Must read: Ensure your wallet address is correctly entered!
- Note that every wallet address is a unique code. As transactions are typically irreversible, always check that your receiving wallet address is entered accurately.
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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.
Zilliqa (ZIL) is available on a number of popular cryptocurrency exchanges, including:
The above exchanges allow users to purchase ZIL. Let’s use Huobi as an example for this guide. Follow our step-by-step guide below to find out what you need to do.
Using Huobi as an example, you will visit the Huobi homepage and open an account. By default, the website will be in Chinese, so click on the highlighted button at the very top right-hand side of the screen and change the language to English. Next, click on “Sign Up”. You will need to enter your nationality, a strong password and an email address – all of which you will need to confirm by entering the code that is sent to you. Once your account is created, log in.
As of April 2018, Huobi does not offer any fiat currency deposit facilities. You will need to fund your account with cryptocurrency that has been listed in a pair with ZIL, such as BTC or ETH.
If you do not hold either of these coins, or you are unsure how to obtain them, you can refer to the following guides:
To begin depositing your cryptocurrency in your Huobi account’s wallet, hover your mouse over “Balances” and click on “Deposit & Withdraw.” Find the cryptocurrency that you’ll use to fund your account (such as BTC or ETH). Next, click on “Deposit.” This will display your unique Huobi wallet address. Copy it to your clipboard.
Now head over to your account on the exchange where you hold BTC or ETH. You’ll typically be able to send funds by going to the “Withdraw” or “Send” section of the website. Once you have opted to transfer your funds, you should be prompted to enter the wallet address where funds should be received. Paste in your Huobi address and send your chosen amount of funds.
Once your funds have been received, you should be able to see balances updated on your exchange account after a few minutes.
Now that your Huobi account is funded, click on the “Exchange” button on the top menu. On the left hand sidebar, you’ll see a search box next to “Markets”. Search for “ZIL” and then depending on your deposited currency, select BTC or ETH.
To access the trading screen, click on the row that displays ZIL. Scroll down below the chart and you will see two trading boxes. Firstly, ensure that the “Market Order” button is selected as this will execute your trade at the current market price. Next, enter the amount of ZIL tokens you want to buy, ensuring that you are using the box above the green “Buy” button.
Finally, click on “Buy ZIL”, and your trade should fill immediately. As a final check, go back to your “Deposit & Withdraw” screen to see your updated balance.
If you want to sell your ZIL tokens, the process is similar to buying in the above example. However, if you are using Huobi, please ensure that you use the “Sell ZIL” trading box instead, which is above the red button.
ZIL tokens were issued on top of the Ethereum blockchain, which means that you can store them in any wallet that supports the ERC20 format. Most device types will be covered, including Windows, Mac and Linux, as well as iOS and Android.
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.
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.
All cryptocurrencies are highly speculative and there is not necessarily any corelation between the price of a token and the development of a blockchain. Here are other considerations you could factor into your decisions to buy ZIL:
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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