Zilliqa coin: A proof of work coin for issuing tokens and creating Dapps on its network
Zilliqa coin: A proof of work coin for issuing tokens and creating Dapps on its network

By quintomudigo | cryptoforex street | 25 Nov 2019


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Zilliqa is a native cryptocurrency of the zilliqa network that can be transferred from one smart contract address to another without involvement of a third party thus making it a decentralized utility coin. The transaction will be processed to the second party after the block is being added to the zilliqa network by the miners running the zilliqa network. The miners will verify the transaction after a given transaction fee has been paid by that smart smart contract address sending the zilliqa coin to another smart contract address. Since zilliqa coin is a proof of work coin,different individual who want to take part in releasing the new coin the the mining process can share their GPU power to the zilliqa mining pool after which they will be able to receive their new zilliqa reward mined based on the amount of computing GPU shared. The more their computing GPU power shared the more reward they will receive. Also,since zilliqa network can enable developers to build Dapps over there,then they can use zilliqa coin to pay for their Dapps over the zilliqa network as well as to issue the tokens of their Dapps on the zilliqa network. One individual wanting to transfer the created and issued token on the zilliqa network can use the zilliqa coin to pay for the gas fee so that the transaction can be initiated on the zilliqa network by the miners running the network.

  Zilliqa coin transaction

  Zilliqa coin transaction takes place on the Zilliqa blockchain explorer based on block height and timestamp.Initially,the transaction was taking place on the ethereum network but upon migration to its mainnet on the Q1 of 2019,the transaction takes place over there. Here is a view of the transaction of Zilliqa on the zilliqa network;

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To view how the transaction takes place on the Zilliqa  blockchain, you can follow the link below;

https://viewblock.io/zilliqa/blocks  

  Date Launched

Zilliqa coin project was launched in June 2017 with the main objective of solving the scalability issue thus making it to adopt the sharding technology. It was also created to enable developers to create their Dapps on the Zilliqa network. 

Founder Of Zilliqa  coin

Zilliqa coin project was created by a group of computer scientist with the main objective of solving the scalability issues experienced in other network such as ethereum and bitcoin. Some of the team members behind the Zilliqa coin project are: Amrit Kumar, Prateek Saxena and Kenneth Bok.

Process of creating Zilliqa coin

In 2017 when Zilliqa coin was launched,60% of it were created through the token generation event. The remaining 40% which account for 8.4 billion coins will be released through the mining process since zilliqa coin is a proof of work coin. Miners and mining pool are key players in the zilliqa mining process. In the Zilliqa mining process,the algorithm used is Ethash algorithm. The miners can choose to become solo miners which is less rewarding or they can choose to join a zilliqa mining pool which is more rewarding.As a pool miner,the more GPU computing power you share the more reward you will receive.Here is how the zilliqa mining process looks like;

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If you would like to take part in sharing your GPU power so that it can be used to secure the zilliqa network as well as to add new block to the zilliqa network then in return you receive reward in form of new zilliqa coin minted then you can join from below;

https://pool.zil.farm/ 

  Maximum circulation of Zilliqa coin

The maximum amount of Zilliqa coin that should be circulating in the Zilliqa network should be 21 billion coins according to the Zilliqa blog. Out of this amount, 6.3 billion coins will be distributed to early community members after token generation even of 60% of 21 billion coins has taken place. Another 6.3 billion coins will be distributed to the zilliqa company, zilliqa team member and zilliqa agencies for a period of 3 years after the token generation event has taken place. The remaining 8.4 billion coins will be released through mining process and will be rewarded to those who will take part in sharing the GPU computing power to secure the network and to and to add new block to the network for a period of 10 years. Here is how the supply distribution of Zilliqa coin looks like;  

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    Zilliqa coin  Price

Currently, 1 Zilliqa  coin is worth more than $0.0048 and its price is expected to increase over the next period of time due to its increase in its utility function. Zilliqa coin is being abbreviated as  ZIL.

 

  Converting my Zilliqa coin  to other cryptocurrencies

To convert your Zilliqa coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Zilliqa coin to Bitcoin or Ethereum. Here are some of the exchanges where you can easily exchange your Zilliqa to your favorite cryptocurrency;  

  https://www.coinex.com/ 

https://www.binance.com/en 

 https://www.gate.io/

https://www.kucoin.com/  

https://global.bittrex.com/ 

 https://hitbtc.com/

https://www.digifinex.com/ 

 https://www.bitmart.com/

https://www.hotbit.io/ 

 https://www.bitfinex.com/  

Storing my Zilliqa coin

To store your Zilliqa coin, you need a zilliqa wallet compatible to zilliqa mainnet. You can either store online or offline. To store your zilliqa coin online, you can either use https://dev-wallet.zilliqa.com/ wallet or can use other third party wallet providers like the coinpayment. To securely store your Zilliqa coin offline from being stolen by hackers, you can use ledger Nano wallet.

  Transferring my  Zilliqa coin to other Users  

If you want to transfer your Zilliqa coin to another user, the two of you must have trust in each other. The trust should be the Zilliqa coin address provided for by the receiver while the sender must have the Zilliqa coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;  

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    Knowing more About Zilliqa coin

If you feel that you need to learn more about Zilliqa coin project, then you can follow them on their site. Here is the link redirecting you to Zilliqa coin platform website 

https://zilliqa.com/ 

  You can as well read their white paper to learn more about their idea from below

https://docs.zilliqa.com/whitepaper.pdf  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;

twitter:https://twitter.com/zilliqa

reddit:https://www.reddit.com/r/zilliqa/

telegram:https://t.me/zilliqachat

Now that you know, I think that it is time for you to start earning some zilliqa  coin through mining by simply sharing your GPU  to a zilliqa mining pool so that they can use your GPU computing power to secure the network and to add new block to the zilliqa network. The more GPU power you share the more zilliqa coin you earn .If you feel that we should also own some zilliqa for simply helping you know about it then here is our zilliqa address:

zil105ret65x8e7y9jnw0c7849w9lg25eqe6fa3qhp


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
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