ZetaChain is a public blockchain platform capable of connecting all blockchains, whether they have smart contracts or not. For your information, a Smart Contract is a computer program intended to automate transactions in a blockchain network. ZetaChain allows developers to create applications that can interact with various blockchains, such as Ethereum, Bitcoin, Dogecoin, and others.
Apart from that, ZetaChain also offers unique features, such as Omnichain smart contracts, cross-chain message exchange, and external asset management. With ZetaChain, you can access the entire crypto ecosystem from one place.
What is ZetaChain?
ZetaChain is the blockchain that connects everything. ZetaChain enables interoperability between any blockchain or layer by providing value transfer and messaging across networks, as well as native Omnichain smart contract support. Omnichain smart contracts are smart contracts that can be called from any connected blockchain, including those that do not have built-in smart contract capabilities, such as Bitcoin. No other blockchain enables fully interoperable smart contracts like ZetaChain does.
ZetaChain is built on the Cosmos SDK and Tendermint Consensus, which are open source frameworks for building secure, fast, and scalable blockchains. ZetaChain uses a Proof-of-Stake (PoS) model, where validators who hold ZETA tokens are responsible for maintaining network security and performance. ZETA is ZetaChain's native token, which is used to pay transaction fees, participate in governance, and earn rewards from staking programs.
ZetaChain has a vision to be a platform of universal access, simplicity and utility across blockchains. ZetaChain envisions and supports a truly efficient multi-chain crypto ecosystem, where users and developers can switch between blockchains and benefit in various ways such as: payments, DeFi, liquidity, gaming, art, social graph, performance, security, privacy, etc.
Why ZetaChain is Needed?
The crypto industry is developing rapidly because this industry continues to innovate, thus experiencing significant growth. Every day, new blockchains, and new layers on top of those blockchains, emerge, making the industry increasingly complicated for developers and users. Applications built on one blockchain often cannot communicate or interact with applications on other blockchains, or even on the same layer. This condition hampers the great potential of the crypto ecosystem.
To overcome this problem, interoperability solutions are needed, namely the ability to connect and share data and value between different blockchains.
ZetaChain is here to offer a simpler, faster and more secure interoperability solution. ZetaChain does not require a centralized trust model, wrapped tokens, or new programming languages. ZetaChain only requires developers to write Omnichain smart contracts, which can work on all connected blockchains, without the need to change or adapt their code. ZetaChain also allows users to access and interact with all their assets and data across blockchains, without the need to manage multiple wallets or accounts.
How Does ZetaChain Work?
ZetaChain works by connecting various blockchains through hyper-connected nodes, which are ZetaChain nodes that have the ability to monitor transactions on each connected blockchain. These hyper-connected nodes can sign and verify transactions on any connected blockchain, just like a crypto wallet can. With the ability to read and write to connected blockchains in a secure and decentralized manner, these hyper-connected nodes provide a seamless Omnichain environment for developers to build new and powerful cross-chain applications on top of them.
ZetaChain supports two types of cross-network operations, namely value transfer and message exchange. Value transfer is the process of sending assets from one blockchain to another, such as sending Bitcoin to Ethereum. Message exchange is the process of sending data from one blockchain to another, such as sending price information from Chainlink to Bitcoin. These two operations are carried out using the Omnichain smart contract.
Smart contract Omnichain is a unique feature of ZetaChain, which allows developers to create applications that can interact with various blockchains, such as Ethereum, Bitcoin, Dogecoin, and others. Omnichain smart contracts can be implemented natively on ZetaChain, which uses EVM (Ethereum Virtual Machine) as the execution engine. In addition, Omnichain can also read and write data in connected blockchains, as well as call functions from other smart contracts on ZetaChain or on other blockchains.
To make it easier for developers, ZetaChain provides an SDK (Software Development Kit) which contains tools and documentation for creating and implementing Omnichain smart contracts. The SDK also contains templates and code examples for various uses, such as payments, DeFi, gaming, art, and more. With this SDK, developers can easily create innovative and useful cross-network applications.
What are the Benefits of ZetaChain?
ZetaChain offers many advantages for users and developers, such as access to the crypto ecosystem and simplicity of complex processes such as interoperability. This advantage cannot be separated from ZetaChain's Omnichain smart contract.
- Universal access: ZetaChain provides access to the entire crypto ecosystem from one place. Users can access and interact with all their assets and data across the blockchain, without needing to manage multiple wallets or accounts. Developers can create and deploy applications that work on any blockchain, without needing to learn a new programming language or adapt their code.
- Simplicity: ZetaChain simplifies the interoperability process, requiring only Omnichain smart contracts. Omnichain smart contracts have unique capabilities compared to others, including being able to access data from other blockchains without changing the code and being able to read and write data on connected blockchains.
Read Also:
What is ZETA (Zetachain), and its Potential in 2024
What is a Smart Contract Audit and How is the Process?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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