Bitvavo makes Zilliqa as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Zilliqa (ZIL) is an alternative to Ethereum, but it is a much more scalable alternative. Zilliqa is currently one of the platforms that can process a relatively large amount of data with the help of blockchain technology. This results in the platform also continuing to function reliably, quickly and cheaply if it is used very intensively. This is a major advantage if the number of decentralized applications continues to increase and, as a result, the demand for processing the associated transactions continues to rise.
Zilliqa is the first blockchain application that uses sharding. Most blockchain applications have consensus mechanisms, which is necessary for processing transactions, whereby all parties must validate the entire transaction themselves. With sharding, the validation of transactions is divided between different parties who all do a part. All results are then combined again. This means that the more users are connected to the network, the faster transactions can be processed. This makes the Zilliqa platform suitable for building decentralized applications on which many transactions must be processed.
The Zilliqa token is required to be able to use the Zilliqa platform. For example, the transaction costs for executing transactions on the Zilliqa platform and the costs for using smart contracts must be paid in Zilliqa tokens.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Zilliqa. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Zilliqa and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Zilliqa without any technical knowledge. Here is a brief overview of the existing wallet options to store your Zilliqa:
Hosted wallets are wallets where the private keys to your Zilliqa are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Zilliqa online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Zilliqa. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Zilliqa, and if malicious parties have access to your device, your private keys (and therefore your Zilliqa) can be stolen.
A hardware wallet is a physical device on which you can store your Zilliqa offline. It is one of the safest ways to store your Zilliqa, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Zilliqa is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Zilliqa. Once you have purchased Zilliqa on Bitvavo, you can choose to send your Zilliqa from your Bitvavo wallet to your own software or hardware wallet.