What is Zilliqa (ZIL)?

Zilliqa is a public, permissionless ERC-20 blockchain that uses the sharding method to solve the scalability problem by verifying thousands of transactions in seconds. ZIL is the native token of this blockchain used to verify transactions on the Zilliqa network, maintain its operability and execute smart contracts. The idea of Zilliqa was first introduced by Prateek Saxena, an assistant professor at a university in Singapore. Its development started in June 2017, followed by its test that went live in 2018, and its main net launch was in 2019.

Zil has a maximum supply of 21 billion tokens, of which 60% were planned to be distributed at the token generation event in 2018, and the remaining will be generated through mining.

How does Zilliqa (ZIL) work?

Zilliqa uses a Sharding mechanism, which divides the mining network into smaller parts or shards to process transactions in parallel. Sharding divides the information of a block into smaller chunks that are easy to add and verify. Each shard is assigned A group of nodes to verify the new transactions. A separate group of nodes combines the information from all shards before sharding it again for the new transactions. Through this approach, Zilliqa gives the accessibility of the information to every node, eliminating the need to distribute a huge copy to each of them. The number of shards increases with the growth of the network or the number of transactions per second. The network is expanding constantly; its block generation capacity has escalated from 900 blocks in 2021 to 2600 in 2023.

Zilliqa combines proof-of-work (PoW) practical byzantine fault tolerance (pBET). While PoW maintains the security of the Zilliqa network, pBET adds an extra layer of security because all nodes need to agree on the truthfulness of transactions associated with the new block. ZIL coin is required for these transactions on the Zilliqa network.

How to Buy Zilliqa (ZIL) in India?

There are many platforms where you can invest and trade ZIL in India.

One such platform is Flitpay. To buy ZIL in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy ZIL, and execute the ZIL purchase.

You can instantly convert your INR to ZIL and ZIL to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Zilliqa (ZIL)?

ZIL can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold ZIL till it reaches a high price and then can sell it through the FLITPAY OTC order facility. Users can earn significant profit from buying it at a lower price and selling it at a higher price.

Why Use Zilliqa (ZIL)?

The sharded mechanism of ZIL makes it an ideal choice for fast and scalable transaction use cases. Its unique consensus mechanism combines proof-of-work with practical byzantine fault tolerance (pBET) ensuring the security of each transaction along with the fast speed. Zilliqa solves one of the biggest issues in blockchain technology i.e; Scalability and high transaction fee. Therefore, it is very suitable for large-scale enterprise use,  advertising, gaming, entertainment, financial services, and payments industries. Moreover, the Zilliqa blockchain that is used to execute smart contracts also requires ZIL to maintain the network and its operability.

FAQs

What is Zilliqa (ZIL)?

ZIL is the native token of the Zilliqa blockchain that uses a sharded mechanism to support a large number of transactions at a very low transaction fee. It has a maximum supply of 21 billion tokens.

What is the Zilliqa (ZIL) price in India?

Check out the LIVE! INR price of Zilliqa (ZIL) token in India on Flitpay.

Which is the best platform to buy Zilliqa (ZIL) in India?

The best crypto exchange to buy ZIL or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Zilliqa (ZIL)?

Low-cost transaction fees and swift transaction processing are the key benefits of Zilliqa (ZIL). Its unique consensus mechanism is a combination of proof-of-work and practical byzantine fault tolerance (pBET) that boost the transaction speed while maintaining its security.

Is it safe to invest in Zilliqa (ZIL) in India?

Yes, investing and trading Zilliqa is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in ZIL crypto. It offers the most real-time prices and advanced investing features.

Is Zilliqa (ZIL) a Good Investment?

With the increasing size of the crypto market, the need for a scalable blockchain network is quite clear. Zilliqa is a well-established cryptocurrency that can handle scalability with its sharding system. Therefore, in the upcoming time, ZIL can be a decent investment option if done rightly.  But anything can happen in the fast-paced and highly volatile crypto market so invest wisely.