What is the issue volume of ZIL coin? One article to introduce the application scenarios of ZIL coin

ZIL coins power the Zilliqa blockchain, serving as the medium of exchange for transactions, governance, staking rewards, smart contracts, dApp access, cross-chain transfers, payment gateways, and exchanges.

Nov 04, 2024 at 12:30 pm

Zilliqa (ZIL) Coin Issuance and Application Scenarios

1. ZIL Coin Issuance

Zilliqa (ZIL) is the native cryptocurrency of the Zilliqa blockchain platform. It serves as the medium of exchange for transactions on the network, including gas fees for executing smart contracts. The initial issuance of ZIL coins occurred during the project's initial coin offering (ICO) in 2017, which raised $22 million.

2. ZIL Coin Applications

ZIL coins have a variety of applications within the Zilliqa ecosystem:

• Transaction Fees: ZIL coins are primarily used to pay transaction fees on the Zilliqa blockchain. These fees are necessary to cover the computational costs of validating and processing transactions.
• Governance: ZIL coin holders can participate in the Zilliqa governance process through staking their coins. Staking allows ZIL holders to vote on network parameters, propose improvements, and reward node operators who contribute to the security and efficiency of the blockchain.
• Staking Rewards: ZIL coin holders who stake their coins can earn rewards in the form of additional ZIL coins. Staking rewards incentivize users to hold and actively participate in the network.
• Smart Contracts: ZIL coins are used to deploy and execute smart contracts on the Zilliqa blockchain. Smart contracts are self-executing programs that can automate a wide range of tasks and transactions.
• Decentralized Applications (dApps): ZIL coins are used to interact with and access decentralized applications (dApps) built on the Zilliqa platform. These dApps offer various services, including decentralized finance (DeFi), gaming, and social media.

3. Other Applications of ZIL Coins

Beyond the core applications within the Zilliqa ecosystem, ZIL coins are also used for:

• Cross-Chain Transfers: ZIL coins can be bridged to other blockchains, allowing users to move funds and interact with multiple ecosystems.
• Payment Gateway: ZIL coins can be integrated into payment gateways to enable seamless crypto payments for goods and services online and in physical stores.
• Exchanges: ZIL coins are listed on numerous cryptocurrency exchanges, making them widely accessible for trading and investment.