What is ZIL coin? Introduction to the issue price, total amount and white paper of ZIL coin

Zilliqa's native ZIL coin, utilized in a sharded blockchain structure, enables high transaction throughput and low fees, supporting smart contract deployment, staking, and DeFi applications.

Nov 06, 2024 at 04:30 am

Zilliqa (ZIL) Coin: A Comprehensive Guide

1. What is ZIL Coin?

ZIL coin is the native cryptocurrency of Zilliqa, a blockchain platform designed to solve the scalability issues faced by Ethereum and other blockchain networks. It utilizes sharding technology to split the network into smaller partitions (shards), allowing it to handle more transactions and reduce transaction fees.

2. Issue Price and Total Amount

ZIL coin was initially offered through an initial coin offering (ICO) in December 2017. The issue price was $0.01 per ZIL. The total supply of ZIL coins is 21 billion, with 10.5 billion released during the ICO.

3. White Paper

The Zilliqa white paper, published in March 2017, outlines the technical architecture and capabilities of the Zilliqa blockchain. It describes the sharding protocol, consensus algorithm, and smart contract functionality.

Key Features of ZIL Coin:

Scalability: Zilliqa has the potential to process thousands of transactions per second, making it more scalable than Ethereum and other blockchains.
Low transaction fees: Due to its increased efficiency, transaction fees on the Zilliqa network are typically low.
Smart contract support: Zilliqa supports smart contracts, enabling the development and deployment of decentralized applications.
Privacy features: Zilliqa offers optional privacy features, allowing users to engage in private and anonymous transactions.
Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus: Zilliqa initially used PoW for consensus but later transitioned to PoS, which is more energy-efficient and secure.

Use Cases of ZIL Coin:

Transaction fees: ZIL is used to pay for transaction fees on the Zilliqa network.
Staking: ZIL holders can stake their coins to contribute to the security of the network and earn rewards.
Smart contract gas: Smart contracts on Zilliqa require ZIL coins as gas to execute transactions.
DeFi applications: ZIL coin can be used in decentralized finance (DeFi) applications built on the Zilliqa platform.

Conclusion

ZIL coin is an important component of the Zilliqa ecosystem, providing scalability, security, and utility. Its features and use cases make it suitable for a wide range of applications in the blockchain industry.

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