Announcement: CoinDCX is supporting ZIL Mainnet Migration scheduled for January 31, 2019. All aspects of the mainnet platform have been tested and retested on the third version of ZIL's Testnet, code-named Mao Shan Wang. There will be a Token swap window of several months after the Mainnet is launched. More updates on this will be shared after further communication with the Zilliqa Team.
What is ZIL?
ZIL is the token for Zilliqa ecosystem. Similar to other DApps platforms, the ZIL token serves as mining incentive, gas for contract execution, and tender for paying transaction fees.
To this day, ZIL is an ERC-20 token based on the Ethereum blockchain. They are migrating to their mainnet on January 31, 2019. Once the mainnet is live, the ERC-20 ZIL tokens will be swapped for native ZIL Tokens.
What problem does it solve?
Major cryptocurrencies like Bitcoin and Ethereum have high transaction fees and cannot process transactions at the desired speed. These cryptocurrencies face the challenge of scalability.
Zilliqa solves the problem of scalability in blockchain. It is designed to implement sharding. Depending on the number of nodes on the network, Zilliqa could process tens or hundreds of thousands of transactions per second.
Next steps for users
- Deposit your ZIL to your CoinDCX wallet, to participate in the mainnet migration.
- If you are holding ZIL in your CoinDCX wallets, our development team will seamlessly integrate the mainnet and swap your ERC-20 ZIL tokens for native ZIL tokens in the following months, when the token swap is live.
For FAQs, we encourage users to participate in the AMA being organized by Ziliqa on February 1, 2019. Find more details here.