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About
Zilliqa (ZIL)
Zilliqa (ZIL) is a high-throughput public blockchain platform designed to address the critical issue of scalability that has challenged many earlier decentralized networks. Its core innovation lies in the practical implementation of network sharding, a technique that divides the network into smaller, more manageable groups of nodes (shards), allowing for parallel transaction processing. This architectural design significantly boosts its transactions per second (TPS) capability, positioning Zilliqa as a robust digital ledger for demanding decentralized applications (dApps). The platform utilizes a practical Byzantine Fault Tolerance (pBFT) consensus mechanism within each shard, ensuring cryptographic security and efficient agreement on transaction validity.
A key distinguishing feature of Zilliqa is its custom-built smart contract language, Scilla (Secure Smart Contract Intermediate-Level Language). Scilla is designed with security at its forefront, aiming to prevent common smart contract vulnerabilities by separating state from function and performing formal verification. The native utility token, ZIL, is integral to the ecosystem. It serves as a medium for paying transaction fees, executing smart contracts (gas fees), and participating in staking to secure the network and earn rewards. Zilliqa's tokenomics also previously involved a governance token, gZIL, though ZIL itself remains central to on-chain operations.
Zilliqa aims to be a foundational Web3 infrastructure, particularly attractive for dApps requiring high transaction throughput and a secure smart contract environment, such as in gaming, digital advertising, and financial services. Its pioneering work in sharding provides a scalable solution for developers building complex DeFi applications and other on-chain systems, contributing to the broader evolution of blockchain technology and the digital asset landscape.
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Frequently asked questions
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How can I typically purchase Zilliqa (ZIL) using US Dollars (USD)?
Purchasing Zilliqa (ZIL) with US Dollars (USD) is commonly facilitated through established cryptocurrency exchanges that offer a direct USD/ZIL trading pair. Users generally need to complete KYC/AML verification, then deposit USD via methods like ACH transfer, wire transfer, or sometimes debit card. Once funded, you can execute a buy order on the platform's order book to acquire ZIL as a digital asset. -
What makes the Zilliqa blockchain, which underpins ZIL, notable when considering a USD investment?
Zilliqa is distinguished by its pioneering implementation of sharding technology, enabling high throughput and scalability for blockchain transactions. Its smart contracts are written in Scilla, a secure-by-design language. These features contribute to a robust Zilliqa ecosystem, making it an interesting digital asset purchase for those looking beyond conventional Layer-1 solutions when converting from fiat like USD. -
Are there specific KYC/AML compliance steps involved when using a fiat on-ramp for USD to ZIL transactions?
Yes, reputable cryptocurrency exchanges offering USD to ZIL fiat on-ramps adhere to strict KYC/AML compliance regulations, especially for US customers. This typically involves identity verification, proof of address, and sometimes source of funds checks. These measures are standard for secure trading and help prevent illicit activities on US-based exchanges. -
How does Zilliqa's sharding architecture impact the experience of acquiring and transacting ZIL with USD?
Zilliqa's sharding architecture significantly enhances transaction processing speed and capacity. When you acquire ZIL with USD and subsequently transact with it, sharding allows the network to handle many transactions in parallel, potentially leading to lower network congestion and faster confirmation times compared to non-sharded blockchains. This is supported by its PoW + pBFT consensus mechanism for security and efficiency. -
After buying ZIL with USD, what are secure methods for storing Zilliqa and can I stake it?
Post-purchase, ZIL can be securely stored in a compatible digital wallet, such as Zilliqa's native wallets (e.g., ZilPay) or various third-party hardware and software wallets supporting ZRC-2 tokens. Zilliqa supports non-custodial staking, allowing ZIL holders to delegate their tokens to Staked Seed Nodes (SSNs) to earn staking rewards, often including gZIL, Zilliqa's governance token, enhancing the utility of your digital asset.
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