Keep your
tokens safe

What is a wallet?

Wallets are physical devices or software that manage and protect your blockchain assets. It’s like a private online bank account that only you can access. No third party can freeze or claim ownership of your assets.

Why do I need a wallet?

Your wallet gives you access to ZIL and any other tokens you want to use. Ownership of your private keys gives you total control over the assets in your wallet.

Where can I store my ZIL?

You can store ZIL on hardware wallets, web browser plugins, iOS and Android devices and access them on the go.

What wallet should I chose?

Choose a wallet that supports your security and user needs. You can always try another one if you don't like it. Remember, when it comes to your ZIL tokens, you're the one in control.

How to keep my ZIL safe?

When accessing your ZIL, always use a secure Wi-Fi connection and never connect your online wallet or exchange account on public Wi-Fi.

Also, don’t share your private keys or seed phrase with anyone. These are for your exclusive use only.

What is an address?

A 'public' wallet address is a digital address. It comprises letters and numbers, and you use it to send and receive tokens.

It's publicly available like your email address, but only share it with people you trust.

When you make a transaction with Zilliqa, your recipient and anyone looking at the blockchain will always see this address:

What is a seed phrase?

A seed phrase (or a ‘back-up’ or recovery phrase) is typically a 12 or 24-word combination you need to provide if you forget or lose your password or pin. Without this phrase, you will be unable to access your ZIL, so keep them in a safe place.

An example of a 12 word seed phrase:

1. short
2. plain
3. television
4. mixed
5. perform
6. Learn
7. tree
8. cars
9. singer
10. written
11. approved
12. care

Make sure you write down your seed phrase and store it somewhere safe, preferably offline and not on your computer.

Are there transaction fees?

Yes. When you want to interact with your wallet, say, to send funds from one address to another, you have to pay a transaction fee.

There are two types of network transactions that incur a network fee:

Fees include:

• A standard payment transaction
• A smart contract execution transaction

1. What is a standard payment transaction?

Standard payment transactions take place when you use ZIL to buy goods or services.

2. What is a smart contract execution transaction?

Smart contracts are self-executing programmes that run on the blockchain. They help facilitate, verify, and enforce the negotiation or performance of a contractual agreement.

Decentralised finance (DeFi) and all decentralised apps (dApps) are made possible by smart contracts.

How do I verify transactions?

Block explorers help users verify transactions as it grants them access to the blockchain's network data, confirming your interaction details with a transaction identifier (TX ID).

Every blockchain transaction has a unique TX ID.

Here's what a TX ID looks like on the Zilliqa blockchain:

A block explorer also displays wallet addresses, token wealth distribution, number of transactions, and more.

You can check Zilliqa's block explorer here: https://viewblock.io/zilliqa

What is Zilliqa's network fees?

Zilliqa's fees are highly competitive, with a standard blockchain transaction fee of 0.1 ZIL.

Since smart contracts require more data to execute successfully, transaction costs are higher but cost-effective.

Zilliqa's community decides these costs, considering the transaction volume, user demand, and the current price of ZIL in US dollars.

Why are network fees important?

Fees strengthen network security. Without them, malicious actors can easily spam a network and slow it down.

The Zilliqa community recently introduced the Zilliqa Improvement Proposal (ZIP)-18 to increase the standard network transaction fees from .002 ZIL per transaction to 0.1 ZIL per transaction. This proposal passed with overwhelming consensus.

ZIP-18 became part of Zilliqa's core protocol in May 2021.

You can read more about ZIP-18 here.