Zilliqa, a blockchain platform that prioritizes scalability and security, aims to establish a strong ecosystem for decentralized applications (dApps) and cryptocurrencies through the process of sharding, its native programming language, and governance mechanism. This article addresses two common inquiries: What is Zilliqa (ZIL) and how to purchase Zilliqa (ZIL) using TRY.
Zilliqa (ZIL) Explained
Zilliqa is a blockchain network created to improve scalability by utilizing sharding. Sharding involves dividing the network into smaller interconnected Blockchain segments, enabling more transactions to be processed simultaneously. This sets Zilliqa apart from other blockchains like Ethereum, Tron, and EOS. Stay updated with the latest technology news by accessing NEWSLINKER.
A crucial feature of Zilliqa is its security-centric native programming language, Scilla. Developers can leverage Scilla to develop dApps that resemble real-world services. These dApps can execute specific logic through smart contracts and interact with the Zilliqa Blockchain.
The ZIL coin, Zilliqa’s mainnet asset, plays a vital role in the network by facilitating program execution, transaction sending, and incentivizing network participants who contribute to the network’s operation. This incentive is key to upholding the integrity and security of the blockchain.
Zilliqa’s sharding process enhances transaction processing efficiency. Each shard functions as its own blockchain, processing a portion of the network’s transactions. These shards are then consolidated into transaction blocks by Directory Service Nodes (DS nodes) and added to the Zilliqa Blockchain.
Additionally, Zilliqa employs the Practical Byzantine Fault Tolerance (pBFT) governance mechanism to ensure the distributed computer network remains synchronized. Nodes in the network must stake ZIL coins to operate and participate in voting on changes. Once a consensus is reached among the nodes, transactions are validated, and nodes receive a portion of the block reward as a reward.
How to Purchase Zilliqa (ZIL) with TRY?
For investors in Turkey seeking to acquire Zilliqa (ZIL), Binance TR is the most suitable cryptocurrency exchange. Binance TR offers quick buying and selling of over 100 cryptocurrencies, including ZIL. To purchase Zilliqa (ZIL) with TRY on Binance TR, follow these steps.
Opening an Account on Binance TR
Creating an account on Binance TR is a straightforward process. Visit trbinance.com and proceed from the “Create Account” step. In the initial account creation step, you will need to provide basic information such as email address, phone number, name, date of birth, nationality, and T.C. identity number.
After entering the required information accurately, email/SMS verification will be conducted to verify the information provided. Upon completion of this step, you will move on to identity verification (KYC).
Verifying an Account on Binance TR
Identity verification on Binance TR is a crucial security measure that must be completed before engaging in cryptocurrency trading and during account creation. This process is essential for safeguarding both the user and the cryptocurrency exchange. The verification process can be completed via phone or the official Binance TR website. Note that you will need your mobile phone to verify your identity through the website.
On the Binance TR website, hover over the “Profile” option at the top right, select “Identity Verification and Limits” from the drop-down menu, then click on “Verify.” Subsequently, you will be prompted to scan the QR code displayed using your phone’s camera and proceed with the process on your phone. If you are unable to scan the QR code, you can opt to have the identity verification address sent to your phone via SMS by clicking on the “Copy URL” option.
Upon entering the address on your phone or scanning the QR code, a screen similar to the one below will appear on your phone. Initiate the verification process by tapping on the “Identity” option.
Next, a screen similar to the one below will be displayed. To proceed with the verification process, select the document type appropriate for you.
After selecting the document type, continue by tapping on the “Upload Front Side” option. Capture a photo of the front side of the document as per the selected document type, then tap on the “Upload Back Side” option to capture and upload a photo of the back side of the document. Ensure the images are clear and the information in the photos is easily readable when photographing the front and back sides of your ID card or driver’s license.
Subsequently, tap on the “Selfie” option to capture a scan of your face using your phone’s front camera. Ensure your face fills the camera area adequately after the camera is activated.
Upon accurately completing all these steps, your identity verification process will be finalized shortly.
Depositing TL on Binance TR
You can conveniently deposit TL into your Binance TR account from various banks. TL deposits can be made 24/7 and seamless transactions can be carried out from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, deposits of up to 50,000 TL can be made 24/7 via FAST. Deposits exceeding 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” option in the top left corner of the homepage, then select the “Deposit” option from the drop-down menu.
Subsequently, a page similar to the one below will appear, allowing you to proceed with the deposit process by choosing your preferred bank. If your bank is not yet integrated with Binance TR, select the “Other Banks” option to continue.
In the provided example, we will illustrate the process using Vakıfbank, but the process remains the same for all other banks. Upon selecting the Vakıfbank option, you will be presented with an account name and IBAN address to which you can transfer funds via transfer, EFT, or FAST. Utilize the information displayed on the bank’s page to complete the deposit into your Binance TR account.
Once your bank finalizes the transfer, the funds sent will automatically reflect in your Binance TR account wallet.
How to Purchase ZIL Coin with TL on Binance TR
Following the deposit process, you can proceed with buying ZIL coin with TL by selecting the “Buy-Sell” option from the top left menu on the Binance TR website.
Upon clicking this option, you will be directed to the corresponding page. To access the ZIL/TRY purchase page, type “ZIL” in the search box on the right side of the page and click on the ZIL/TRY option from the search results.
The ZIL trading page will then be displayed as shown below. In the highlighted section on this page, enter the desired purchase price for ZIL in the first box and the quantity of ZIL you wish to purchase in the second box. After inputting the required details, complete your purchase by clicking on the “Buy ZIL” button.
Binance TR Overview
Binance, the world’s largest cryptocurrency exchange based on trading volume, introduced its platform Binance TR for Turkish cryptocurrency investors in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can easily deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to superior spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
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Disclaimer:
The information presented in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
