Zilliqa (ZIL): How and Where Can You Purchase This Cryptocurrency

November 11, 2021
Zilliqa (ZIL): How and Where Can You Purchase This Cryptocurrency

Zilliqa is a permissionless blockchain that supports decentralized applications, smart contracts, and yield farming.

The network’s native currency is Zilliqa (ZIL), which powers the platform’s smart contracts and is also used for staking. It may be purchased and sold on several exchanges, and it powering the platform’s smart contracts

How Does Zilliqa Work?

With the objective of resolving one of the major problems of many current blockchain networks, Zilliqa was developed.

Sharding is used as a second-layer scaling solution by Zilliqa.

Thousands of transactions can be processed each second by applying sharding to the blockchain.

Sharding is the process of dividing a network into subsets of nodes or shards. The groups may have up to 600 members.

One shard works like a tiny blockchain and sharding greatly improves scalability.

The more shards are available, the more transactions they can handle. As the network grows, the number of transactions it can process increases. So, as the network grows, so does its transaction processing capacity

However, sharding is not a perfect answer in and of itself.

While it solves the scalability problem, it presents an additional issue. Shards operate similarly to independent blockchains. As a result, network data is divided into tiny pieces.

It’s as if you cut a book into separate pieces and distribute them to various people. Every individual will know the content of their own piece, but none of them will know the whole book’s content.

They may pick it up if they talk and exchange information with one another.

Information can also be shared between shards via conversation. However, obtaining data from all shards would be difficult if the network comprises of millions of them.

It would require a significant amount of electricity and computer processing power to retrieve information from the entire network with just one shard.

The Zilliqa team launched its platform on July 25, 2018. The solution to the problem is known as a hybrid consensus mechanism. Two layers of the consensus mechanism are used in the network:

  • The secure shards layer, which is made up of tiny data blocks known as “mini-blocks,” processes only its own information pieces. Mini-blocks are the little data blocks that make up each bigger block.
  • DS layer. with a small group of randomly chosen nodes acting as a DS-committee, is employed. These nodes have full access to the blockchain. They combine the data in micro-blocks into a whole block and reach an agreement on whether or not it’s valid.

A method of reaching consensual agreement that is more energy and time-saving than the Bitcoin and Ethereum network’s first and second generations.

Zilliqa’s design is built with the aim of enabling high transaction processing speeds.

Zilliqa’s mainnet enables mid- to long-term profitable investments in Dapps and smart contracts that require a fast transaction processing capability. The project has a huge potential. In both mid- and long-term, Zilliq may be a very lucrative investment.

How to Buy Zilliqa? A Step-by-Step Guide

If you want to buy the cryptocurrency, the first step would be to locate a platform that supports it.

Binance allows users to purchase and sell Zilliqa without having to undergo formal registration or impose limits.

You may also look at additional options if you like. However, make sure you pick a secure and trustworthy platform.

Step 1 – Find an exchange

Before you entrust your bitcoin or other cryptocurrencies to a cryptocurrency exchange, make sure you do lots of research and learn as much information as possible.

The following standards must be met by a secure and dependable platform:

  • The security of the service. A cryptocurrency exchange handles its clients’ money. To assure the security of user information and funds, the most stringent safety precautions should be implemented. It’s essential to use an SSL-secured website to prevent data interception. If a platform requires users to utilize its wallet, two-factor authentication is required.
  • Check the platform’s reputation before choosing a cryptocurrency exchange. Is there a history of complaints about the site? Check for negative feedback. If many consumers have complained about fraud, steer clear of using the service. Avoid utilizing the service if many people have expressed concerns over fraudulent activity.
  • Customer service. Some exchanges may provide you with an email address, while others may help you via chat or even a phone number. Choose the channel of communication that works best for you and test whether the service is suitable for you. At least one contact channel must be manned by human agents who are qualified to respond to your inquiries and resolve any issues that arise.

Step 2 – Sign up and fund your account

Start with a small amount of money before trading coins begins. In all, complete all of the required steps to use the platform’s trading choices.

Step 3 – Purchase

Finally, you may complete the transaction. The coins will be credited to your wallet as soon as you finish.

Zilliqa is currently available on custodial exchanges such as Binance and Huobi.

If I’m In The US, Where Can I Buy Zilliqa (ZIL)?

Due to restrictions, certain bitcoin exchanges are unable to assist U.S. customers in finding a secure location to purchase Zilliqa.

Because of some limitations, few cryptocurrency exchanges may serve customers in the United States.

Final Thoughts

Zilliqa is a fascinating concept. It has already shown how to use and implement sharding in the cryptocurrency market, and it has already demonstrated how to do so effectively.

We anticipate innovative solutions and new features for the Zilliqa network in the future.

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