Despite being less popular than Ethereum, Zilliqa blockchain offers a broader array of technological advances based on smart contracts and the possibilities for dApp creation. Consequently, it makes ZIL coin a very potentially profitable coin. Consider adding the asset to your crypto-portfolio? The choice of a safe Zilliqa wallet is imperative, and today, we will help you pick one.
What Is Zilliqa Cryptocurrency About?
According to the official Zilliqa website, this is the next-generation blockchain platform with high bandwidth. Zilliqa positions itself as a serious competitor to Ethereum because it also allows deploying smart contracts and decentralized applications on its platform. The key difference is that Zilliqa will have a much higher transaction throughput and a much lower cost of transactions than Ethereum and other blockchain platforms.
Zilliqa not only offers instant transaction processing. The protocol of this network is unique: the more transactions are processed, the greater the speed of their execution is ensured. Thus, the Zilliqa altcoin offers a very flexible network with clear scalability.
Zilliqa implements the method of sharding to solve scalability problems. It means that the database is divided into shards, which are into smaller, faster, and easier to manage. They allow to share the tasks related to transaction verification and ensure network security in the same network. Verification of transactions is carried out by a group consisting of a maximum of 600 nodes. Each time 600 nodes are dialed, a new shard appears.
All transactions that are verified by shards are packed in a microblock. Once these microblocks combine, they form one block, which is added to the Zilliqa blockchain. Thus, the more participants join the blockchain and verify transactions, the faster is processing.
Top-4 Zilliqa Wallets
Binance was established in 2017 and started developing quickly. As a result of the Binance team activity, the exchange became one of the largest service providers in the cryptocurrency market.
Benefits of Binance:
Outstanding growth in liquidity just in one year;
A lot of different altcoins are supported;
Verification is optional.
Many people use Binance to simply store their tokens for the long term. Aside from the storage option, it offers a wide range of trading tools and decent customer support.
Although MyEtherWallet was created for storing Ethereum tokens of ERC-20 standard, it also supports Zilliqa coin. This is a desktop ZIL wallet that must be installed on your PC. Today there are a lot of online wallets that offer their cryptocurrency storage services. All cryptocurrency is stored on your PC, and the private key never goes online.
Although installation might be somewhat challenging, and you’ll have to download megabytes on data on your PC, this is the safest way of keeping your crypto assets at the fingertips, available to you in a couple of clicks.
#3. Gate Wallet
Gate American cryptocurrency trading platform was established in 2016 and is widely used all over the world. During the first year of its existence, the exchange managed to reach $150-200 mln daily trading volume. Today, the Gate cryptocurrency exchange is also often used by investors as a wallet for storing cryptocurrencies, and the main reason for that is the support of numerous altcoins, including ZIL crypto coin.
Why use Gate as a Zilliqa coin wallet?
It supports a lot of altcoins and trading pairs;
Safety of personal data and assets
Serious increase in liquidity over the past year.
#4. Moonlet Wallet
In 2019, Zilliqa cryptocurrency news headings were flashing with words like “Moonlet Wallet launch”. Zilliqa team has presented their own wallet that boasts a couple of interesting features.
It’s independent of the blockchain and can easily assimilate new functions from both Zilliqa and Ethereum;
Personal data is stored by users only – it’s not saved on third-party servers;
The wallet can run as a Chrome extension;
The possibility of importing private keys from other wallets.
Now you know which Zilliqa wallets ensure bulletproof protection and provide the whole scope of features for users and investors. Whenever in doubt with the choice, think over your investment goals. You buy ZIL for long-term storage?
Then paper and hardware wallets will keep your assets safe & secure. If, on the opposite, you plan active ZIL trading, online and desktop wallets would suit your needs better. Large sums of cryptocurrencies require cold storage (don’t forget to write down the private key).