Zilliqa explained: How to buy ZIL token?

With the overload due to a high number of transactions, many blockchains reveal their weakness in scalability and transaction processing. And Zilliqa is a useful solution to solve those problems. So here is what you need to know before investing in Zilliqa (Zil) – the outstanding Singapore-based crypto. Let’s explore 5 things to know about Zilliqa (Zil token) with Tokenzie Xchange and how to buy ZIL token.  

What is Zilliqa (ZIL)?

Zilliqa is a blockchain platform with a sharded architecture aiming to solve the scalability issues that other blockchains are currently facing. Taking the advantage of a separated structure, Zilliqa can split its infrastructure into several different blockchains that are connected to each other, leading to faster transaction processing compared to 5 – 20 TPS of its first generation. 

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As a result, Zilliqa is a strong competitor to other blockchains with decentralized apps and a cryptocurrency ecosystem, such as Etherum, EOS, and Tron. 

An ICO held in January 2018 helped Zilliqa raise a fund of 22 million USD. ZIL token, the native token of Zilliqa network, is a ERC-20 based token that has functions as transaction fees, mining reward, or gas for activities that keeps blockchain running. In addition, gas fee of Zilliqa network has still remained lower than other blockchains like Etherum.

The Zilliqa project was the first in the crypto world to introduce sharding, and they have recently added further capabilities to their blockchain for added security and infrastructure. In 2019, the mining function will be available to the public, and staking will be announced in the same year.

Development teams

The Zilliqa was founded in 2017 by a group of National University of Singapore researchers. The first team consisted of Yaoqi Jia, Amrit Kumar, Xinshu Dong, and Prateek Saxena. After that, Zilliqa company was established in June 2017, which could be known as Zilliqa Research. 

A few months later, Zilliqa team released the first testnet. Prateek Saxena, co-founder of Zilliqa, is Associate Professor of Computer Science Division at NUS, who was co-writer of a research paper called Elastico with Loi Luu, CEO, and Co-Founder of Kyber Network.

Amrit Kumar, co-founder and Chief Scientific Officer of Zilliqa, had a Master degree in Security and obtained a Ph.D. degree from Université Grenoble-Alpes, France. Amrit has many years of experience in security, privacy, and applied cryptography. Additionally, scientific research that Amrit contributed to has been widely published at IEEE/IFIP and IFIP TC-11 SEC. 

Yaoqi Jia was Chief Technology Officer of Zilliqa, who had achieved a B.S degree in computer science at Huazhong University of Science and Technology before completing a Ph.D. in Computing at NUS in 2017. Yaoqi was in charge of building and designing the very first public blockchain platform with sharding features.

How does Zilliqa work?

Zilliqa structure can be imagined as a big team, and sharding plays an important role in dividing into smaller teams that aim to complete a big task.

Unlike many current blockchain applications, which process every transaction on network nodes, Zilliqa’s small team processes a portion of the network’s transactions and requires only a few miners to work on those transactions at any given moment. This saves computing resources by reducing the number of time nodes spend verifying transactions that have already been validated by thousands of other nodes.

Although it operates on a Proof-of-Work (PoW) network based on computational mining, similar to Bitcoin and Ethereum 1.0, Zilliqa has a complex tech architecture and stands out for its scalability thanks to its blockchain sharding breakthroughs. Each shard plays a role as a blockchain, allowing nodes to process transactions, record data, and add new microblocks to the chain.

According to Zelliqa’s model, if there were 20,000 nodes, the network might be divided into 25 sub-networks, each with 800 nodes, to process data simultaneously and in parallel.  Directory Service Nodes (or DS nodes) assemble microblocks into a transaction block, which is subsequently uploaded to the Zilliqa blockchain. The shard nodes only contain a fraction of the Zilliqa blockchain and do not need to keep the whole history of Zilliqa.

Is ZIL token a good investment?

Compared to network congestion and concomitant high transaction costs of many blockchains such as ETH, ZIL is becoming more attractive to investors. Developers want to take advantage of the network’s large scalability and speed despite the high load of Dapps. However, ZIL crypto would need to reach a new range of customers, which is an essential requirement to thrive. 

Currently, ZIL token achieves a rank of #108 on CoinMarketCap’s leaderboard with the token price of approximately 0.065 USD and over 700 million USD market cap. Despite Zilliqa got its token price skyrocketing during April and May, it has been sinking nearly fourfold to $0.065 compared to the highest peak this year. However, this dumping can be considered to be normal, while the whole cryptocurrency market is full of red light in the last few months of 2021.

It is expected that the market will recover soon. According to experts, if this bullish trend continues, ZIL cryptocurrency will be able to show rapid growth in price to its old ATH of 0.25 USD. With upcoming good news in features and partnerships, hitting a new milestone is a bit of a stretch in terms of price, but it’s certainly doable shortly.

How to buy Zilliqa (ZIL token)?

If you are wondering how to buy Zilliqa in Singapore, Tokenize Xchange would be the answer. Investors can easily sell and buy ZIL (Zilliqa) on Tokenize Xchange with just a click. 

>>>Click HERE to buy Zilliqa crypto 

Don’t forget to finish KYC and start your investment journey with us.

>>>Read more: How to buy crypto with credit and debit cards in Singapore<<<

Bottom line

Overall, this is a potential project that aims to solve some of the problems that blockchains today have to deal with. In the current situation, ZIL token could be a good one that investors should put in their portfolios going forward. Keep following Tokenize Blog for more market news and Tokenzie promotion!

***Be kindly noted that the article is the personal opinion of the writer, not Tokenize Xchange’s investment advice.