How to buy, sell and trade Zilliqa (ZIL)
A beginner’s guide to buying, selling and trading the ZIL token in Australia.
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The Zilliqa project is an initiative that aims to resolve issues surrounding blockchain scalability. Zillings, denoted by the ticker symbol ZIL, are the tokens of the Zilliqa platform. On the Zilliqa platform, ZIL tokens are used to pay for transactions or running smart contracts.
Quick guide: How to buy ZIL
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy ZIL. Compare some other options in the table below.
Where to buy, sell and trade Zilliqa
Zilliqa (ZIL) is available on a number of popular cryptocurrency exchanges, including:
A step-by-step guide to buying ZIL
The above exchanges allow users to purchase ZIL. Let’s use CoinSpot as an example for this guide. Follow our step-by-step guide below to find out what you need to do.
Step 1. Create an account at your exchange of choice
Using CoinSpot as an example, you will visit the CoinSpot homepage and open an account. Click on "Register". You will need to enter your a strong password and an email address – which you will need to confirm by entering the code that is sent to you. Once your account is created, log in.
Step 2. Deposit funds into your account
To begin depositing your cryptocurrency in your CoinSpot account, log in and select "Deposit". Choose your payment method from the available options, such as POLipay.
Follow the prompts to complete the deposit using your selected payment method. Most AUD deposit options should be complete within a few minutes, and once your funds have been received, you should be able to see balances updated on your exchange accounts.
Step 3. Buying ZIL
Now that your CoinSpot account is funded, click on the "Exchange" button on the top menu. On the top bar, you will see a button to "buy/sell." Click it, and then search for "ZIL." Then depending select it, and choose how much you want to buy or how much you want to spend.
Check that all the details are correct, and confirm your purchase. The ZIL will be sent to your CoinSpot account wallet.
How to sell ZIL
If you want to sell your ZIL tokens, the process is similar to buying in the above example, except you use the “Sell ZIL” option instead of buy.
Which wallets can I use to hold ZIL?
ZIL tokens are supported by several wallets, such as the official Zillet wallet.
How does the Zilliqa platform and ZIL work?
Created in June 2017 by a team of academics, the Zilliqa objective was to design a blockchain that could resolve issues surrounding blockchain scalability. When the cryptocurrency revolution experienced exponential growth in 2017, it became apparent that the first and second generation blockchain protocols of bitcoin (BTC) and Ethereum (ETH) had issues with scalability. As transactional demand has increased, blockchain validation speed has become slower. Hence, as more and more users accessed the system, the speed and efficiency of each transaction decreased drastically.
In response to this, the Zilliqa platform was built to handle significant throughput, or data processing, without compromising on network efficiency. The team behind Zilliqa claims to have resolved this issue through implementing a model known as sharding.
Key features of the Zilliqa platform
- Sharding. Sharding is the theory that as more and more nodes engage with the network, the amount of transactions per second that the blockchain can handle increases. Nodes simply refer to computers communicating with one another in a network. In a test, the Zilliqa model was able to perform 1,389 transactions a second. In comparison, it is widely accepted that bitcoin has a maximum capacity to validate 7 transactions per second.
- Hybrid Consensus Model. The initial validation method used to verify a movement of data is the proof-of-work (PoW) mechanism. Once a node has been verified, it is assigned to a shard. As an increased layer of protection against malpractice, the Zilliqa blockchain implements the Byzantine Fault Tolerance (BFT) consensus model. In a nutshell, this means that when a new transaction is sent to the network, it cannot be tampered with. Similar models can be found in aerospace engines and nuclear plants.
- Decentralised Applications (dapps) and smart contracts. The Zilliqa developers have created a feature that can facilitate smart contract utilisation. Smart contracts are contracts written in computer code instead of traditional legal language, enabling the contract to be executed automatically under predefined conditions. This means that two parties can agree to complex terms without needing to involve third parties. As identified on the Ethereum blockchain, smart contracts are data intensive. However, the sharding model installed within Zilliqa is designed to facilitate transaction speeds that are still within the thousands per second.
- Zillings (ZIL). The Zilliqa platform’s intrinsic tokens are called Zillings and have the ticker symbol ZIL. ZILs enable users to have platform usage rights where they can run smart contracts, receive mining rewards or pay for transaction processing.
Real world applications for ZIL
In late 2017, Zilliqa raised the equivalent of US$12 million in exchange for its newly created ZIL token. The fundamental purpose of ZIL is to fuel the Zilliqa economy. Notably, ZIL is the currency for mining rewards, transaction fees and smart contract execution. Outside of these parameters, the ZIL token acts just like any other cryptocurrency. Users can send, hold and receive funds, wallet-to-wallet, and its value is determined by market demand.
What to consider if buying ZIL
All cryptocurrencies are highly speculative and there is not necessarily any correlation between the price of a token and the development of a blockchain. Here are other considerations you could factor into your decision to buy ZIL:
- Supply. The total supply of ZIL will be capped at 21 billion coins.
- Sharding success. Zilliqa successfully launched a sharded mainnet and launched a high throughput blockchain.
- Whitepaper. To learn more about the Zilliqa platform's aims the ZIL token, you can check out the Zilliqa technical whitepaper.
- Notable Partnerships. The Zilliqa team has partnered with Mindshare, a global media and marketing agency.
Once you have considered the above points and conducted independent research on ZIL, you should be able to make an informed decision on whether to buy ZIL.
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