This is a detailed guide to buy Zilliqa which goes by the symbol ZIL. Apart from learning how to buy ZIL, you will also learn where to buy ZIL. The guide will also explain where to store ZIL and how to set up Zilliqa Wallet.
What is Zilliqa? How Zilliqa Works? The Team behind Zilliqa and More
Zilliqa is here to solve the problems that the existing blockchain platforms have been experiencing so far. Zilliqa is a high throughput blockchain platform. The biggest problem that the blockchains present today did not solve so far was the number of transactions they perform. Zilliqa is also a highly scalable platform.
How Zilliqa works is quite interesting. The more the nodes are on the network, the more transaction Zilliqa is capable of performing. This means, the bigger is the network, the more is the efficiency of the blockchain to perform the transactions.
Zilliqa uses the Proof of Work algorithm. The PoW algorithm is only used to form identities on the network. It does not use PoW to form a consensus.
Zilliqa also brings a new language to create smart contracts. The Zilliqa language is called Scilla and it’s a direct competitor of Ethereum’s Solidity language.
Another thing that Zilliqa takes into account is Sharding. The concept of Sharding makes Zilliqa interesting. The idea of sharding is to avoid the bottlenecks on the network. Through sharding, the machines are split into different groups to process the transactions.
This puts all the machines to process chunks of microblocks to add to it to the blockchain later on. So, instead of working on the same microblock, the groups of machines work on small chunks so that the data can be confirmed on the microblock quickly.
Zilliqa’s tokens are mineable. There will be only 21 Billion Zilliqa tokens in total. 80% of the Zilliqa tokens will be mined in the first 4 years.
To sum it up, it can be said that Zilliqa is trying to solve the transaction problems. It aims at speeding up transactions keeping the costs minimum.
The team behind Zilliqa
- Xinshu Dong – CEO
- Prateek Saxena – Chief Scientific Advisor
- Yaoqi Jia – Head of Technology
- Amrit Kumar – Head of Research
- Saiba Kataruka – Marketing Lead
- Addison Huegel – Head of Communications
- Max Kantelia – Visionary
- Juzar Motiwalla – Strategist
- Antonio Nicolas Nunez – Core Developer
- Jun Hao Tan – Core Developer
- Siddhartha Sahai – Developer
- Kaustubh Shamshery – Developer
How to buy ZIL (Zilliqa)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Huobi.pro
- Open Huobi.pro and sign up.
- After signing up, click on Balances > Deposit & Withdrawal.
- A list of coins will appear now, click on the Deposit button appearing next to BTC.
- Copy the BTC deposit address and move on to the next step to send Bitcoin to Huobi exchange.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Huobi Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Huobi wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Huobi Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Huobi wallet in a few minutes.
Step#3: Trade Bitcoin for ZIL (BTC → ZIL)
- Now that we have got the Bitcoin in Huobi wallet, it’s time to trade it for ZIL.
- Open Huobi and log in.
- Now click on Balances > Deposit & Withdrawal.
- In the search bar, type ZIL.
- ZIL coin will appear now, click on the exchange button in front of ZIL and then select ZIL/BTC. If you have transferred Ethereum, then you will select ZIL/ETH.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of ZIL you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get ZIL in your Elastos wallet at Huobi.
Step#4: Store ZIL in Zilliqa Wallet (MyEtherWallet)
Now that we have purchased ZIL, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. There are web wallets as well. Since ZIL is basically an ERC20 token and it runs on Ethereum Blockchain, we can store it on MyEtherWallet as well. Here’s how you can store it right now.
- Open MyEtherWallet and sign up.
- Save your private key and the KeyStore file somewhere safe.
- As you are done making a wallet on MyEtherWallet, click on view wallet info.
- Choose your method of login. In the screenshot, I used the KeyStore file method.
- As soon as you get into your MEW, you will see your wallet address.
- This wallet address is the same for all ERC20 tokens. You do not need a specific address for ZIL, the address displayed on the homepage of MyEtherWallet will work.
- Now open Huobi > Balances > Deposit & Withdrawal > ZIL > Withdraw > Paste your Wallet address and send the tokens to your MyEtherWallet. That’s all.
- It will take a few minutes for you to get your ZIL tokens in the MyEtherWallet account. The received tokens will appear under Token Balances tab.
More information on Zilliqa:
- Zilliqa Price Tracker – CryptoPit Coin Price Tracker
- Zilliqa Official Website – www.zilliqa.com
- Reddit Community – r/zilliqa/
- Zilliqa Wallet – MyEtherWallet
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Huobi
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.