Meet a step-by-step guide on how to buy ZIL, the Zilliqa platform token ✅ Find out where you can buy Zilliqa easily and safely ?
What is Zilliqa
Zilliqa is a permissionless blockchain. This platform supports Decentralized Apps, Smart Contracts, and allows staking and yield farming.
Zilliqa (ZIL) is the network’s native cryptocurrency. It powers the platform’s smart contracts, it is also used for staking and can be bought and sold on some exchanges.
How Does Zilliqa Work?
The Zilliqa network was created with the aim to solve the scalability issue – one of the main issues of the majority of existing blockchains. Zilliqa applies sharding as a second-layer scaling solution. It allows the blockchain to process thousands of transactions per second. Zilliqa is the first project to apply sharding.
Sharding is the division of the network into groups of nodes or shards. These groups can consist of up to 600 nodes. One shard operates like a small blockchain. Sharding efficiently solves the scalability problem. The more shards are there, the more transactions they can process. So, the bigger the network becomes, the more transactions it can process.
However, sharding on itself is not a perfect solution. While solving the scalability issue, it comes with another problem. Shards function like separate blockchains. So, the information stored in the network is broken down into small pieces.
It is as if you take a book, cut it into several pieces, and give these pieces to different people. Every person will know the content of their piece but they won’t know the content of the entire book. They can learn it if they communicate and share the information with each other. Shards also can share information with each other via communication. But it is difficult to collect information stored in all shards if the network consists of thousands of them. It would require a lot of energy and processing power for one shard to get information stored in the entire network.
Zilliqa comes with an efficient solution to the issue. This solution is called a hybrid consensus mechanism. The network uses two layers of the consensus mechanism:
- Shard layer: shards process only “their” information blocks. These blocks are called mini-blocks.
- DS layer: a small group of randomly selected nodes forms a so-called DS-committee. These nodes have access to the entire blockchain. They combine the information stored in micro-blocks into a whole block and reach an agreement on whether the block is valid or not.
Reaching consensus this way is less energy- and time-demanding than reaching consensus in the first- and second-generation cryptocurrency networks such as Bitcoin and Ethereum.
With it, Zilliqa can efficiently support Dapps and smart contracts that require a high transaction processing speed to run properly. The mainnet is able to host large social media Dapps, advertising campaigns, and support payment processing services. The potential of the project is immense. Zilliqa can be a very profitable investment in both mid- and long-term.
How to Buy Zilliqa? A Step-by-Step Guide
If you want to purchase the coin, the first step would be to find a platform that supports it. LetsExchange offers its users to buy and sell Zilliqa without mandatory registration, limitations, and issues at the best rates. You can also check more options. But make sure you choose a reliable and safe platform.
Step 1. Find an exchange
You need to do thorough research and find out as much information as possible before you entrust your coins to a cryptocurrency exchange. A safe and reliable platform has to comply with the following requirements:
- The service safety. A cryptocurrency exchange deals with the money of its users. Top safety measures shall be applied to ensure the safety of user information and funds. A website shall be SSL-protected to prevent information interception. If the platform requires users to use its wallet, the use of two-factor authentication is mandatory.
- Legal registration. A legal address is a must. A cryptocurrency exchange is a business, and every business shall have a legal address.
- Reputation. Check whether there are complaints about the platform. If there are negative reviews, make sure you understand what you are going to deal with if you use the service. If many users have complained about fraud, avoid using the service.
- Customer support. Some exchanges will offer you to get in touch via email, others will provide efficient support in chat, and in some cases, even a phone number will be provided. Choose your preferred communication channel and test whether the service is ok for you. Human agents shall be available at least in one communication channel. And they shall be qualified enough to reply to your questions and resolve your issue if any.
Step 2. Sign up and fund your account
If a platform requires registration, do it. If you need to deposit a specific amount before you start swapping coins, do it, too. All in all, pass all the required procedures to access the platform’s trading options.
The benefit of instant exchanges such as LetsExchange is the absence of mandatory registration. While you might register an account to get additional benefits (transaction history, access to the exchange’s affiliate program, etc.), you might also just exchange your coins without registration and providing any sensitive information.
Step 3. Purchase
Finally, you can proceed with the purchase. The coins will be credited to your wallet as soon as you complete the required procedures. Usually, you need to perform the following steps:
- Indicate the coin to sell and the amount.
- Choose the coin to purchase.
- Provide the receiving wallet address and make a deposit if you use an instant cryptocurrency exchange.
- Receive the funds into your wallet.
- If you are swapping your coins here, on LetsExchange.io, you will be able to download a receipt with all transaction details.
Zilliqa is available on custodial exchanges such as Binance, Huobi, as well as on instant exchange platforms such as LetsExchange.
Where Can I Buy Zilliqa (ZIL) in the US?
U.S. citizens might face issues when looking for a safe platform to purchase Zilliqa. Due to some limitations, not many cryptocurrency exchanges can provide their services in the USA.
LetsExchange is one of the platforms that offer U.S. citizens an opportunity to buy Zilliqa with other cryptocurrencies, including BTC, ETH, and hundreds of altcoins. The platform doesn’t collect information about its users. Neither does it require you to pass KYC procedures. Don’t forget though that you need to have a wallet to receive your purchased coins.
Conclusion
Zilliqa is a promising project. It has already introduced sharding to the cryptocurrency world and demonstrated how to implement and use it efficiently. In the future, we are expecting new solutions and additions to the Zilliqa network.
Stay tuned for further updates, crypto guides, and market insights from LetsExchange. You can also follow us on Twitter, Facebook, Reddit, Instagram, LinkedIn, Medium, Quora, Telegram, Steemit, and Bitcointalk for first-hand information from our team.