What is Zetachain (ZETA)? Blockchain Connects Multichains

Table of Contents

What is Zetachain?

ZetaChain is a Layer 1 decentralized blockchain built on the Tendermint Consensus and Cosmos SDK, providing flexible interaction capabilities with other Layer 1 and Layer 2 blockchains. Utilizing the Proof of Stake (POS) consensus mechanism, ZetaChain enables transaction verification with trust-minimized characteristics, operating without the need for trust from third parties.

Furthermore, ZetaChain not only offers a platform for smart contracts but also supports multi-chain interaction through a feature called Omnichain. This technology facilitates automatic transactions even on blockchains that do not support smart contracts, such as Bitcoin or Dogecoin.

https://www.zetachain.com/

The project plays a crucial role in shaping a multi-chain ecosystem in the crypto market, supporting both users and dApp developers to leverage benefits and explore potential on any blockchain. Project activities include payments, DeFi, liquidity, gaming, social networks, security, and privacy.

How does ZetaChain operate?

ZetaChain provides a unique Omnichain Dapp capable of interacting with all other blockchains through ZetaChain. Users can trade, send messages, and execute smart contracts across any desired chain.

With the introduction of Zetachain, users and developers can interact smoothly and efficiently across multiple blockchains. This has resulted in an advanced Omnichain Dapp model, enhancing the performance of blockchain systems.

Highlights of ZetaChain

As a decentralized blockchain project supporting multi-chain for users, especially dApp developers, Zetachain offers cross-chain solutions with the following highlights:

Built on Cosmos SDK and Tendermint Consensus:

The project is built on the Cosmos SDK platform and uses Tendermint Consensus.
As a PoS blockchain, Zetachain ensures transparency and clear verification in all transactions and operations, minimizing risks such as exploits and hacks.

Hyper-connected nodes:

Strongly connected nodes create a multi-chain environment supporting asset and data conversion for dApp developers.

Omnichain dApp:

Omnichain dApp facilitates more convenient messaging and data transfer for dApp developers.
Enhances capital utilization and liquidity in the DeFi sector.

Multi-chain asset management:

Zetachain blockchain and dApps built on this platform can manage assets across all blockchains.

Diverse products supporting multi-chain:

Zetachain not only builds protocols with core features but also focuses on developing user-interaction products across multiple chains.
Developers have the creative freedom to deploy new protocols and financial products on ZetaChain.

As of the current time, Zetachain has executed over 14 million cross-chain transactions, successfully deployed over 200 dApps, and attracted over 3 million users on the network’s testnet.

Basic information about ZETA token

Basic Information

Token Name: Zetachain
Token Code: ZETA

Token Use Cases

Paying gas fees for ZetaChain smart contracts: ZETA is used to pay gas fees for transactions and executing smart contracts on ZetaChain.
Maintaining the operation of the ZetaChain blockchain: ZETA plays a crucial role in maintaining the operation of the ZetaChain blockchain through activities such as bonding, staking, and holding tokens to ensure network security and reliability.
Core token for cross-chain swap, messaging, and security: ZETA is the fundamental token for cross-chain swap activities, messaging on the network, and supporting ZetaChain’s security features.

Zeta Development Roadmap

ZetaChain underwent a testnet phase in late 2022, and according to the latest update, the official mainnet release is expected in Q1 2024.

ZetaChain Development Team

The ZetaChain development team includes experienced members in the crypto field:

Brandon Truong: Currently the Head of Product at ZetaChain, with over 6 years of experience, previously holding the position of Chief Product Officer at Yada and BuzzFeed.
Jonathan Covey: Head of Community at ZetaChain, with over 6 years of experience in marketing at WorkMarket and notably ConsenSys.
Martin Grabina: Software Engineer at ZetaChain, accumulating over 4 years of experience in programming technology products in general and blockchain in particular.

ZetaChain Investors and Partners

The project successfully raised $27 million on August 16, 2023, with contributions from 12 different investment funds, including Blockchain.com, CMT Digital, GSR, etc.

ZetaChain also collaborates with leading funds and projects in the cryptocurrency market.

Conclusion

ZetaChain (Zeta) is a promising blockchain platform with diverse features and the ability to interact cross-chain with various blockchains. However, as ZetaChain is currently in the testnet phase, investors need to wait for the official mainnet launch to assess its level of success and the benefits it brings to the blockchain community.

Through this article, it is hoped that readers have gained some basic information about ZetaChain to make informed investment decisions based on market conditions and personal goals.