Zilliqa is a public blockchain designed to offer high throughput, offering smart contract functionality to support Web3 dApps. Launched in 2017, the Zilliqa network employs sharding technology to make its blockchain more scalable to support commercial decentralized applications across the areas of DeFi, NFTs, Creator Economy, and more.

As of January 2022, Zilliqa supported nearly 200 dApp protects within its ecosystem. It is home to a wide variety of decentralized apps such as DEXs, wallets, NFTs, Web3, gaming, metaverse, digital payments, esports, oracles, and more.

In addition to hosting dApps for commercial use, Zilliqa also offers a secure and reliable platform for the development of enterprise dApps. Its fast and scalable infrastructure allows businesses to explore the exciting opportunities that blockchain technology offers, supporting not only enterprise-grade applications but also the tokenization of real-world assets.

ZIL is the native utility token used within the Zilliqa ecosystem, letting users interact with smart contracts and dApps operating on the blockchain. It also serves several other applications, including functioning as in-app currency, governance token, and can also be staked to improve the networks resilience.

Whats interesting about the ZIL crypto is that it can also be mined as the Zilliqa blockchain employs a Proof-of-Work consensus mechanism.

The Zilliqa blockchains use of network sharding allows the entire ecosystem to be broken down into smaller groups of nodes (or shards) to enable it to process thousands of transactions per second. The sharding architecture addresses the scalability issue by allowing the nodes to process transactions in parallel. This helps the blockchain realize far higher throughputs than several of its peers even as the network expands in scope.

The novel protocol Zilliqa leverages a unique Proof-of-Work (PoW) consensus mechanism for Sybil resistance merged with practical Byzantine fault tolerance (pBFT). The sharding capabilities make PoW consensus far more efficient for a blockchain like Zilliqa, allowing it to enjoy a high throughput and transaction rates and lower operating costs than leading PoW networks like Bitcoin and Ethereum.

The pBFT consensus protocol in use to secure the Zilliqa blockchain consumes lower computational resources and energy for processing transactions. The blockchain also leverages multi-signatures to provide greater security in validating and creating new blocks as the network grows.

The PoW consensus algorithm also allows the network to support eco-friendly mining of its ZIL crypto in short, fast bursts which require far less energy than conventional PoW blockchains. The infrastructure also supports dual mining features, letting miners switch from ZIL to mine other tokens quickly to earn higher rewards with the same equipment.

The Zilliqa blockchain launch took place in Q2 2017, followed by the release of its technical whitepaper in the next quarter. The Zilliqa testnets first version went live in Q1 2018.

The mainnet launch of Zilliqa happened in Q1 2019, and the network went through several rounds of upgrades in subsequent quarters. Q4 2019 saw the launch of Zilliqqs multisig wallet.

The ZIL token, which was originally designed as an ERC-20 token on Ethereum, underwent a token swap to become the native digital asset of the Zilliqa network. This event occurred in Q1 2020, a year after the mainnet launch of the blockchain.

ZIL staking went live in Q2 2020, along with continued upgrades to the Zilliqa mainnet through the year. The first and very own DEX on Zilliqa ZilSwap was launched in Q4 2020.

2021 saw the network evolve further and attract the development of more dApps within its ecosystem. In addition, the governance functions received more focus during the period. One of the most notable developments in the year was the launch of ZilBridge to support transfer of tokens between Zilliqa and Ethereum.

As of May 2022, Zilliqas token ZIL is among the top 100 cryptocurrencies by market cap, which indicates that it is worth keeping an eye on. The Zilliqa ecosystem could see considerable growth amid a rise in Web3 adoption, which could drive an uptrend in the Zilliqa price in the future. The Zilliqa blockchain offers an attractive platform for developers to build and deploy highly scalable and energy-efficient dApps using smart contracts, with the extra security that a PoW consensus offers. This factor gives the network an edge over many of the emerging dApp ecosystems in the market which use PoS consensus instead and could have a positive impact on Zilliqa price statistics. In addition to its advantages to host highly scalable DeFi and NFT projects, Zilliqa also offers much promise as a blockchain ecosystem to support enterprise apps. This can help contribute to the mainstream adoption of its technology, further supporting the Zilliqa price and making it an interesting cryptocurrency to invest in.

The ZIL coin is the native digital asset of the Zilliqa blockchain. It has several essential functions, including:

Paying Transaction Fees

ZIL is the native cryptocurrency used to pay transaction fees whenever users interact within dApps or send payments using the Zilliqa blockchain. Although it is a PoW blockchain, the transaction fees within the Zilliqa network are more than 200 times lower than those paid as gas fees in Ethereum.

Mining

You can mine ZIL to support the operation of the Zilliqa network. ZIL coins can be mined using far less computational power and energy than mining BTC or ETH.

Staking

You can also participate in staking opportunities using the ZIL network to make Zilliqas network more secure and resilient to attacks. You can stake ZIL using supported DeFi apps and wallets or on the official Zillion portal of the blockchain.

Earning Passive Income on BYDFi

You also have the option of growing your ZIL holdings by using them to generate a stream of passive income. The Crypto Lending feature on our platform lets you lend liquidity to BYDFi over a period of 7 days, 14 days or 28 days to earn attractive returns. You can also stake ZIL on BYDFi over a flexible duration of time to earn interesting APRs. Take a look at the BYDFi Earn section and look up the ZIL crypto on the page to find information on the latest APRs we offer for staking Zilliqa.

Trading and HDOLing as a Crypto Investment

Zilliqa is one of the top digital assets in the ever-expanding crypto market. As a result of its promising use cases, the ZIL is an attractive crypto asset to own, trade against other cryptocurrencies, or HODL as an investment. Always ensure that you check the latest Zilliqa price, market cap, 24-hour trading volume, and news before placing a new trade.

The ZIL was originally designed as an ERC-20 token on the Ethereum network. However, shortly after the mainnet launch of the Zilliqa blockchain, the ERC-20 ZIL underwent a token swap and transformed into the native digital asset of the newly created network. The token swap of the ERC-20 ZIL to mainnet ZIL started in the second quarter of 2019. This came after the Zilliqa mainnet went live during Q1 of 2019.

You can stake ZIL coin via DeFi apps, cryptocurrency exchanges, digital wallets, and even through Zilliqas official Zillion app. Weve already touched upon how you can stake Zilliqa on BYDFi easily in a previous section. Lets now take a look at how to stake ZIL via other options as well.

1. Create an Account With a ZIL Wallet

Find a digital wallet that supports the ZIL token and register for an account with it.

2. Buy ZIL and Transfer to Your Wallet

Your next step will be to buy Zilliqa crypto on an exchange or via the wallet directly. if you buy ZIL crypto via centralized cryptocurrency exchanges or DEXs, ensure that you transfer your tokens to the ZIL wallet.

3. Connect ZIL Wallet to Zillion Portal

Zillion is the official staking platform for the Zilliqa crypto. You can stake ZIL on the platform as a delegator or to operate your own node within the network.

4. Pick a Seed Node Operator

Select a seed node operator from the list that you wish to stake ZIL with. Perform a comparison with the commission rate each option offers and the number of users before making your choice.

5. Start Staking Zilliqa and Earn Rewards

Receive rewards in ZIL based on the number of tokens you have staked and watch your crypto holdings grow!