, similar to other cryptocurrencies on other blockchain platforms.

Among other things, the ZIL token can be staked by validators and is utilised in the network’s reward system

Who Are the Founders of Zilliqa?

Zilliqa was first conceived by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Saxena and several students in the School of Computing published a paper in 2016 that outlined how a sharding-focused blockchain could improve network efficiency and speed.

Around the same time, Saxena co-founded Anquan Capital alongside Max Kantelia, a lifelong finance and tech entrepreneur, and Juzar Motiwalla, former president of the Singapore Computer Society. The company incorporated Zilliqa Research in June 2017 to develop the Zilliqa network, bringing on Dong Xinshu as its CEO, Yaoqi Jia as its chief technology officer and Amrit Kumar as its chief scientific officer. All three previously worked as research fellows at the NUS School of Computing.

What Makes Zilliqa Unique?

Zilliqa claims to be the world’s first public blockchain to rely entirely on a sharded network. This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.

Discover how Zilliqa, a groundbreaking blockchain platform, aims to revolutionize large-scale enterprise usage in various industries such as advertising, gaming, entertainment, and financial services, challenging traditional centralized payment methods like VISA and MasterCard. Dive into the world of lifestyle and gaming on Senses as we explore the potential impact of technology on the gaming industry and its players’ experiences.

Both Anquan Capital and Zilliqa Research, the company responsible for developing Zilliqa, hold significant reserves of ZIL.

As of 2021, the Zilliqa network is an active network that runs over millions of transactions each month. The blockchain has also been constantly scaling, going from averaging over 900 blocks produced a day when its main net launched to presently producing over 2500 blocks a day.

Zilliqa development updates in 2023

In 2023, Zilliqa (ZIL) has achieved several significant developments. These advancements aim to enhance the network’s functionality, drive adoption in various sectors, and strengthen its position in the blockchain space. Here are some of the key updates from Zilliqa in 2023:

• Launch of Ionise on Mainnet: One of the landmark developments for Zilliqa in November 2023 was the launch of Ionise on its mainnet. Ionise is the first-ever money market protocol built on Zilliqa’s Ethereum Virtual Machine (EVM). It includes native support for EVM-compatible wallets like MetaMask and allows users to lend or borrow tokens running on the Zilliqa EVM network in a non-custodial manner. This launch is a significant step towards establishing a flourishing DeFi ecosystem on Zilliqa​​​​.

• Advancements in Fan Loyalty and Web3 Gaming: Zilliqa has been making strides in the gaming and fan engagement spaces. The partnership with Racing League, for example, is redefining fan loyalty by integrating Web3 technology. This collaboration aims to develop a platform for fans to earn rewards and engage more deeply with their favorite teams. Furthermore, Zilliqa’s gaming division, particularly through WEB3WAR, has seen impressive adoption and updates, showcasing the blockchain’s capabilities in gaming​​​​.

• EVM Compatibility and Multi-Chain Development: A major achievement in 2022 for Zilliqa was the launch of EVM compatibility on the testnet, with plans for its deployment on the mainnet in Q1 2023. This development lowers the barrier for developers familiar with Solidity, the programming language for Ethereum, to build on Zilliqa, thereby opening up the ecosystem to a wider range of developers and applications. Additionally, the focus on multi-chain development reflects Zilliqa’s commitment to interoperability and broadening its ecosystem​​.

• Focus on DeFi and Marketplace Development: Zilliqa has been actively working on DeFi tools and user experiences. This includes the development of a lending and borrowing application expected to launch alongside EVM compatibility in Q1 2023. The Rialto NFT marketplace is another significant project under development, aiming to facilitate the onboarding of brands and artists to Web3 through Zilliqa​​.

• Strategic Partnerships and Infrastructure Improvements: Zilliqa has been bolstering its partnerships and infrastructure. The partnership with 1ex Trading Board and Racing League, and the collaboration with various projects within its ecosystem, are testimonies to Zilliqa’s strategic approach to growth and expansion. Furthermore, the network is preparing for the rollout of Zilliqa 2.0, which includes a shift to proof of stake and other protocol improvements that aim to enhance the network’s efficiency and scalability​​​​​​.

These updates and initiatives reflect Zilliqa’s commitment to continuous innovation and its aim to establish a robust and versatile blockchain platform, catering to diverse use cases in the DeFi, gaming, and broader blockchain ecosystem.

Official website: https://www.zilliqa.com/

Best cryptocurrency wallet for Zilliqa (ZIL)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Zilliqa (ZIL)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).