Zilliqa is one of those cryptocurrencies that can make a real revolution in the field of blockchain, if developers manage to implement their plans. We are talking about solving the problem of scalability, which is currently very acute for almost any cryptocurrency. Learn more about the project and its prospects in today’s review.
What is Zilliqa (ZIL)?
Zilliqa is the world’s first public blockchain network that has applied sharding technology to bring the scalability indicators of blockchain networks to a new level. Thanks to sharding, this platform can conduct more than a thousand transactions per one second. The platform is designed to ensure the operation of dApps.
Zilliqa does not use any of the existing algorithms in its pure form, the developers have created their own unique hybrid solution based on Proof-of-Work (PoW) and practical Byzantine Fault Tolerance (PBFT). The sharded network structure helps simultaneous chains to conduct transactions in parallel, increasing overall performance and power. According to the operating principle of the platform, the network bandwidth increases with an increase in the number of nodes.The Zilliqa team has not only developed a unique blockchain, but they have also created a new functional programming language called Scilla. Its main advantage is that it provides a high level of security and standardization.
Why should I trade Zilliqa?
There are many reasons why it is worth trading ZIL, among the main ones:
- The prospects for the coin are good, especially if we take into account the fundamental indicators of the project. So far, there have been no significant failures. This has a positive effect on quotes.
- Given the congestion of the Ethereum network and high transaction costs, flexible platforms are becoming increasingly attractive for users and investors.
- The year 2021 is one of the best times for Zilliqa (at least its beginning), the coin has already updated the historical maximum and has the potential for further growth. From the fall of 2020 to the peak in April 2021, ZIL grew by 1000%.
As of August 4, 2021, the cost of ZIL is $0.08076, and the market cap of the project reaches $935,931,658. The all-time low price was set on March 13, 2020 and was $0.002477. A little more than a year later, on April 16, 2021, the project updated its all-time high price reaching $0.2376.
Where to trade Zilliqa?
ZIL is a well-known and liquid coin that can be traded on almost any crypto exchange or broker. The list of the best includes:
- Binance — a multifunctional multilingual platform with an impeccable reputation. It provides traders with low fees, high security, and multiple trading tools.
- Available coins: +350.
- OKEx — an exchange with a high trust rating. You can trade only after passing the KYC procedure, so the exchange is one of the safest.
- Available coins: +250.
- 7b — a crypto broker that is ideal for beginners. It provides high security, a large selection of trading instruments and assets, as well as the most user-friendly interface.
- Available coins: +350.
How to trade Zilliqa using the 7b crypto broker app?
You can trade ZIL in pairs with any of more than 400 cryptocurrencies. We provide you with assistance in trading, for which we charge a small and transparent fee. Trading with 7b is safe, fast, convenient, and easy. Just a few steps are necessary in order to start earning by trading ZIL:
- Register an account.
- Verify your identity.
- Deposit funds into your account.
- Select the coin you want to buy.
- Enter the purchase amount.
- Make a purchase.
Where to exchange ZIL?
Since the asset has been on the market for several years, it is quite easy to find a service where you can exchange ZIL. The choice of such a service depends on your requirements and preferences. In order to help you make a decision, we have analyzed the pros and cons of the exchange on the broker and swap platform:
ProsConsIt’s convenient. The platform’s interface is extremely intuitiveThe broker charges a fee for its services, which is higher than on the exchangeThe broker guarantees a completely secure transactionYou can exchange ZIL with any cryptocurrency available (there are more than 400 of them on 7b), in addition, there are no reserve limitations
ProsConsUser-friendly interface. Everything is extremely simple and clear on the platformThere is a limited reserve of coins, as well as exchange directionsLower fees than on the brokerIt is possible to run into an unfair serviceOn most platforms, there is no need to create an account and disclose your identity
Among the many swap platforms for ZIL exchange favorably stand out:
- Zilswap — an instant, fully decentralized cryptocurrency exchange platform, running on Zilliqa
Service fee: 0.3%.
- Pancake Swap — decentralized exchange built on Binance Smart Chain
Service fee: 0,2%.
- ChangeNOW — an exchange platform with support for more than 10,000 currency pairs. No need to register, excellent exchange rates.
Service fee: included in the exchange rate.
What to know before exchanging Zilliqa?
To reduce the risk of losing your funds, we highly recommend you to follow these steps:
- Compare the exchange rates and fees of different exchange platforms.
- Before choosing a platform, study the reviews about it and try to make a transaction with a minimum amount.
- Carefully enter the address of your wallet, since any blockchain transaction is irreversible.
How to buy Zilliqa for fiat?
You can exchange your national currency or other fiat currency for ZIL using an exchange or an instant exchange platform with support for a fiat gateway. Buying with the help of the exchange requires more preparation and the procedure itself is more complicated, but at the same time the fees are lower. Buying using an instant exchange platform is many times easier and faster, however, the fees are higher. In order to exchange fiat for ZIL, you can use Changelly or ChangeNow. The procedure is equally simple:
- Enter the fiat currency with which you want to buy ZIL.
- Enter the fiat amount.
- Enter the ZIL address.
Zilliqa token use cases
Zilliqa has its own token to maintain its operation, which is called ZIL. ZIL performs several functions:
- A means of exchanging assets. The technical solutions used in the project allow you to conduct more than 1000 TPS, which makes this project a more universal tool for making payments and exchange operations.
- Currency for payment of transaction fees and smart contracts. The Zilliqa project uses the intermediate-level smart contract language (Scilla), developed specifically for it.
- Reward to miners. Miners can also mine ZIL on their devices as a second coin in dual mining.
- Gas fee. ZIL can be used for gas fees for dApps built on the Zilliqa blockchain.
Is Zilliqa a good investment?
ZIL can become a reliable investment. It uses sharding as a way to solve one of the biggest problems of blockchain technology, and now it has no strong competitors. The project can be regarded as a startup with a small capitalization and high growth speed, and significant growth potential. In 2021, ZIL showed excellent results and has increased its value many times over the past year.
How do I invest in Zilliqa?
You can invest in ZIL using a fiat currency or exchange your existing cryptocurrency for ZIL. For the first method, you need to use a platform with support for a fiat gateway, for example, Binance, ChangeNOW, etc. You can exchange cryptocurrencies on 7b, just select the coins, enter the amount, and confirm the payment.
How to trade ZIL for beginners?
For beginners, working with a crypto exchange can be difficult and lead to financial losses. Therefore, you can use the services of 7b for easy and fast trading. Despite the prospects of ZIL, it is not recommended to invest more than 30% of available funds in trading. Select a coin to top up your balance, select ZIL for trading, enter the amount, and click “Buy”.
What is Zilliqa Blockchain?
Zilliqa is a public blockchain platform that has high scalability thanks to the sharding system. The project uses its own cryptocurrency called ZIL. Zilliqa uses Proof-of-Work and practical Byzantine Fault Tolerance consensus protocols to secure the network.
Original source — How to trade ZIL