Project Overview Analysis ZetaChain — Public Blockchain Platform Built for Interoperability with Omnichain
ZetaChain is the only public, decentralized blockchain and smart contract platform built for omnichain interoperability (or in other words Zetachain is a common omnichain smart contract enabled blockchain that connects both two smart contract blockchains like Ethereum, Ethereum L2 rollups, Solana, Terra and Algorand and even non-smart contract blockchains like Bitcoin and Dogecoin.
The reason for the birth of Zetachain:
There has been a boom in the crypto space over the past few years. As developers have created thousands of novel DeFi and NFT applications, there has been an increase in users experiencing crypto for the first time. However, the experience for both developers and users has been suboptimal, and this is especially true when it comes to supporting multiple networks (L1 blockchains like Ethereum and BSC and Layer 2 solutions like Polygon and Optimism) and migration. assets on networks.
Developers looking to support multiple networks end up with the complexity of maintaining their dApps across multiple networks, each with its own set of challenges and limitations. At the same time, users who want to get the best productivity and use different dApps end up using different bridges to move assets across networks. Each of these bridges has its own custom wrapped token and trust model, fragmenting liquidity and creating a confusing and expensive user experience for users — multiple interfaces, pay for many transactions , etc. Although many projects are working towards interoperability, the ecosystem has grown ever more fragmented.
Zetachain is the world’s first and only blockchain that connects everything. It facilitates cross-chain and cross-layer value transfers, messaging and smart contract calls — thus allowing for the first time omnichain dApps (odApps) to leverage liquidity across multiple networks and read and update status updates on all connected networks. ZetaChain was born to solve these growing problems and promote a paradigm shift in the way developers and users use cryptocurrencies.
Advantages and disadvantages of Zetachain:
ZetaChain consists of a Proof of Stake (PoS) blockchain built on top of the Cosmos SDK that is connected to external blockchains (e.g. Ethereum, BSC, Solana, Avalanche, Terra, Bitcoin) and layers (e.g. Polygon, Optimism, Arbitrum) in a decentralized (no single point of failure, unreliable, permissionless) way, transparent and efficient.
With ZetaChain, it will allow developers to build odApps as easily as developing dApps for a single network like Ethereum or Polygon while being able to leverage the ability to stay calm across networks.
ZetaChain provides two ways for users and developers to utilize its cross-chain capabilities. First, ZetaChain provides EVM compatible smart contracts so that developers don’t need to learn another language and can easily customize their existing Ethereum dApps to work on all supported networks. connection. Furthermore, ZetaChain has integrated decentralized bridges to and from all connected chains so that assets and data can go in and out of ZetaChain easily.
Second, ZetaChain will be a programmable public computer that directly reads and updates state on all connected networks. Application logic mainly lives on ZetaChain while states live mainly on external chains.
The possibilities of what can be built with ZetaChain are endless but some of the applications developers can build include:
Cross-chain DEX in native token without wrapping
Decentralized and fault-tolerant bridging
Omnichain smart contracts can track and execute events on all connected chains
Lending protocol and cross-chain yield
Omnichain NFT . Application
Information Token, Roadmap:
ZetaChain Team has been building crypto products since 2013. We have product and engineering developers for one of the world’s largest centralized public exchanges and also create one of the most recognized crypto assets. most widely used. We also have experience in creating social and educational applications that reach millions, building quantum computers, and publishing research at leading conferences and journals in the high-performance field. , distributed computing and network security.
Partners and investors:
Zetachain brings multichain solutions (multi-chain-multi-platform) and aims for the future user experience. It will be one of many multichain solutions with many innovative points of its own similar to upcoming products such as LayerZero, Axelar Network, …, promising to be the highlight for the Multichain trend in the future.