What is Zilliqa (ZIL)?

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Bittime  - Zilliqa (ZIL) has emerged as one of the projects promising a solution to the scalability problem faced by many blockchain platforms .

With a focus on high transaction speeds and the ability to cope with large network growth, Zilliqa is a highlight in the blockchain industry.

The following is a more complete discussion of Zilliqa (ZIL). 

What is Zilliqa (ZIL)?

Zilliqa (ZIL) is a blockchain platform designed to provide unlimited scalability and high transaction speeds.

Built with sharding technology, Zilliqa can process thousands of transactions per second, making it one of the fastest blockchain platforms in the world.

The main technology that sets Zilliqa apart is sharding. In the context of blockchain, sharding is a method in which the network is divided into small groups called shards. 

Each shard can process transactions independently, allowing the network to process multiple transactions in parallel.

This overcomes the scalability problem faced by traditional blockchains where all nodes must validate each transaction.

With innovative technology, a strong focus on scalability, and a rapidly growing development ecosystem, Zilliqa has enormous potential to become one of the major players in the global blockchain ecosystem. 

By continuing to develop and improve its platform, Zilliqa can become the foundation for revolutionary decentralized applications and services in the future.

Zilliqa (ZIL) Key Products & Features

Here are some of Zilliqa's key products and features,

1. Sharding

One of Zilliqa's main features is its sharding technology. This allows the network to be divided into multiple shards (chunks) that can process transactions in parallel. With this approach, Zilliqa was able to significantly increase the scale and performance of its network, making it possible to process thousands of transactions per second.

2. Smart Contracts

Zilliqa supports the development and execution of smart contracts. Smart contracts on Zilliqa are known as “ time-span smart contracts ” designed to improve performance and efficiency. They enable developers to create complex and secure decentralized applications (dApps).

3. ZIL Tokens

ZIL is the main token used within the Zilliqa ecosystem. These tokens have several functions, including payment of transaction fees, participation in polls and voting, as well as incentives for users who contribute to the network.

4. Zilliqa Improvement Proposal (ZIP)

ZIP is a mechanism for proposing and deciding on changes or improvements to the Zilliqa protocol. This allows the community to participate in network development and ensures that proposed changes are carefully considered before being implemented.

5. Development Ecosystem

Zilliqa has an active and growing development ecosystem. It covers a wide range of projects and applications built on the Zilliqa platform, including decentralized gaming, NFT marketplaces, financial applications, and more. This ecosystem provides opportunities for developers to build and support innovative applications on top of Zilliqa.

6. Zilliqa Capital

Zilliqa Capital is an initiative established to support the development and growth of projects based on the Zilliqa platform. This includes providing funding, resources and technical support to potential projects within the Zilliqa ecosystem.

Also Read: What is a Token? Definition and Function

What is Zilliqa Token (ZIL)?

Zilliqa Token (ZIL) is the primary digital asset used within the Zilliqa ecosystem. ZIL is an ERC-20 standard token issued on the Ethereum platform before migrating to the independent Zilliqa main network.

As is the case with most tokens on various blockchain platforms, ZIL has several main functions in its ecosystem, namely:

1. Transaction Fees

One of ZIL's main functions is as a means of payment for transaction fees on the Zilliqa network. Every time a user makes a transaction, transfers assets, or executes a smart contract on the Zilliqa platform, they have to pay a transaction fee in the form of ZIL.

2. Incentives and Rewards

ZIL is also used as an incentive for miners or holders who contribute to the security and performance of the Zilliqa network. A small portion of the ZIL generated by the network is given to them as a reward for supporting and maintaining the network.

3. Participation in Voting and Decisions

ZIL holders have the right to participate in voting and decision-making regarding the development and future direction of the Zilliqa network. This allows the community to contribute to the development and growth of the Zilliqa ecosystem.

4. Investment and Trading

ZIL can be traded on various cryptocurrency exchanges and used as an investment tool by traders and investors. ZIL prices vary according to market demand and investor sentiment towards the Zilliqa project.

Also read:

Tokenomic Token Zilliqa (ZIL)

Zilliqa tokenomics (ZIL) refers to the economics or token model associated with ZIL within the Zilliqa ecosystem. It includes a number of elements that influence the value, distribution, and use of ZIL on the network. The details are:

Total Supply: 21,000,000,000 ZIL

Distribution:

• 40% - Miners
• 30% - Zilliqa Ecosystem
• 20% - Zilliqa Foundation Funds
• 10% - Public Sale

Zilliqa (ZIL) Fundamental Analysis

Zilliqa (ZIL) fundamental analysis involves evaluating various factors that influence the value and long-term growth of the Zilliqa blockchain project.

Zilliqa itself has strengths as a platform with innovative sharding technology, an experienced team, and an active community. 

However, Zilliqa also has disadvantages, namely competition from other blockchain platforms and ZIL price volatility.

Comparison of Zilliqa (ZIL) & Competitors 

The following is a comparison table of Zilliqa (ZIL) and its competitors.

Founder & Team Zilliqa (ZIL)

Zilliqa was founded by a group of academics and engineers from the National University of Singapore. The Zilliqa team is led by Amrit Kumar, a computer scientist and entrepreneur.

Expert Opinion About Zilliqa (ZIL)

Expert opinions on Zilliqa (ZIL) are mixed. Some experts believe that Zilliqa is a blockchain platform that has great potential to become a leader in the market, while others question ZIL's price volatility and competition from other blockchain platforms.

Conclusion

Zilliqa is an innovative blockchain platform with sharding technology that can overcome scalability issues.

Zilliqa has great potential to become a popular blockchain platform, but investors should be wary of ZIL's price volatility and competition from other blockchain platforms.

How to Buy ZIL on Bittime

You can buy and sell Zilliqa (ZIL) in an easy and safe way via Bittime. 

Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. Zilliqa is available on Bittime with ZIL/IDR pairing .

To be able to buy ETH/IDR coins on Bittime, make sure you have registered and completed identity verification. 

Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make purchases of Zilliqa (ZIL) in the application. 

Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

For a complete guide on how to buy ZIL, click  here .

Apart from buying ZIL tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

Also Read: 

Understanding Protocols on Blockchain

What is Documentation in Blockchain?

Blockchain Consensus: What Needs to Understand?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.