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Zilliqa News: Token Swap Now Complete With 98% tokens Exchanged For Native $ZIL

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On Feb. 28, 2020, Zilliqa (ZIL), a high-security blockchain platform for enterprises, officially revealed that they had fully transitioned into their native platform. 

With the announcement also came the close of the token swap on the network, which is a mechanism to convert ERC20 ZILs from the ETH network to the native ZILs on the Zilliqa network at a ratio of 1:1. 

The platform revealed that the swap was a success, with 98.3% of interim tokens having been exchanged for native $ZIL, which can now be used for transactions, by DApps on the Zilliqa blockchain, and as gas fees.

According to an earlier announcement, unswapped ERC-20 tokens will be frozen, accounting for less than 1.02% of the maximum supply of $ZIL. 

Frozen tokens cannot be transferred or used in transactions, and can be considered to be ‘out of the circulating supply’. However, they will be stored away rather than destroyed for now, so as to be available for any future audit.

The ZIL coin was developed as a temporary ERC20 token on the ETH blockchain to develop a working blockchain and migrate the tokens on it. 

Introducing Zilliqa Mainnet: A Permissionless Distributed Network

Zilliqa Mainnet aims to increase transaction rates as its network expands through sharding. Its latest throughput is over 2,800 transactions per second (TPS).

In Jan. of last year, Zilliqa revealed plans to transition to its mainnet, becoming the first public blockchain to implement sharding successfully.

During the transition phase, major crypto exchanges such as Binance, Huobi Global, and KuCoin confirmed support for the mainnet token swap. 

Then in December 2019, they launched Zilliqa 6.0.0 to improve the user interface along with faster block times, decreasing the generation of Tx blocks from 75 seconds to 45 seconds, easier data access, and support for smart contracts with multiple messages.

Now that the token swap and migration to the mainnet $ZIL platform is successful, Zilliqa is urging all its users to store their tokens on a secure wallet that supports $ZIL and never to reveal their private key or mnemonic to anyone. Moreover, miners interested in the $ZIL token can learn more about how to obtain it on Zilliqa’s GitHub link

The platform Has Been Gearing Up to its Mainnet Launch

The launch of the mainnet platform was preceded by some significant strides in Zilliqa’s blockchain to improve accessibility and security for users. 

Just recently, the platform partnered with Incognito to make transactions private for those using their blockchain.

Moreover, in December 2019, Zilliqa saw the launch of its first stablecoin anchored to the price of the euro, called Hybrid Euro.

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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