You can buy Zilliqa (ZIL) on a cryptocurrency exchange. These specialized marketplaces allow you to buy and sell cryptocurrencies and work similarly to stock trading platforms. The Zilliqa project is an initiative that aims to resolve issues surrounding blockchain scalability. Here’s how to buy Zilliqa in a simple way.
Want more than just to buy ZIL? Access dozens of different cryptocurrencies buying guides 2022 here.
What is Zilliqa (ZIL)?
Zilliqa is the name of a smart contract blockchain platform. Zilliqa uses a technology called sharding to maximize the number of transactions that can be performed at any given time.
Zilliqa also uses a unique consensus mechanism that is a hybrid of proof-of-work and Practical Byzantine Fault Tolerance (PoW and pBFT).
The native cryptocurrency of the Zilliqa blockchain is the Zilliqa coin, also called ZIL. ZIL is used to pay for transactions on the blockchain. These fees are used to reward the nodes that perform the calculations to operate the blockchain.
The project began in 2017 and was founded by a team of researchers from the National University of Singapore. The team later founded a company called Zilliqa Research to direct the development of the Zilliqa project.
Zilliqa is a software that seeks to incentivize a global, distributed network of computers to run a blockchain platform that aims to increase user scalability through sharding.
In this way, Zilliza is one of a number of competing blockchains aiming to grow an ecosystem of decentralized applications (dapps) and cryptocurrencies, such as Ethereum, Tron, and EOS.
To differentiate itself from others, Zilliqa uses a sharding process that splits its infrastructure into several interconnected blockchains to support more transactions.
Zilliqa also launched Scilla, a native programming language that focuses on security and enables developers to write and launch customizable dapps intended to replicate real-world services.
To achieve all of these features, the network’s native cryptocurrency, ZIL, is used to execute programs, send transactions, and incentivize actors that support the network.
For more regular updates from the Zilliqa team, you can bookmark Zilliqa’s Blog, which includes new releases, newsletter updates, and partnership announcements.
Read More: What is Zilliqa (ZIL)?
How Does Zilliqa (ZIL) Work?
Zilliqa was created in 2017 and was first made available for sale as an ERC-20 token in January 2018. The tokens were later transferred to the Zilliqa mainnet, which was launched in 2019. The token swap concluded in February 2020.
Zilliqa was the brainchild of Prateek Saxena, an award-winning research professor at the National University of Singapore, whose work has spawned browsers, web standards, and app stores. Along with a number of his students, Saxena published a paper in 2015 that explored how a sharding blockchain could improve network speed and efficiency. These ideas laid the foundation for what would become Zilliqa.
Around this time, Saxena partnered with Max Kantelia, a tech and finance entrepreneur with an engineering background, and Juzar Motiwalla, a venture capitalist with experience in tech startups, to found Anquan Capital. In 2017, Anquan incorporated Zilliqa Research, which created the Zilliqa network. Building on established links with the National University of Singapore, Zilliqa Research initially brought in Dong Xinshu as CEO, Amrit Kumar as chief scientific officer, and Yaoqi Jia as chief technology officer – all of whom were affiliated with the university’s School of Computing. Anquan Capital and Zilliqa Research both hold significant ZIL reserves.
Central to the concept behind Zilliqa is its reliance on sharding technology to overcome congestion. But what is sharding and how does it work? Simply put, sharding is the division of a network into multiple clusters of nodes, called shards. This means that when miners are called upon to verify a transaction they can do so in parallel. In other words, shards can process transactions separately from each other, rather than all together in one big group that gets slower and slower the larger it is, as is the case with most other cryptocurrencies. In a network that relies on sharding, the larger the network, the faster it can process transactions because the more shards there are, the more transactions they can process at the same time.
Why Buy Zilliqa (ZIL)?
Zilliqa is your portal to the blockchain world, enabling you to create user-friendly dApps more easily. Zilliqa (ZIL) is the latest example of how quickly fortunes can change with cryptocurrencies. It had a shaky 2021, and Zilliqa price was trending down until March of this year. Then, it gained nearly 500% in a matter of weeks.
Even with this recent success, Zilliqa is still outside the top 50 cryptocurrencies by market cap. That has made it popular among investors looking for the next big altcoin.
Zilliqa is a blockchain platform that can run smart contracts, which are programs built into a blockchain. Developers can use Zilliqa to create decentralized apps (dApps). It has similar capabilities to other programmable blockchains, such as Ethereum (ETH), Cardano (ADA), and Solana (SOL).
There’s a lot that can be done with dApps, like decentralized finance (DeFi) — a blockchain alternative to traditional financial services. They can also be used to mint and sell non-fungible tokens (NFTs) or to build NFT marketplaces.
What’s unique about Zilliqa is that it’s split into multiple portions, called shards. This allows it to handle far more transactions. According to Zilliqa’s website, it was the first public blockchain to use sharding.
How to Buy Zilliqa (ZIL) in 4 Simple Steps
- Step 1: Decide where to buy Zilliqa (ZIL).
- Step 2: Think about how to store your Zilliqa (ZIL).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy Zilliqa (ZIL) on a Crypto Exchange
1. Coinbase
- Step 1. Create a Coinbase account
Download the Coinbase app and start the sign-up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
- Step 2. Add a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.
- Step 3. Start a trade
Press the button then selects “Buy” from the list of options.
- Step 4. Select Zilliqa (ZIL) from the list of assets
Search for Zilliqa (ZIL) by typing “Zilliqa (ZIL)” into the search bar. When you see Zilliqa (ZIL) show up in the results, tap it to open up the purchase screen.
- Step 5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Zilliqa (ZIL) amount.
- Step 6. Finalize your purchase
Tap “Preview buy” when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase. That’s it, you’ve bought Zilliqa (ZIL).
2. eToro
- Step 1: Find a crypto exchange or trading platform that offers Zilliqa (ZIL)
There are a number of exchanges that will let you trade your funds for Zilliqa (ZIL). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy Zilliqa (ZIL) through eToro, all you need to do is sign up, verify your account and make a deposit. From there, you’ll be able to buy and sell Zilliqa (ZIL) easily.
- Step 3: Buy Zilliqa (ZIL)
Zilliqa (ZIL) can be purchased fractionally, so you don’t need to buy a full Zilliqa (ZIL) to own some. For example, if Zilliqa (ZIL)’s price is $10,000, you can purchase 0.1 Zilliqa (ZIL) for $1,000.
3. Bitfinex
- Step 1. Log in to your account or sign up for Bitfinex.
- Step 2. Go to Deposit, and choose Payment Cards.
- Step 3. Select the payment processors.
- Step 4. Choose the crypto and enter the amount.
- Step 5. Select the destination wallet and proceed with payment
4. Binance
- Step 1: Create your Binance Account
Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.
- Step 2: Start Buying Zilliqa (ZIL)
There are two main ways to buy Zilliqa (ZIL) on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Zilliqa (ZIL). Through this method, you can buy Zilliqa (ZIL) for a minimum. (This amount varies depending on the currency you use.)
Buy Zilliqa (ZIL) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Zilliqa (ZIL) listings to shop for the best offers on Zilliqa (ZIL) from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.
5. KuCoin
- Step 1. Sign Up for KuCoin Account
- Step 2. Secure Your KuCoin Account
- Step 3. Verify Your Identity
- Step 4. Connect Your Account to Funds Fund Your Account
- Step 5. Start Trading on KuCoin
How to Buy Zilliqa (ZIL) With PayPal
- Step 1. Login to Paypal and Select Cryptocurrency
In Paypal website, you should see the option for cryptocurrency in the top right of the dashboard, next to ‘Send’ and ‘Request’.
- Step 2. Select ‘Zilliqa (ZIL)’
Or choose any of the other coins listed.
- Step 3. Select ‘Buy’
- Step 4. Choose How Much You Want to Buy
Enter the number of dollars you want to spend on Zilliqa (ZIL) or choose a pre-set amount below.
- Step 5. Select Payment Method
You likely already have your bank account linked to your Paypal account, but you can also hook up another method if you don’t want to use your bank account.
- Step 6. Hit the ‘Buy’ button
After finalizing your purchase, you will be taken to a confirmation screen and you should see your coins reflected in your Paypal account dashboard.
How to Buy Zilliqa (ZIL) With a Credit Card
Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high-interest rates, among other fees.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.
- Cash Advance Fees: Some cards treat a cryptocurrency purchase as a cash advance. This means each crypto purchase is subject to a cash advance fee. A typical fee of either $10 or 5% (whichever is greater) would be charged. These fees are in addition to fees charged by the vendor or exchange.
- Cash Advance Interest Rates: Most cards have a higher Annual Percentage Rate (APR) for cash advances—often over 25%. This is a variable interest that changes with the market. Interest will start to accrue on the day the purchase is made and will continue to accrue until the credit is paid off. By comparison, cardholders have up to 25 days to pay off a regular credit card charge before accruing any interest.
- No Credit Toward Rewards or bonuses: Credit used to purchase crypto (and thus make a cash advance) typically doesn’t qualify for any purchase rewards nor toward spending that would normally apply to a welcome bonus.
- Lower Credit Limits: Cash advances often have a lower credit limit than the cardholder’s overall credit limit that applies to the card itself. Cardholders hoping to make big crypto buys may find themselves limited by the cash advance terms and limitations.
Read More: How to Sell Zilliqa (ZIL)?
Buying Zilliqa (ZIL) FAQs
What is a Zilliqa (ZIL) Wallet?
Zilliqa (ZIL) wallets are physical devices or software that manage and protect your blockchain assets. It’s like a private online bank account that only you can access. No third party can freeze or claim ownership of your assets.
Your wallet gives you access to ZIL and any other tokens you want to use. Ownership of your private keys gives you total control over the assets in your wallet.
Choose a wallet that supports your security and user needs. You can always try another one if you don’t like it. Remember, when it comes to your ZIL tokens, you’re the one in control.
Can You Sell Zilliqa (ZIL)?
You can buy, sell and convert ZIL to other cryptocurrencies on crypto.com’s exchange. Also, it is important to note that many exchanges allow you to stake ZIL to earn interest. For example, on the Binance Exchange, if you stake ZIL with a 90-day lock-up period, you can earn an annualized interest rate of 17.25%. There are options to stake your ZIL for 10, 30, 60, or 90 days, during which you won’t be able to sell your tokens. For long-term-oriented investors, staking is a great way to earn more tokens.
Read More: How to Sell Zilliqa (ZIL)?
What is a Zilliqa (ZIL) Address?
You can store ZIL on hardware wallets, web browser plugins, iOS, and Android devices and access them on the go.
Choose a wallet that supports your security and user needs. You can always try another one if you don’t like it. Remember, when it comes to your ZIL tokens, you’re the one in control.
How to Accept Zilliqa (ZIL) Payments?
Zilliqa payment is an additional option to get goods or services presented on the website using the ZIL cryptocurrency. Zilliqa is a platform via which users can build fast and efficient decentralized applications and send lightning-fast and secure peer-to-peer payments. This is the first platform on the market that used sharding technology to solve the scalability problem. Thanks to sharding technology, Zilliqa is able to support more than 2000 transactions per second. In addition, within the framework of the platform, Scilla smart contract language was developed to ensure the maximum level of security.
Anyone can accept Zilliqa as payment or donations to enjoy fast and secure transfers of cryptocurrency. You can rely on NOWPayments’ solutions in order to accept Zilliqa payments on your website.
- First, you need to sign up for a NOWPayments account. The process shouldn’t take more than a minute!
- Go to the store settings. Add your Zilliqa wallet and create a new API key.
- Choose the tool to add to your cart.
- The integration will be active on your website, and you’re ready to accept payments in Zilliqa!
