ZIL holders and investors should have a good Zilliqa Wallet to use in order to keep their coins safe. This is very important, not only for Zilliqa holders but also for investors in other digital assets. ZIL is one of the most popular virtual currencies in the world. This is why there are different wallets to use.
Some Zilliqa wallets will be more secure than others. Everything depends on the type of wallet that you want to use and the activity you conduct with your virtual currencies. In this guide, we go through most types of wallets you can find to store Zilliqa. At the same time, we will tell you the difference there is among wallets and which could be better to meet your needs.
What is Zilliqa (ZIL)?
Zilliqa (ZIL) is considered to be the first public blockchain that implemented sharding on its mainnet. This project wants to make it possible for users to have access to a scalable blockchain platform through sharding.
The goal is to offer solutions to companies and projects to release their projects on this ecosystem and help expand decentralized applications (dApps) and decentralized finance (DeFi) solutions. Some of the blockchain companies that are also working on these types of solutions include Ethereum (ETH), Tron (TRX) and also the Binance Smart Chain (BSC), among others.
Zilliqa works with its own programming language called Scilla, which focuses on security. Through this programming language, users are also able to work on different decentralized applications and offer solutions to users.
The ZIL virtual currency is a very important part of the Zilliqa blockchain. How does it work? It makes it possible for developers and interested parties to execute a wide range of programs, pay for transactions and it also has an incentivization role.
This project was released in 2017 and it was able to raise more than $22 million in Ethereum (ETH), showing interest in this project and its plans to make blockchain technology more scalable.
There are also many other use cases for the ZIL cryptocurrency. Some of them include staking, operating the network, paying for transactions and voting on network upgrades. Due to this reason, it became a very popular virtual currency for investors.
Speculators purchased this virtual currency waiting for the price of this digital asset to reach higher levels in the future. The price of the virtual currency reached an all-time high of $0.23 in April 2021.
Why are Cryptocurrency Wallets Important?
Cryptocurrency wallets are very important due to different reasons. The first thing you should know is that without a cryptocurrency wallet is not possible to send or receive transactions. With a crypto wallet, you can send and receive funds.
But digital currency wallets are also very useful to hold virtual currencies. When you use a cryptocurrency wallet for which you have your private keys, then you are the owner of your virtual currencies.
Cryptocurrency exchanges, instead, are different. They do not give you access to your private keys. Without these private keys, you are not able to control your funds. If something happens to the crypto exchange, then you could eventually lose your funds. Additionally, a crypto platform could decide to block your account without previously informing the user about it.
Thus, you want to make sure you have a crypto wallet for which you have and control your private keys. The cryptocurrency market has expanded as a place where decentralization is considered an asset that should be protected. If you hold your private keys, then you are the real owner of your funds.
If you are a Zilliqa holder, you want to make sure you hold your ZIL coins in a safe wallet. But there are different types of cryptocurrency wallets from which to choose. In the next section, we share with you which are the most popular types of cryptocurrency wallets and which could be the best for you to hold your ZIL coins.
Types of Cryptocurrency Wallets
There are different virtual currency wallets in the market. Not all of them offer you the same services and solutions. This is why you want to make sure that you have selected the wallet that meets your needs.
Before we start, you should know that there is no wallet that offers all the services and solutions you want. Some of them will be more secure while others would focus on usability or user interface. Depending on your needs you should use one or another.
Software Wallets
Software wallets are computer programs that can be downloaded both to your smartphone or to your computer. You will be able to hold your private keys while using most of these wallets. You can easily send and receive funds through these wallets and they are great for those individuals that want to have access to their ZIL (and other) coins.
In general, software wallets are known for offering a wide range of services. However, they are not the recommended wallets to store large amounts of funds. Indeed, they are usually used to send and receive funds. They are basically used for small amounts or regular usage.
These wallets are also among the most popular among users that want to receive payments. If you use your ZIL a lot, then software wallets would be the best option for you. Instead, if you want to hold ZIL for longer periods of time, then hardware wallets are better.
Hardware wallets are usually better for security reasons. We will get into this in the next section.
Hardware Wallets
Hardware wallets are considered to be the most secure wallets in the market. These wallets are usually recommended to users that want to hold their virtual currencies for longer periods of time. If you are a long term holder these are the right wallets for you.
Hardware wallets are small devices that store your private keys outside the access of third parties. In this way, the funds are protected against attacks from malicious parties.
Hardware wallets require users to pay for them, as they are physical devices that have to be manufactured and delivered to the interested investor. Those users with larger portfolios should definitely consider purchasing a hardware wallet.
Best Zilliqa Wallets
There are several Zilliqa wallets that could be used by users that hold ZIL. Depending on your needs, as we mentioned before, you should consider one or another wallet.
This Zilliqa wallets list is just a compilation of some of the most useful wallets you can start using for your ZIL funds. There are many other wallets that have not been covered and that you should also look for.
Ledger Wallet
Ledger Wallet is one of the best Zilliqa wallets you can find right now in the market due to its security standards. Ledger produces different types of hardware wallets that would help you to keep your funds safe at all times.
If you are a long term holder, this is the right wallet for you. With full control of your private keys and the possibility to get access to other services and solutions, Ledger would give you one of the safest experiences to handle ZIL coins.
There are two things that you should remember: this is not a software wallet and it might require you to spend more time confirming transactions. Due to the fact that it focuses on security, there are some precautionary steps that Ledger wallets will require you to follow.
The second thing is related to its price. The wallet is not for free and you would have to pay for it. Despite that, if you are investing in ZIL, then you should consider purchasing a Ledger hardware wallet (Ledger Nano S or Ledger Nano X).
Trust Wallet
Trust Wallet is also among the most popular Zilliqa wallets in the world. Trust wallet claims to be “the most trusted & secure crypto wallet.” They allow users not only to store, send and receive virtual currencies but also to collect NFTs, exchange and earn virtual currencies and buy digital assets.
Nowadays, users that want to store virtual currencies and use them could use Trust Wallet. Zilliqa is one of the many coins supported by this cryptocurrency wallet, but there are many others. Users will find that it is very easy to earn interest on their coins and use the wallet app.
Additionally, investors can get access to virtual currencies directly from the application. If you want to buy virtual currencies, you can do so with a card. At the same time, it is possible to immediately exchange some coins for others, reducing the interaction that users could have with centralized exchanges.
Atomic Wallet
Atomic wallet is another cryptocurrency wallet that offers support to Zilliqa. Indeed, it makes it possible for ZIL holers to stake their coins and earn rewards. Nowadays, users can earn 15% rewards on their ZIL coins if they stake them in Atomic wallet.
Users can manage, exchange and buy all the digital assets they want using a secure and easy-to-use interface. As we can see, wallets such as Atomic Wallet or Trust Wallet are also offering other types of services to users that want to have access to virtual currencies.
Furthermore, the platform has also offered users the possibility to get 1% cashback on the exchanges they perform. Additionally, individuals that want to avoid using a cryptocurrency exchange can easily buy crypto using local currencies, for example, EUR, USD and other fiat currencies. In this way, it is easier for users to get access to digital assets.
Guarda Wallet
Guarda is another secure cryptocurrency wallet that has added numerous services to its application. As we have seen in the previous examples, individuals can stake, exchange, earn and buy Bitcoin, Ethereum (ETH) and many other virtual currencies, including Zilliqa.
With the staking solutions, users can easily hold their ZIL coins and stake them to earn rewards as many other users would do. At the same time, your funds would be protected in case of hacks and you can use them at all times through your application.
In addition, the wallet has added a crypto exchange for users that do not want to use digital currency exchanges to buy and sell virtual currencies. This is one of the best solutions offered by this wallet. At the moment, Guarda supports more than 50 blockchain networks and over 10,000 tokens.
Zillet
Zillet is another Zilliqa Wallet that works as a free and open-source platform. The goal is to offer users a direct and easy-to-use integration with the Zilliqa blockchain and its functionalities. At the same time, investors will also remain in full control of their keys and funds. That means that investors are going to be responsible for their digital assets.
As Zillet explains, users are in control of the wallet and the funds. That means that there are no banks or intermediaries taking care of your funds. Basically, this is a wallet that works as a platform that helps you to interact with the Zilliqa blockchain network in a convenient way.
The wallet is easy to use and it only supports ZIL. If you want to get access to other virtual currencies, then there are other projects such as Guarda, Trust Wallet or Atomic Wallet that are offering crypto solutions to users.
ZilPay Wallet
ZilPay is the last one on our Zilliqa wallets list. However, this does not mean that it is the last in terms of services and solutions offered to users. Indeed, this wallet is considered to be a decentralized wallet where you are the owner of your funds.
Users have the possibility to interact with the Zilliqa blockchain network and several decentralized applications (dApps) running on it. Furthermore, users are the owners of their own data. Individuals do not have to give permission to other third parties to handle their information. Your funds are always safe.
Some of the decentralized applications that are already compatible with ZilPay include DragonZIL or UnstoppableDomains. Users can also edit and deploy smart contracts using the scilla programming language and also stake their funds.
Finally, this wallet allows you to swap and provide liquidity to different ZPC2 tokens. This makes it possible for the entire Zilliqa ecosystem to grow and become more mature over time. Everything can be done using ZilPay and no other platform.