How to mine ZILLIQA ZIL – centralized and Decentralized Exchanges

How to mine ZILLIQA ZIL ☡Decentralized Exchanges (DEXs) ☡Centralized Exchanges (CEXs) ☡How to Buy and Mine Zilliqa ZIL - Listing token on a cryptocurrency exchange P2B

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How to mine ZILLIQA ZIL – centralized and Decentralized Exchanges

Zilliqa (ZIL) is a blockchain that aims to build an ecosystem of decentralized applications by scaling a lot of transactions per second over its powerful network. By using sharding as a Layer 2 solution, Zilliqa hopes to improve blockchain scalability and speed. Many investors have been drawn to Zilliqa’s unique approach to scalability, and its hybrid consensus model also plays a big part in it, allowing mining and staking.

Zilliqa tokens are available on many crypto exchanges ‒ centralized and decentralized. The common way to buy it is quite simple.

First, you need a crypto wallet that supports Zilliqa. Then, you can use this wallet to buy ZIL at any exchange that lists this token. Choosing a crypto exchange for that is a whole other process ‒ you can compare them by transaction fees, reviews, deposit and withdrawal requirements, and, of course, exchange rates.

How to mine ZILLIQA ZIL - centralized and Decentralized Exchanges
How to mine ZILLIQA ZIL – centralized and Decentralized Exchanges

Once you’ve chosen the exchange, proceed to create an account there, pass the verification, and then deposit funds to the internal wallet on the exchange. You can do it both with cryptocurrency or with fiat ‒ many crypto exchange platforms support deposits straight from credit cards.

Next, choose a trading pair that has ZIL in it. Buy some Zilliqa tokens using a paired cryptocurrency or fiat.

As for crypto exchange choices, you have two options there ‒ centralized exchanges and decentralized exchanges.

Centralized Exchanges (CEXs)

Centralized exchanges are considered to be safer for trading because the exchange is responsible for the security and safety of transactions. It’s a matter of reputation, so every exchange makes crypto projects go through something like verification to list their token.

P2B is a centralized crypto exchange platform as well. It ensures safe trading and high liquidity of tokens available. P2B offers smooth and comfortable crypto listing for crypto project teams.

First, the exchange team sets a meeting with a team after the submission for the project is set. The meeting takes place at any meeting platform available ‒ usually, the choice is after you. Then, crypto experts do an interview and get the main understanding of the project. This allows the P2B team to decide on a better strategy and evaluate risks.

Also, this exchange checks the liquidity and legality of the crypto project ‒ every token listed on that crypto exchange platform must be valid.

How to mine ZILLIQA ZIL - centralized and Decentralized Exchanges
How to mine ZILLIQA ZIL – centralized and Decentralized Exchanges

Listing token on a cryptocurrency exchange P2B

Token listing on P2B is a good opportunity for the development of the crypto project. The exchange has a relatively small but very loyal and active community where every member is invested in discovering new tokens.

Also, P2B offers many additional opportunities for further token value growth. The team provides crypto projects with marketing and market-making services because the platform is also invested in growing tokens’ potential and liquidity.

Sure, you will find more tokens listed on tier 1 crypto exchange platforms as they are essentially bigger, have a bigger community, and are, in fact, more popular. But for promising crypto projects at the start of their success path, crypto listing on a tier 1 crypto exchange platform can be challenging, if not impossible. This happens due to strict requirements that smaller crypto projects can’t meet yet, having not a big enough community, or not having enough budget to afford a listing there.

So, starting from a tier 2 platform like P2B has its benefits:

  • it’s more affordable;
  • there are more growth opportunities for smaller projects;
  • the crypto listing process is easier and the fees are typically lower.

It’s a good way to start your crypto token’s journey. Once you feel like you need more wiggle room for growth, you can apply for crypto listing on bigger exchanges like tier 1 Binance crypto exchange, or CoinMarketCap.

Decentralized Exchanges (DEXs)

As for decentralized exchanges, they tend to not have the amount of supervision centralized ones have. Decentralized exchanges allow users to trade directly without the crypto exchange platform interfering. This process is also known as swapping.

Now, there are a lot of decentralized exchanges where you can buy and sell ZIL. The most Zilliqa-friendly decentralized crypto exchange is ZilSwap. It supports the ZIL blockchain and allows the trade of tokens to ZIL and the other way around. Also, you can earn Zilliqa utility tokens and bonus fees for trading ZIL on this DEX crypto platform. Moreover, you can also buy Zilliqa governance tokens there ‒ the kind of tokens that directly support Zilliqa network infrastructure. You can find these tokens by the name gZIL.

How to mine ZILLIQA (ZIL)

One of the top smart contract networks is what Zilliqa aspires to be. This is why the network has a hybrid consensus mechanism that combines both proof-of-work and proof-of-stake technologies.

Unlike Ethereum which also, for now, runs on PoW, Zilliqa has significantly lower transaction fees. And just like Ethereum, ZIL tokens can be mined with the use of the Ethash algorithm.

Mining Zilliqa is quite beneficial. It’s not a heavily power-consuming process, and it creates noticeably less pressure on hardware. You can mine ZIL even on GPU, which makes it even more accessible. With that in mind, mining Zilliqa also prolongs your hardware life in comparison with mining other cryptocurrencies ‒ this is also a big advantage of the token.

So, how do you start mining Zilliqa? First, you have to install and run a Zilliqa client. Its minimum system requirements are wonderfully low, so if you own a hardware-wise good PC, you will have no problems mining ZIL on it without significantly wearing out your gear. The minimum system requirements to run a Zilliqa client are:

  1. x64 Linux distributive, preferably Ubuntu, but you can choose any of them.
  2. At least 8Gb of DRR3 RAM. Please note that 8Gb is a shy minimum that won’t make your PC crash. Consider running a client on 16Gb for perfect results and good speed.
  3. A dual-core processor. You can use a quad-core one as well, but make sure that the frequency is at least 2.2 GHz or higher. A lot of Intel processors fall into this category including the Xeon series, so you will have no problems finding one that suits your needs.
  4. At least 50Gb SSD. The more space your solid state drive has, the better, and frankly, most modern PCs have at least 128Gb on SSD, so it’s not going to be a big issue in finding the model you need.
  5. A public static IP. Using VPN or a dynamic IP address won’t work with running any mining client at all, so this is not even a special requirement ‒ it’s more of a technical fact.
  6. A GPU that has at least 2Gb RAM. Not, while a lot of modern graphic processors have 2Gb of RAM or even more, it won’t hurt to have a GPU with more than 2Gb RAM. The reason is simple: Zilliqa mining client runs predominantly on GPU instead of CPU.
  7. As for network connection speed, you need at least 100MBps bandwidth both for upload and download. If your bandwidth is not that strong, you might experience problems during the mining process.

Now that you’re fully set up, let us guide you step-by-step through the mining process itself.

First, you have to download a Zilliqa mining client. The name is recognizable ‒ ZILMiner, there’s nothing hideous in it. You can get this client on the ZILMiner GitHub repository ‒ make sure to choose a version compatible with your OS.

After you install the ZILMiner client for the first time, you have to choose a ZIL mining pool ‒ look these up on the Internet and find the one more accessible. Right after that, you have to create a batch (.bat) file to run the miner. The easiest way to do it is to copy and paste it. Save the file as “All files ‒ .bat”, and double-click on it to run the client. The script usually goes with the client installer or on the GitHub page you’ve downloaded the client from.

Now that you can mine some ZIL tokens, you can visit a website of your pool and check your performance ‒ depending on it, you can get some pool rewards.

As an alternative to mining, you can try staking Zilliqa ‒ as we’ve mentioned earlier, it supports both proof-of-work and proof-of-stake consensus mechanisms. Staking is a really good alternative to mining as it provides stakeholders with rewards for their contributions.

If you wonder how to start staking ZIL tokens, choose a wallet that supports Zilliqa first. Next, choose an SSN (staking seed node) operator. It’s that easy ‒ right after these two steps you can connect the wallet to SSN and start staking on the ZIL portal named Zillion. Some crypto wallet applications also allow you to stake Zilliqa directly within their interface, so you might want to check these out, too.

All in all, Zilliqa is a promising crypto project that is worth taking, also uses a quad-core one can easily trade it and, what’s even more important, mine and stake it. Not many crypto networks have the technical possibility to combine proof-of-stake and proof-of-work technologies.

SOURCEBitstamp.net

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