Name: Zilliqa
Brand: Zilliqa
SKU: ZIL
Price: 0.0045 USD
Availability: InStock

Question 1

What is Zilliqa (ZIL)?

Accepted Answer

Zilliqa (ZIL) is a pioneering Layer-1 blockchain platform established in 2017 in Singapore. Recognized as the first blockchain to implement sharding for enhanced scalability, Zilliqa focuses on fostering real-world adoption by catering to the diverse needs of decentralized applications.

Question 2

What differentiates Zilliqa (ZIL) from other tokens?

Accepted Answer

What sets Zilliqa apart from other tokens is its innovative use of sharding technology. Unlike many blockchains, Zilliqa employs state sharding to process transactions simultaneously across multiple shards, which leads to significantly improved scalability and performance as the network grows. This allows transaction processing rates to double with every additional couple of hundred nodes.

Question 3

What is the utility of Zilliqa (ZIL)?

Accepted Answer

The utility of Zilliqa (ZIL) lies in its use for transaction fees, staking, and participating in decentralized applications (dApps) deployed on the Zilliqa network. Moreover, ZIL powers the entire on-chain economy of the Zilliqa ecosystem, facilitating various functionalities ranging from DeFi services to NFT marketplaces.

Question 4

What does the Zilliqa (ZIL) whitepaper promise?

Accepted Answer

The Zilliqa whitepaper outlines ambitious goals for the platform, including achieving transaction speeds approximately a thousand times faster than that of the Ethereum network. It emphasizes the need for a scalable blockchain solution that can dynamically adapt based on network usage, thereby addressing prevalent issues related to congestion and high transaction costs.

Question 5

What consensus mechanism does Zilliqa (ZIL) use?

Accepted Answer

Zilliqa utilizes Practical Byzantine Fault Tolerance (pBFT) as its consensus mechanism, which ensures synchronisation among nodes. For a transaction to be validated and added to the network, at least two-thirds of the nodes must agree on its validity.

Question 6

Who created Zilliqa and why?

Accepted Answer

Zilliqa was created by a team led by Asst Prof Prateek Saxena at the National University of Singapore in 2015. The project was founded to pioneer real-world applications of blockchain technology and to address the growing need for scalability in decentralized applications.

Question 7

When was the Zilliqa (ZIL) token created?

Accepted Answer

The Zilliqa (ZIL) token was created in January 2018.

Question 8

How do I use the Zilliqa (ZIL) token?

Accepted Answer

To use Zilliqa (ZIL), you must first acquire ZIL tokens, which are the native asset of the Zilliqa blockchain. These tokens can be utilized for transaction fees, staking, and participating in decentralized applications (dApps) within the Zilliqa ecosystem. You can explore decentralized financial products, NFTs, and various dApps while engaging with the Zilliqa network.

Question 9

Where do I buy the Zilliqa (ZIL) token?

Accepted Answer

Zilliqa can be bought on the SwissBorg app with just a few clicks. Download the app for Android or iOS and exchange cryptos instantly at the best price.

Question 10

What problem or need does Zilliqa aim to address?

Accepted Answer

Zilliqa aims to address the scalability challenges faced by existing blockchain networks, such as Bitcoin and Ethereum. By implementing sharding, it allows transactions to be processed in parallel, significantly increasing transaction speed and reducing congestion, high transaction fees, and security concerns associated with legacy blockchains.

Question 11

Is the Zilliqa (ZIL) open-source, and can I review its code?

Accepted Answer

Yes, Zilliqa is an open-source project, allowing anyone to review its code. The development of Zilliqa, including its unique features, can be explored through its developer portal.

Question 12

How was the Zilliqa (ZIL) token generated?

Accepted Answer

The Zilliqa (ZIL) token was generated during the Initial Coin Offering (ICO) in 2018. At that time, ZIL tokens were distributed to early investors, with a portion set aside for development and ecosystem growth, capping the total supply at 21 billion tokens.

Question 13

What is the Zilliqa (ZIL) transaction speed and scalability?

Accepted Answer

Zilliqa's innovative sharding technology allows it to process transactions rapidly, claiming speeds that are approximately a thousand times faster than Ethereum. The capacity of the network scales efficiently as more nodes are added, notably doubling its processing rate with every couple of hundred nodes, ensuring high throughput and low latency.

Question 14

Is Zilliqa (ZIL) environmentally friendly in terms of energy consumption?

Accepted Answer

Zilliqa (ZIL) is designed to be environmentally sustainable. The transition to a Proof-of-Stake (PoS) consensus mechanism in Zilliqa 2.0 allows transactions to be processed using tokens instead of computational power, significantly reducing energy consumption compared to traditional Proof-of-Work systems.

Question 15

What is the governance model for Zilliqa (ZIL)?

Accepted Answer

Zilliqa empowers its community by allowing users to participate in governance through the gZIL token. By holding gZIL, users can have a say in the network's operations and decisions, shaping the future of the world's first sharding-based blockchain.

Question 16

What are the long-term goals and vision for Zilliqa?

Accepted Answer

Zilliqa's long-term vision is to drive real-world adoption of blockchain technology across various sectors. By continually innovating and enhancing its platform, such as through the development of Zilliqa 2.0, Zilliqa aims to meet the diverse needs of decentralized applications and facilitate a seamless Web3 experience.

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Market Stats

What is Zilliqa (ZIL)?

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Zilliqa Price

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Market Stats

What is Zilliqa (ZIL)?

What differentiates Zilliqa (ZIL) from other tokens?

What is the utility of Zilliqa (ZIL)?

What does the Zilliqa (ZIL) whitepaper promise?

What consensus mechanism does Zilliqa (ZIL) use?

Who created Zilliqa and why?

When was the Zilliqa (ZIL) token created?

How do I use the Zilliqa (ZIL) token?

Where do I buy the Zilliqa (ZIL) token?

What problem or need does Zilliqa aim to address?

Is the Zilliqa (ZIL) open-source, and can I review its code?

How was the Zilliqa (ZIL) token generated?

What is the Zilliqa (ZIL) transaction speed and scalability?

Is Zilliqa (ZIL) environmentally friendly in terms of energy consumption?

What is the governance model for Zilliqa (ZIL)?

What are the long-term goals and vision for Zilliqa?

Technical Analysis

Exclusive tools

Automate your investment today!

Receive notifications when Zilliqa reaches certain prices.

Get paid to trade

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