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Ethereum Based Cryptocurrency Token – Zilliqa Moves to New Address Format

Zilliqa (ZIL) an Ethereum based cryptocurrency token, announced to change their address format, with an aim to provide a better and convenient user experience.

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The platform’s previous address format uses a different 20 bytes checksum mechanism from Ethereum in order to prevent the issue of erroneous funds transfers between Ethereum and a Zilliqa address. However, due to EIP-55 being not widely adopted by wallets and exchanges, this solution became not viable as a preventive mechanism

At present, Zilliqa’s cureent address format consists of 20 bytes, just like Ethereum and this led to some confusion. Any tokens mistakenly sent to the wrong address would lead to irreversible loss of the tokens. This is because the one address on Zilliqa does not correspond to the same private key on Zilliqa as it does on Ethereum, due to the difference of hash functions used

To resolve this issue, The zilliqa platform has decided to adopt the BECH 32 encoding instead with a human-readable prefix of zil to ensure there is no ambiguity. This will also ensure that all erroneous transactions via any wallets and exchanges will be rejected by both the Ethereum and Zilliqa network.

The platform also claims that they are in talks with various wallets to migrate to the new format by the end of next week, 31st May 2019. Currently, the old format remains valid.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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