.cypto vs .zil – What’s the Difference and Which NFT Domain is Best?
The cryptoverse is exploding with growth and new projects. One of the most interesting developments in the crypto space has been the emergence of non-fungible tokens, or NFTs. While a cryptocurrency like Bitcoin can be traded for other cryptocurrencies on exchanges, an NFT is unique to each user and cannot be exchanged for another asset.
The first project to use this technology was CryptoKitties – collectible cats that live on Ethereum’s blockchain. Recently, Zilliqa unveiled plans to launch their own zil token as well as an ecosystem of crypto assets like domain names designed specifically for Zilliqa’s platform to be an alternative to the .cypto address
As these two projects are validating the viability of NFTs, it begs the question: which domain extension should you pick for your payment processing needs, a .crypto or a .zil? A .crypto extension uses the Ethereum blockchain while a .zil which uses the Zilliqua block chain.
Are NFT Domains Worth Getting?
NFT domains are a new type of domain that doesn’t require an actual web address. Instead, the domain name’s value is stored in a digital wallet called an ERC-721 token. A digital wallet is an electronic device for storing money. A digital wallet does not store paper currency; rather, it stores the information needed to control the transfer of funds from one party to another through a computer or hand-held device
The NFT domains have many benefits for crypto currency holders in that you can have a custom payment address, you’re able to own a .crypto domain or .zil domain outright with no renewal fees like a traditional domain registrar and their is the potential long term value of owning an in demand domain name.
The .crypto vs .zil debate
The crypto vs zil debate has been going on for some time now that Unstoppable Domains allows you to get both these NFT domains. Bitcoin and Ethereum are household names, but not so much Zilliqa. It’s a new cryptocurrency that is designed to scale faster than the more established currencies.
As of right now, there are two schools of thought about where crypto is headed in the future: one school says these coins will be replaced by newer versions — such as ZILs— while another school argues they’ll remain popular for years to come because they can store value and provide privacy for transactions.
What’s the technology difference between .crypto and .zil?
The .crypto domains live on Ethereum and the Zilliqa blockchain is where domains with a .zil extension live. Both blockchains are fundamentally the samefor both websites and payments with some differences between them that you should be aware of before making your decision.
The Zilliqa blockchain is more affordable, with cheaper fees and faster transaction times. Ethereum however is older and has a deeper ecosystem of integrations like web3 tools or marketplaces for collaborating and trading cryptocurrency and NFT’s like the OpenSea.
In general, Gas fees for transactions are too high for the current Ethereum network, but like all new technology the potential is there once costs are more under control. The underlying blockchain differences however do not matter when deciding between .crypto vs .zil because either one can be used on the payments side or censorship-resistant websites as long as they are ERC20 tokens.
Zilliqa vs Ethereum
Zilliqa is a new blockchain platform that has been developed to address the scalability issues faced by current blockchains. The team behind Zilliqa have created a scalable, secure and easily programmable smart contract language called Scilla which is based on the more established Ethereum Virtual Machine (EVM).
This blockchain aims to scale transactions and reduce fees. The ZIL token of this chain has recorded speeds up to 2,000 tx/s (transactions-per-second). This makes it four times faster than Ethereum with their typical speed around .25 – 1T tx/s.
On average wait time for confirmation on throughput of 1000tps will be 3 seconds or less in comparison to as much as 15 minutes for Ethereuem due its slower transaction processes over 30 seconds at best.
Ethereum is a smart contract platform that has risen to prominence in the past few years. With over $30 billion market cap, it’s not hard to see why Ethereum is considered one of the most valuable blockchain networks.
There are some who believe that Ethereum will be overtaken by a newer and better contender (Cardano, Polkadot etc). One such contender is Zilliqa, which offers scalability, security, and speed for dApps on their network.
Can currently sell .crypto domains more easily
Domaining is big business with .com’s being sold for large sums of cash. Voice.com for example was sold for a staggering 30 million USD in 2019. The current usefulness of .crypt and .zil domains has yet to be seen beyond being useful for receiving crypto payments more easily.
With that said, if you can secure a valuable .crypto or .zil domain now, it may be worth much more in the future. One advantage of a .crypo is not only does it have better name recognition due in part to the OpenSea.io, you have the ability however to buy and claim a .crypto domain and to then turn around and sell it.
By contrast .zil domains are not supported. So if brad recognition and the ability to resell are important to you, then a .crypto is more ideal.
.crypto vs .zil conclusion
If you’re interested in receiving and sending cryptocurrency payments online then setting up an account at Unstoppable Domains will be your best bet. You can go ahead and buy both a .crypt or zil domain through their platform with ease and set them up as a payment gateway.
The .zil extension and their respective coin is used for the Zilliqa blockchain platform, which aims to solve scalability issues with existing blockchains. But Ethereum and .crypto is more established. So it’s a trade off of usefulness, branding and long term viability.