Zilliqa utilizes a carefully engineered blend of technical solutions to find the blockchain’s holy grail: actual scalability with fast throughput and low congestion. This makes it easier for dApp and smart contract developers to leverage this sharded network for large-scale applications like financial services and advertising. In this blog, let’s get an overview of the Zilliqa coin and how you can buy it on our platform.
What is Zilliqa (ZIL)?
Zilliqa Crypto is a permissionless Crypto that was created so all its users could instantly deploy transactions. It seeks to speed the blockchain while simultaneously limiting its extensibility. Sharding, which functions as an effective second-layer scaling solution, is used to achieve this.
The platform’s blockchain is used by a large number of Decentralized Applications (DApps). ZIL, Zilliqa’s utility coin, can be used for staking, quicker transactions, and the execution of all smart contracts.
How does Zilliqa (ZIL) work?
To improve the number of transactions per second that can be confirmed, Zilliqa uses sharding. In addition, the blockchain also employs an uncommon consensus method. Below, these concepts are described in a little more detail.
A group of accounts’ balances and transaction histories are recorded in a blockchain. A massive number of individual computers (referred to as nodes) that are sharing this record must agree on all of the details. Whenever a new transaction is added, the rest of the nodes should first evaluate whether or not it is fraudulent before adding it to their copy of the record.
It is feasible to break this record down into smaller, easier parts that are quick to add. A shard refers to any smaller part of the main record.
Each shard is assigned a group of nodes, who carry out the same functions—adding and verifying new transactions—as before. A different set of nodes merges the records from each shard regularly to unify the information before sharding it again.
In this way, shards enable the network to effectively access balances and transaction data without forcing each node to maintain a massive copy of the full record on its own. The nodes only manage the shard to which they have been assigned.
A blockchain consensus mechanism lets individual nodes share the same ‘truth.’ To put it another way, to have identical values for the balances and transaction histories of all the accounts present on the blockchain.
Consensus enables all parties to uphold good behavior, even without a central authority.
Proof-of-work (PoW) and Practical Byzantine Fault Tolerance (pBFT) are combined in Zilliqa’s unusual consensus process.
PoW makes it challenging to mislead other nodes because it would demand a lot of computational power. Only if the first record (block) proposed, then only the new record (block) get added. ZIL rewards are given to the first node to propose a new block successfully.
pBFT makes it challenging to trick other nodes because every node must unanimously agree in order for the new block to be added.
According to the Zilliqa team, PoW and pBFT together produce a safe mechanism that permits mining with less expensive computers. The pBFT component means that earning a reward does not solely depend on having the fastest computer.
Pros and cons of Zilliqa Crypto
- Good community: The community consists of enthusiastic and dedicated followers.
- Sharding Tech: It is the first platform for a blockchain network that offers sharding technology.
- No Permission Required: It functions publicly with sharding and is permission-free.
- Easy Collaboration: Effectively works in partnership with real-world technologies.
- Easy Scalability: Speedier resolution of scalability problems.
- Needs Turing Permits: It has a Turing permit that is highly complex for language procession.
- Centralization: Increased number of transactions per second means more centralization.
Zilliqa ICO price
Zilliqa’s (ZIL) initial coin offering ended on January 4. On the day the Zilliqa coin launched, the initial cost was $0.0038. In its inaugural offering, the Zilliqa coin sold 6.30 billion shares for a $22 million profit. 30% of the shares were made available to investors, and 70% of that equity was sold to an unknown, unreported commodity.
How to buy Zilliqa (ZIL) coins in India?
The best way to buy ZIL tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling ZIL Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy ZIL on WazirX.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the ZIL coins you purchased in your WazirX wallet.
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There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.