ZetaChain is a decentralized layer 1 blockchain built on Tendermint Consensus and Cosmos SDK that connect all blockchains. ZetaChain is based on the Proof-of-Stake algorithm and allows for completely transparent transactions that can be verified in a trust-minimized manner.
ZetaChain also provides a platform for smart contracts that can support multi-chain interoperability called Omnichain. This technology enables automated transactions even on blockchains that do not support smart contracts such as Bitcoin or Dogecoin.
How does ZetaChain work?
When it comes to the matters of engaging multiple blockchains, a common strategy for Dapp development is to build an app for each chain. This, however, is difficult to maintain in the long term as the number of heavily used blockchains continues to increase. So, ZetaChain proposes that developers can create one “Omnichain” Dapp that can interact with all other blockchains through ZetaChain.
With the arrival of ZetaChain, users and developers can work on many different blockchains seamlessly. This helped create an advanced Omnichain Dapp that improves the operational efficiency of blockchain systems.
Highlights of ZetaChain
Decentralized and open source
ZetaChain is an open source decentralized blockchain that uses the Proof of Stake (POS) consensus mechanism so all cross-chain transactions or activities on the platform are verifiable and completely transparent.
ZetaChain’s nodes have observers that monitor transactions on every connected chain. By being able to read and write to connected chains in a secure way, these nodes provide a seamless cross-chain environment for developers to create advanced cross-chain applications by allowing secure reads and writes to the linked chains.
With simple function calls, developers can pass messages (including data and values) between different Layer 1 and Layer 2 blockchains. This allows developers to create powerful cross-chain Dapps using a few functions within their existing smart contracts.
Omnichain Smart Contract
ZetaChain allows the deployment of smart contracts that can read and write to linked chains through the Omnichain smart contract.
Managed external assets
The ZetaChain blockchain and Dapps created on this network can both manage assets on other connected chains. It’s like how smart contracts on a single chain can manage assets on that chain.
- Token Name: ZetaChain
- Token: ZETA
- Blockchain: Updating
- Token Standard: Updating
- Contract: Updating
- Token uses: Governance, Utilities
- Total Supply: Updating
- Circulation supply: Updating
- Pay transaction fees for smart contracts and cross-chain transactions on the ZetaChain platform.
- Maintain the operation of ZetaChain through bonding, staking, etc.
- ZETA is also at the core of ZetaChain’s cross-chain transfer, swaps, message delivery, and security.
ZetaChain is a potential blockchain with diverse features and cross-chain interoperability with many different blockchains. However, ZetaChain is still in testnet and investors need to wait till the project launches the mainnet to be able to evaluate the benefits it brings to blockchains.