This guide covers all ingredients according to ZIL cryptocurrency. Also an answer to the question ‘Should I Invest in Zilliqa’ and the best places to invest.
Many early-bird cryptocurrency investors around the globe have already been starting to invest in ZIL cryptocurrency. If you do not know what Zilliqa is, then this article is going to be for you. Moreover, I will be explaining to you what ZIL is and how it works. At the same time, I’ll also share with you why investors want to purchase ZIL cryptocurrency and what options you have in buying ZIL cryptocurrency.
Disclaimer: All the information in this guide should be considered as educational content and not financial advice. I’m not responsible for any action you make following this guide or the things written in it.
What is the current price of ZIL cryptocurrency
Below is the table that shares all actual data of the ZIL cryptocurrency. First and foremost, it will give you the actual price(updated once every 24 hours), also it will give you some extra specifics about the network including total market cap and circulation supply of coins.
Actual ZIL price (24 hours)
|Total market cap||$322,402,335|
|Circulating supply of coins||15,867,699,447 ZIL|
|Maximum supply of coins||21,000,000,000 ZIL|
*CMC ranking: Ranking of the ZIL project on Coinmarketcap website
What is Zilliqa Cryptocurrency?
Indeed, Zilliqa(ZIL) is a cryptocurrency existing inside a blockchain network with a limited supply of coins. In particular, the Zilliqa blockchain has been developed to make the life of its bigger brother Ethereum easier. Zilliqa uses a special technology called ‘Sharding’ to streamline consensus and thereby make transaction throughput ‘onchain’ much faster. In the end, Zilliqa should be able to compete with the VISA network, which has a throughput of 1700 t/s. Eventually, when you invest in Zilliqa it’s mostly because of the strong fundamentals and fast network throughput.
What is a Sharded Blockchain?
On their website Zilliqa claims that they are the first blockchain project that uses this kind of architecture on their network. So, what does a sharded blockchain mean?
Simply put, sharding is a technique used by distributed networks to split up an entire network in smaller partitions, known as ‘shards’. Additionally, each individual shard contains its own unique data making it distinctive and independent.
The main goal of this technique is to make the entire network more scalable and also to make it able to process more transactions per second.
What is ZIL Crypto token?
ZIL is the symbol the Zilliqa project uses for its token on its blockchain network. Moreover, ZIL is the token that powers the Zilliqa blockchain and gives it value. In addition, this token can be used for different purposes. The most important are:
- smart-contract execution
- rewarding miners
- cover transaction fees
Invest in Zilliqa: Video explanation
Where to Buy ZIL Crypto
As explained above, ZIL is the token that can be used on the Zilliqa blockchain network. For investing in ZIL you can go to different cryptocurrency exchanges in the world. As this project has shown massive growth over time by becoming a stable top 100 coin it isn’t very hard to acquire some new ZIL tokens. Below I have listed the most reliable exchanges for buying ZIL cryptocurrency in a safe way.
Is Zilliqa on Coinbase?
At the time of writing this article, ZIL is not on Coinbase. However, there are many other exchanges all over the world that would allow you to buy ZIL cryptocurrency(as explained above). There is no information on why Coinbase is not allowing users to acquire ZIL using this platform.
Dapps on Zilliqa Blockchain
Although the Zilliqa blockchain network is still in the works, there have been some developments towards decentralized applications(dAPPS). Every developer with knowledge of the Scilla language is able to create smart contracts and dAPPS on their blockchain. Below some of the dAPPS already being realized:
- Unstoppable domains – Unstoppable domains is a dAPP that offers domain names on the blockchain. Now you can use domains on decentralized blockchains with .crypto extension. These blockchain domains can be stored in your cryptocurrency wallet and no third party can take them offline.
- Ocean Rumble – Ocean Rumble is a fast-paced and mobile-friendly multiplayer online battle arena game. The game lets players collect minions of various rarities, form teams and lead them to victories across arenas.
- Krypton –Krypton is a partner of Zilliqa also involved in the blockchain space. They build IOST Planet and an Ethereum Mainnet Planet App. Also it has a built-in perfect wallet, NFT wallet, NFT transaction mall and other functions, built-in support for multi-chain battles such as Krypton tycoon, super player and other games.
Blockchain domains and .ZIL extensions
One of the main features the Zilliqa blockchain network supports are domain names. Moreover, with the help of the dAPP unstoppable domains users can become owner of domains with .ZIL and .CRYPTO extension.
Simply put, a blockchain domain is a collection of smart contracts on Zilliqa that makes it possible to become the owner of a domain within a blockchain network. Similar to existing domains on the traditional web you can launch sites, however, they are fully decentralized and censorship-resistant.
Also, users have to option to select domain names with different extensions: .ZIL and .CRYPTO. The main difference between those two are that .CRYPTO can be used on Ethereum and .ZIL on Zilliqa. Besides, domain names with .ZIL extension also functions as a wallet and can receive payments.
Can I Stake ZIL Cryptocurrency?
Yes staking ZIL is possible even though they haven’t fully transformed into a Proof-of-Stake consensus mechanism yet. First of all, there is the Moonlet wallet that offers staking ZIL on several mobile devices. Also, it’s possible to stake on several bigger exchanges like Binanceand Kucoin. In general, staking ZIL can be done at an annual reward rate of 10%.
Zilliqa offers staking on its blockchain network in order to push decentralization to another level. Particularly, staking opens access to manage Zilliqa seed nodes and to their ecosystem of miners.
All in all, a maximum of 610 million ZIL can be locked up for staking. Also, every single node can stake at a maximum of 61 million ZIL coins.
Staking ZIL on cryptocurrency exchanges
Nowadays it very common that the bigger cryptocurrency exchanges in the world offer staking at their platforms. Not only it’s possible for users to trade cryptocurrency, but it is also possible to earn some passive income by locking up coins and earn additional rewards. As explained above Kucoin and Binance are offering staking options besides investing in ZIL cryptocurrency. Furthermore, I have to state that Kucoin, for example, uses its own policy for staking ZIL which is very flexible. Also, it is good to know that they can’t guarantee 10% in rewards because of this flexible policy.
Moonlet wallet vs Kucoin staking
The Moonlet wallet is very easy to use and if you aren’t a trader this option suits you best. After you bought some ZIL tokens it’s very easy to sent them into this wallet and start staking right away. The way this works is that you choose a delegator or seed operator and send the amount of ZIL tokens into the smart contract they are offerring.
All this without the need of any intermediary scraping transaction fees. Besides, if you are a long term “Hodler” of ZIL it’s very wise to use the Ledger Nano hardware wallet in combination with Moonlet. By doing so, you can securely manage, stake and spend your crypto assets.
Kucoin on the other hand offers a custodian wallet on their platform for staking where you can also invest in ZIL cryptocurrency. For staking ZIL Kucoin uses a soft staking approach where users can join the Pool-X account anytime they want.
Additionally, users have to hold the ZIL tokens there where rewards will come in daily. Also, users can leave anytime they want which makes this way of staking very flexible. Finally, the rewards are calculated on a daily basis and there are no limits in the number of tokens being staked. The consequence is that if more users are staking the fewer rewards will be available to share amongst the stakers in the pool.
Can Zilliqa reach $1?
In the crypto markets, everything is possible, even this impossible target at the time of writing this article. In order for ZIL to reach $1 per coin, it would need to grow by 5000% from its current levels($0.02). That means that it would have a market valuation of about $10 billion. For now, this is certainly something almost impossible to happen.
Bitcoin was not yet able to reach $500 billion market capitalization. This is why it may take a long time before we see Zilliqa reaching these levels. It is also worth mentioning that with higher inflation in the coming years, it may be certainly possible to see more often values close to the trillions of USD.
Nevertheless, this $1 target for ZIL virtual currency is something that remains far from taking place in the near future. It is for sure that many investors would be glad to see Zilliqa moving towards $0.20 and eventually reaching its previous all-time high before going to $1.
In this article, I tried to give you all the relevant information about the Zilliqa blockchain as a whole. Remember that if you want to invest in Zilliqa it’s very important to do some decent research and this article should be a great help. Moreover, reliable and up to date information is necessary especially in this very dynamic world of the cryptocurrency industry as it is today.
All in all, I have to conclude that Zilliqa has established a decent share in the total crypto space currently ranked at 63th on CMC with a market share of $200 million. Happy investing and take care!
The following articles might also be a good read for you:
- 7 Best Exchanges to Buy Zilliqa Crypto(ZIL)
- Top 5 Do’s and Dont’s of Cryptocurrency Wallets
- Should I Invest in Crypto Collectibles or NFT’s?
- Crypto Lending vs Staking: Which concept generates the most Passive Income?
- 12 Best places to stake Stablecoins(Earn Interest)
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