What is Zilliqa and how to buy ZIL Coin
What is Zilliqa and how to buy ZIL Coin
Thanks to the quick rise of blockchain technology, the most relevant problem that wider acceptance has to deal with, is without a doubt scalability. Latest proceedings like the advent of novelties like Crypto Kitties shows just exactly how susceptible extensively used blockchain protocols such as ETH are, with scalability issues. To develop the technology, the capacity to process a larger amount of transactions per second remains a chief stumbling block. For blockchain to become a widely adopted technology with high volume transaction utilities like processing of payment volume usually seen with credit cards, scalability issues must be sorted. Zilliqa aims to sort this out through an ICO by offering an innovative way to sort the problem of scaling.
The Zilliqa ICO presents a novel blockchain platform that has the capability of processing a large number of transactions, numbering in thousands per second, with the possibility to contend the transaction time of traditional transactional payment systems that are centralized. To be able to meet this level of transactions by scaling, Zilliqa makes use of a process known as “sharding". For example, if there are 1,000 nodes available on the protocol, Zilliqa is able to spontaneously distribute the network into 10 shards containing 100 nodes each. Zilliqa is to be processed using the token Zillings (ZILs), which in numerous ways is similar to the Ethereum protocol and its own ETH. ZILs are to be used to process fees on the Zilliqa network nodes. The token is to be firstly disseminated as an ERC-20 token until a time when the mainnet is launched. Another advantage of the Zilliqa is that several miners are able to be rewarded by each individual block simultaneously within the ZIL ecosystem. Moreover, the protocol has been designed to make the income that miners make extremely stable when compared to different other chains. This is down to the ecosystem having variance levels that are very low and nodes that enable multiple simultaneous mining by different miners, to make sure the rewards are more evenly distributed when in comparison to other blockchains.
The Team behind the Zilliqa ICO
Xinshu Dong, as Zilliqa’s CEO has prior experience researching and developing blockchain with Anquan, which was a trademarked secure and scalable blockchain that is principally arrayed for e-commerce and financial applications and has been surprisingly seen as the forerunner to the Zilliqa project. With his previous position as a lead engineer, he is able to convey his blockchain knowledge to the team.
Christel Quek as the CMO is a co-founder of BOLT, which is a gaming and live TV service with over 3million subscribers across the world. His previous past performance as a tech business leader is very impressive which has been a major boon for the Zilliqa project.
Like most blockchain startups, the Zilliqa project is not left out of having an advisory board to help it navigate uncharted waters in the tech industry. One of such advisors is Loi Luu, who founded Khyber, with numerous speaking engagements at Ethereum and Bitcoin workshops. Another advisor is the financial technology expert with over 20 years of experience in investment banking. At the moment, he carries the flag for blockchain and works on the early corporate banking adaptation of the blockchain technology.
How to Purchase Zilliqa (ZIL)
The guide below contains instructions on how to purchase Zillings, and the most seamless wallet and method to store Zillings which is MyEtherWallet, a wallet that is able to store any coin issued on the Ethereum blockchain, of which Zilliqa is one of them.
Head to myetherwallet.com and enter a memorable password
Click 'Create New Wallet'.
Tick 'Download Keystore File'. And read the warnings that appear.
This file should be backed up in a safe place, such as a USB drive or hard drive.
The next step would be to save the keystore file. To this end, an unencrypted strong private key that grants access to the wallet will be provided.
It is imperative that the private key is never given to anyone, as this is the key that holds access to your wallet and your coins. It is important to print out the key and store a hard copy in the event that the soft key is lost or deleted.
A sure-fire way to securely store coins is by the use of Hardware wallets, these are wallets that can be plugged into computers much like a USB jump drive. It works as a firewall protecting your purchased Zillings from intrusions that may arise from hacks, virus or malware attacks.
The next step would be to open the newly created wallet.
This is done by selecting the 'Keystore File' option, and then uploading the keystore file that was saved in Step 2. Enter the password and your opened wallet should be visible.
A large string of numbers and letters should be visible. This is labelled as 'Your Address'.
This is your very own, personal wallet address, where Zillings can be sent to. This address should be also stored in a safe place
Step 1: Create a Binance account
This is a simple process that only requires a valid email address and a password.
Step 2: Activate your Account
Once the first step has been done, Binance will send an account activation email. It is imperative to note that Binance may require verification documents such as driving license, or passport.
Step 3: Log in to your Account
Head back to Binance website and log onto your account using the information provided in Step 1 although not mandatory, setting up a 2 factor authentication to efficiently secure the account is recommended.
Step 4: Funding your Newly Activated Binance Account
On Binance, Zilliqa Coins (ZIL) tokens can only be purchased using Ethereum or Bitcoin as fiat currencies cannot be used. Locate the "Funds" link on the top menu bar, then the "Deposits" link on the sub-menu that appears from it.
Locate the specific wallet address required for Ethereum by entering "ETH" in the search box. Copy the deposit address and paste it into the outgoing address on Coinbase.
To be able to deposit your funds, you should first click on the Funds tab, located on the top navigation bar. The next step would be to click Deposit Withdrawals tab and from the list, it displays below, locates either the Bitcoin or Ethereum wallet, depending on which cryptocurrency was purchased on Coinbase. The next step would be to Select the wallet address that is provided to send the recently purchased cryptocurrency to your Binance account, to enable you to purchase ZIL.
Step 5: Buying Zilliqa (ZIL) tokens
Once the above steps have been done correctly, you should be able to see your recently deposited Ethereum in your account. You are now able to use that Ethereum to purchase Zilliqa Coins ZIL.
The next step would be to Select the Exchange tab located in the top navigation bar and then click Basic also located on the same bar.
Located on the top right of the exchange, is the selling currency (ETH or BTC) selecting ETH (Ethereum) or BTC (Bitcoin), you search for the ZIL/BTC or ZIL/ETH pairing.
This, in turn, opens the trading window of the pair you wish to exchange. Locate the Buy/Sell section on the page to place your Buy order.
Enter in how much you wish to purchase in the box provided and confirm your purchase.
DISCLAIMER: Cryptocurrencies like Bitcoin and Ethereum are highly volatile and risky. We cannot give you advice about what to invest in or how much to invest. You should take the information we provide in our courses and blog posts, do your own additional research on specific cryptocurrencies, and plan to decide what kind of investments work for you. We highly recommend talking to a financial advisor to understand the level of risk that you are comfortable with.
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