Zilliqa Price

What is Zilliqa?

Designed to be open and permissionless, Zilliqa is a Layer 1 hybrid proof of work (PoW)/PBFT (practical Byzantine fault tolerant) blockchain that uses a sharding mechanism to increase scalability levels. Thanks to its unique smart contract language, Scilla, developers can write and deploy smart contracts on Zilliqa in a safe and secure manner.

Fast, secure and decentralized, Zilliqa is ideal for the gaming niche and other specialized/computational purposes, such as data mining and financial modeling.

What is Zilling (ZIL)?

ZIL (or Zilling) is the native token of Zilliqa. ZIL is designed to enable and scale DApps on financial services and platforms, such as NFT marketplaces.

What Is ZIL Used For?

ZIL is used primarily for utility purposes, such as paying fees for various transactions, including gas fees for contract execution. It also serves as an incentive to reward miners, as well as users who stake their tokens.

Zilliqa Price and Tokenomics

As of Aug. 19, 2022, ZIL’s USD price is around $0.040. It has a market cap of approximately $528.16 million, a fully diluted market cap of nearly $841 million and a circulating supply of 13.19 billion ZIL. Its max supply of 21 billion ZIL is allocated as follows:

• 40% (8.4 billion): Incentive for miners over a period of 10 years

• 30% (6.3 billion): Distributed to the community through public sale

• 30% (6.3 billion): Various companies, teams and agencies:

• 10% (2.1 billion): Anquan Capital

• 12% (2.52 billion): Zilliqa Research

• 5% (1.05 billion): Zilliqa’s founding team and future employees (these tokens undergo a three-year vesting period)

• 3% (0.63 billion): Various supporting agencies, including Bitcoin Suisse

Who Is the Founder of Zilliqa?

Zilliqa was founded in 2017 by a group of researchers from the National University of Singapore (NUS), including Xinshu Dong, Yaoqi Jia, Amrit Kumar and Prateek Saxena. Its mainnet went live in 2019.

Currently, Zilliqa comprises a team of over fifty industry experts, scientists, engineers and venture creators who are actively working to improve the blockchain’s functionality. At the moment, Dr. Ben Livshits, who was previously the chief scientist at Brave Software, is spearheading the team as CEO.

How Does Zilliqa Work?

Scaling & Sharding

As competition in the crypto industry heats up, blockchains face pressure to process transactions at an increasingly higher rate. A blockchain’s ability to scale depends largely on its design and consensus mechanism. Not all blockchains are equipped to do so ― but Zilliqa can.

The Zilliqa blockchain scales transaction rates through sharding, which refers to dividing the mining network into smaller groups called shards. Each shard comprises many nodes. Transactions can thus be processed in parallel, vastly increasing output through linear scaling.

For example, if Network A has 2,000 nodes. Zilliqa would automatically divide the network into 20 shards, each with 100 nodes. If each shard can process 10 TPS, 20 shards will collectively be able to process 200 transactions per second (TPS).

According to Zilliqa, transaction rates on the blockchain nearly double for every few hundred nodes that are added. 

In theory, sharding implies that there's no limit to the number of transactions that can be processed per second.

What Makes Zilliqa Unique?

Three main features differentiate Zilliqa from other protocols. 

1. Sharding, which solves scalability limitations common in other blockchains. Thanks to this process, the network is able to increase its overall capacity tremendously.

2. The fact that it utilizes a blend of PoW and practical Byzantine fault tolerant (PBFT) protocols to achieve consensus. Zilliqa also uses an optimized consensus algorithm to process shards.

3. Its smart contract, Scilla, with which smart contracts are written and deployed. Scilla comes with a library of standard operations and static analyzers that scan for bugs before contracts are deployed. Apart from resolving security issues in existing smart contract languages, the library also allows developers to vet their contracts thoroughly and ensure that each one can be executed as planned.

How to Store ZIL

Physical hardware and software are excellent ways to protect your financial assets (ZIL). You can store your tokens in both hot and cold wallets.

Where to Buy ZIL

You can buy ZIL from any top crypto exchange, including Bybit.

How to Buy ZIL on Bybit

To purchase ZIL on the Bybit exchange, follow these simple steps:

1. Head to Bybit’s spot trading page (Home → Trade → Spot Trading).

2. Select your trading pair on the left side of the page. You can trade ZIL with USDT (ZIL/USDT).

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the number of ZIL you wish to buy.

4. Click on Buy ZIL.

5. Once you’ve confirmed that your information is correct, click on Buy ZIL.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount of USDT you’ve paid to buy ZIL.

3. Click on Buy ZIL.

4. Once you’ve confirmed that your information is correct, click on Buy ZIL.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

1. Market Price: Order price doesn’t need to be set.

2. Limit Price: Order price needs to be set.

4. According to order types:

1. Market Buy: Enter the amount of USDT you’ve paid to buy ZIL.

2. Limit Buy: Enter the number of ZIL you want to buy.

5. Click on Buy ZIL.

6. Once you’ve confirmed that your information is correct, click on Buy ZIL.

7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, visit the Bybit spot trading guide.