What is ZIL coin? What can ZIL coins do? How to store ZIL coins?

Zilliqa (ZIL) is a sharding-based blockchain platform that allows for high transaction throughput at low fees, enabling dApps development and offering various utility for its native ZIL coin.

Nov 03, 2024 at 08:12 am

What is Zilliqa (ZIL) Coin?

Zilliqa is a high-throughput public blockchain platform designed to address the scalability issues faced by many other blockchains. It utilizes a unique sharding technology called "dynamic sharding" to process transactions in parallel, significantly increasing the platform's transaction rate.

Key Features of Zilliqa:

High Transaction Throughput: Capable of processing thousands of transactions per second (TPS) through sharding.
Low Transaction Fees: Transactions are processed for minimal fees compared to some other platforms.
Smart Contract Support: Allows for the creation and execution of decentralized applications (dApps) using the Scilla programming language.
Proof-of-Work Consensus: Utilizes a Byzantine Fault Tolerance (BFT) algorithm for transaction validation.

What Can ZIL Coins Do?

ZIL coins, the native cryptocurrency of Zilliqa, serve several purposes:

Transaction Fees: ZIL is used to pay for transaction fees on the Zilliqa network.
Staked for Rewards: ZIL holders can stake their coins to participate in network governance and earn rewards.
Governance: Stakers can vote on platform updates and upgrades to influence the future direction of Zilliqa.
Currency: ZIL can be used as a medium of exchange for goods and services.

How to Store ZIL Coins

Several wallet options are available to store ZIL coins securely:

1. Official Zilliqa Wallet: The official wallet from Zilliqa, available for desktop and mobile devices.

2. Hardware Wallets: Ledger Nano X and Trezor Model T hardware wallets support ZIL storage.

3. Software Wallets: Exodus, Guarda, and Trust Wallet are popular software wallets that support ZIL.

4. Exchange Wallets: Cryptocurrency exchanges like Binance and Coinbase provide custodial wallets to store ZIL coins.

5. Desktop/Mobile Wallets: ZilPay (mobile and web) and Zillet (desktop) are dedicated Zilliqa wallets.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

A8

$0.2439

79.69%

Trade Now
AUCTION

$34.6069

31.13%

Trade Now
ARC

$0.0635

28.93%

Trade Now
BNX

$1.4122

28.72%

Trade Now
KEEP

$0.0877

19.12%

Trade Now
VANA

$6.7231

17.37%

Trade Now

Latest Crypto News

Can XRP Price Hit $7? The Truth About Ripple That No One Is Talking About!
2025-03-17 06:50:56
Sleep Token are set for a huge 2025. Download Festival headliners and a brand new album are on the horizon. World domination beckons.
2025-03-17 06:45:56
New crypto presale Meme Index ($MEMEX), has already raised an impressive $4 million
2025-03-17 06:45:56
The Cryptocurrency Market is Heating Up, with Qubetics (TICS), Cosmos (ATOM), Ripple (XRP), and Celestia (TIA) Emerging as Top Picks
2025-03-17 06:30:56
Amidst the Rapid Expansion of the Global Web3 Ecosystem, WebKey Achieves Another Milestone!
2025-03-17 06:30:56
Qubetics ($TICS): The Next Generation of Blockchain Interoperability
2025-03-17 06:25:56

Related knowledge

What is Ethereum’s Slashing mechanism and how to punish malicious behavior?

Feb 20,2025 at 03:08am

Key PointsOverview of slashingDifferent types of slashing in EthereumIncentives and consequences of slashingIdentifying and reporting slashed validatorsOngoing discussions and potential improvementsEthereum's Slashing Mechanism: Punishing Malicious BehaviorEthereum's slashing mechanism is an essential tool for ensuring network security and punishing mal...

What is the verifier node of Ethereum and how to become a verifier?

Feb 19,2025 at 06:00pm

The Verifier Node of Ethereum: A Comprehensive GuideKey Points:What is a Verifier Node?How to Become a Verifier NodeResponsibilities and Rewards of a Verifier NodeMinimum Requirements for Becoming a Verifier NodePotential Difficulties in Running a Verifier Node1. What is a Verifier Node?A Verifier Node is an independent entity on the Ethereum network th...

What is Ethereum’s staking, and how to participate and earn money?

Feb 19,2025 at 04:37pm

Key Points:Understanding Ethereum's Staking MechanismSteps to Participate in StakingBenefits and Rewards of StakingSecurity and Risk ConsiderationsTechnical Requirements and Hardware OptionsPotential Challenges and Troubleshooting TipsFAQs on Ethereum StakingWhat is Ethereum's Staking?Proof-of-Stake (PoS) is a consensus mechanism used in blockchain netw...

What is Ethereum’s DAO (Decentralized Autonomous Organization) and how does it work?

Feb 20,2025 at 03:12am

Key PointsDefinition and Structure of a DAOGovernance and Decision-Making in DAOsBenefits and Use Cases of DAOsChallenges and Limitations of DAOsWhat is Ethereum's DAO (Decentralized Autonomous Organization) and How Does It Work?Definition and Structure of a DAOA Decentralized Autonomous Organization (DAO) is an innovative governance and management fram...

What is Ethereum's multi-signature wallet and how to improve security?

Feb 20,2025 at 02:18pm

Key Points:Understanding the Concept of a Multi-Signature WalletBenefits and Drawbacks of Multisig WalletsRequirements for Setting Up a Multisig WalletStep-by-Step Guide to Generating a Multisig WalletImplementing Strategies for Enhanced Security1. Understanding the Concept of a Multi-Signature WalletA multi-signature (multisig) wallet in the Ethereum e...

What is Ethereum's oracle and how to provide data for smart contracts?

Feb 21,2025 at 01:30am

Key Points:Understanding the concept of oracles in EthereumExploring different types of oraclesDetailed guide on how to provide data for smart contractsAddressing potential challenges and considerationsWhat is Ethereum's Oracle?Oracles are crucial components in the Ethereum ecosystem, enabling smart contracts to access real-world data and off-chain even...