How To Buy Zilliqa (ZIL)
We would recommend using an established exchange platform such as Binance when buying crypto such as Zilliqa coins. You can either choose to store them on the platform or withdraw them and keep them in a personal wallet. If you are looking to hold for ZIL longterm, then move them off the Binance platform. If you are new to Binance, carry on reading this article for a step-by-step guide on how to use this trading platform.
Within this guide, we will be making use of the easiest and most handy wallet for storing your Zilliqa coins. MyEtherWallet (which can store any coin ERC20 Tokens, including ZIL. For added security, we would strongly suggest using a hardware wallet such as the Trezor or the Ledger Nano S.
Sign-Up To Binance To Buy Zilliqa
Enter your email and a strong password (that you won’t forget!) and then Click ‘Register’. You will be sent an email to confirm your email address? Click the link in the email. If you can’t see it, then check your spam folder.
You will be taken back to Binance as your email is confirmed. Press ‘Login’. On the login form, enter the email and password you just used to sign up, then press ‘Login’.
A pop-up will advise you to set up 2FA (two-factor authentication) on your account. We strongly recommend you set up 2-factor authorization (2FA) on your account.this second level of security makes it very unlikely they will be able to get into your Binance account.
Add Funds To Binance To Buy Zilliqa
Hover your mouse over ‘FUNDS’ on the top menu and click on ‘Deposits Withdrawals’. This screen displays any coins which you have stored on Binance – you will need to deposit some. I would suggest?using Ethereum due to the lower sending fees. However, you can deposit other coins.
Type ‘Ethereum’ in the search box. This will narrow the wallets displayed to just a few- in those, find Ethereum. Press ‘Deposit’ You will be given an Ethereum (ETH) deposit address. Make sure you have the correct address. If you send a currency to the wrong address, it will be lost forever. (The image below show LTC – this is for example purposes only).
How To Trade Zilliqa Coins On Binance
The exchange page on Binance might appear too much to handle to start with, but don’t worry, you only need to use a small part of it.
There are 2 methods for buying coins on Binance:
- A ‘Limit’ order, which enables you to manually set the price you want to buy Zilliqa at.
- A ‘Market’ buy, which fills your order automatically at the best price available. The price may have spiked at that time, so be careful not to overpay. If you like the price then go ahead and use this method. Above the Buy ZIL’ button, click the ‘Market’ option.
In the input box marked ‘Amount’ you now need to fill out what number of Zilliqa you want to buy. It could be simpler to use the percentage buttons below the input box – for example, press 50% if you’d like to exchange 50% of your Ethereum for Zilliqa.
Once you’re happy with the quantity of ZIL tokens you have slected, press the buy button. Your order will be filled immediately – so if you enter the wrong amount and press buy you won’t be able to change the order.
Withdrawing Zilliqa Tokens From Binance
If you’re happy with it, you can just leave your coins on Binance and they would in all probability be safe. On the other hand, exchanges have been compromised in the past, and users have lost coins, therefore we do suggest you keep them in a personal wallet.? (The picture below shows LINK coin – please note that this is for example purposes only) Make sure that you have selected ZIL.
- Press ‘Funds’ along the top menu, then ‘Deposits Withdrawals’. Within the search box, type ZIL. You will now see your new ZIL in your ZIL wallet.
- Click the ‘Withdrawal’ button.
- In the boxes that appear, complete all the information:
- Label: Write ‘My wallet’
- Address: Put the wallet address that you got from MyEtherWallet or any other ERC20 wallet you like to use that supports ZIL.
- Amount: Press the ‘Max’ button to send all your ZIL.
When you’re positive all information is accurate (check you’ve inputted the correct wallet address!), press ‘Submit’. If you’ve set up two-factor authentication, you will be asked for a code from your phone. Enter it and press ‘Submit’. You will be sent an email to confirm the withdrawal. Go to your email and click the link that’s been sent to you.
What Is Zilliqa?
Zilliqa is the world’s first high-throughput public blockchain platform – which is designed to scale to thousands of transactions per second. Zilliqa has been under research and development for two years and powered several ground-breaking deployments commercially.
Getting consensus in a larger crowd is considered technically harder. Zilliqa’s novel consensus protocol is able to solve this problem. With Zilliqa’s scalability, they are able to support dApps that need transaction speeds that are faster than what is available on today’s blockchains.
Zilliqa brings the theory of sharding to practice using its novel protocol that increases transaction rates as its network expands.
The platform is tailored towards enabling secure data-driven decentralized apps, which is designed to meet the scaling requirements of machine learning and financial algorithms.
Zilliqa and Sharding
Sharding is a concept that has existed in distributed databases for a long time, but hasn’t been demonstrated for open, permissionless blockchains (where anyone can join and participate) at scale.
The concept is to automatically split up a large network of machines processing transactions into parallel sub-committees or “shards”. Each and every shard processes their very own microblock in parallel with other shards, and resulting micro-blocks are merged into a final one. This automatic network parallelization has now been made practical for open blockchains through the use of Zilliqa.