Buy Zilliqa

Zilliqa is a public blockchain network focused on providing high throughput. The network can process thousands of transactions per second through sharding. Sharding divides the network into smaller, manageable segments (shards) that can process transactions in parallel. This makes Zilliqa attractive to businesses and applications that require fast transaction speeds, such as financial services, gaming, and entertainment.

In addition to addressing scalability and speed issues that many blockchains face, Zilliqa also aims to become a platform of choice for businesses and organizations. ZIL is Zilliqa’s cryptocurrency and plays a key role in the ecosystem. It is used for transaction processing on the network, smart contract execution, and as an incentive for participants who support the network through staking.

Who founded Zilliqa?

Zilliqa was conceived in 2017 by Prateek Saxena, an assistant professor at the National University of Singapore. It was developed by Zilliqa Research, which Saxena co-founded with Max Kantelia and Juzar Motiwalla. The team consists of over 50 employees with expertise in software development and finance, who are committed to making Zilliqa a leading blockchain platform.

Zilliqa is a versatile blockchain with various applications. Some examples of what the project can be used for:

• Transaction processing: Thanks to its high speed and low cost, Zilliqa is ideal for processing large numbers of transactions.
• dApp development: Developers can use Zilliqa’s scalable network and secure programming language Scilla to build efficient dApps.
• Smart contracts: With its proprietary programming language Schilla, focused on security, Zilliqa provides a platform for developing smart contracts without common security vulnerabilities.
• Financial services: Due to its ability to process thousands of transactions per second, Zilliqa is ideal for financial applications and services within DeFi.
• Staking: Users can stake ZIL in yield farming protocols and earn rewards while contributing to network security and consensus.

Zilliqa is designed to achieve high transaction speeds through sharding and a unique consensus mechanism. This combination allows for thousands of transactions per second, which is attractive to developers and enterprises seeking efficient blockchain solutions.

Proof-of-Work (PoW) and practical Byzantine Fault Tolerance (pBFT)

Zilliqa uses a hybrid approach that combines Proof-of-Work (PoW) with practical Byzantine Fault Tolerance (pBFT). PoW is used occasionally to establish the identity of nodes, not for every transaction, which provides energy savings compared to traditional PoW blockchains. pBFT then facilitates fast and energy-efficient consensus within the network, confirming transactions within seconds.

Staking plays an important role as token holders can stake their ZIL to contribute to network security. Stakers receive rewards in the form of additional ZIL tokens, which incentivizes users to actively support the network.

Sharding

Sharding is a technique that divides the Zilliqa network into smaller, manageable chunks (shards) that can process transactions in parallel. Each shard processes a portion of transactions into “microblocks,” significantly increasing the overall throughput of the network. This approach allows for scalability as more nodes join. All nodes in a shard must agree before they can add the microblock to the transaction block that is then added to the blockchain.

The shards communicate with each other through the Directory Service Committee, a group of nodes that coordinates the shards and builds the blockchain. This process ensures that all transactions are processed and verified correctly and efficiently across the network.

Zilliqa stands out due to the following features:

• High throughput: Zilliqa’s blockchain can process thousands of transactions per second, significantly more than many competitors such as Ethereum, which can only process 15 transactions per second.
• Sharding: Zilliqa is the first blockchain in the world to implement full sharding, allowing the network to process thousands of transactions per second. This solves the scalability problem that many other blockchains struggle with.
• Scilla programming language: Zilliqa uses the Scilla programming language, which is specifically designed to securely program smart contracts. This reduces security risks and allows for formal verification of smart contracts, making the blockchain significantly more secure.
• Sustainable consensus mechanism: By combining Proof-of-Work with practical Byzantine Fault Tolerance (BFT), Zilliqa has developed a consensus mechanism that is more efficient, secure, and sustainable than traditional PoW mechanisms.

Zilliqa and Ethereum are both platforms for developing smart contracts and decentralized applications (dApps), but they differ in several ways. Zilliqa uses sharding to achieve high transaction speeds. Additionally, it has a specially designed programming language called Scilla for more secure smart contracts.

Ethereum is known for its extensive ecosystem of dApps and DeFi projects. In Ethereum 2.0, it switched to Proof-of-Stake to make the network more energy efficient and scalable. Despite this, Zilliqa still has higher throughput than Ethereum, making it attractive to developers.

You can buy Zilliqa (ZIL) at Bitvavo, a platform accessible to both new and experienced traders. Follow these steps to buy ZIL via our website or mobile app:

1. Register or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit".
3. Go to the Zilliqa purchase page.
4. Determine the amount in euros you want to spend or the number of ZIL tokens you wish to buy and click on "Buy".

The price of ZIL tokens depends on the current market value. After purchase, Zilliqa tokens are immediately and automatically credited to your Bitvavo account, where you can easily manage and sell them. This allows you to quickly respond to market movements.

Store your Zilliqa safely in your Bitvavo account, where the majority of funds are secured in cold wallets managed offline. Enabling two-factor authentication (2FA) is highly recommended to further secure your account.

Most third-party software and hardware wallets now support Zilliqa, allowing users to manage their tokens themselves. You can easily purchase ZIL and transfer it to an external wallet by first linking your wallet address to your Bitvavo account, giving you full control over your coins.