ZETA is a blockchain platform that allows for cross-chain data exchanges and smart contract executions. DApps built on ZetaChain can utilize smart contracts to interact with different blockchains. This enables the DApps to take advantage of multiple blockchain features as if they were operating on a single platform. ZetaChain supports omnichain programmability for both smart contract chains like Ethereum or Polygon, as well as non-smart contract chains like Bitcoin or Dogecoin (DOGE).
Ankur Nandwani, who previously worked at Coinbase and developed the Basic Attention Token (BAT) cryptocurrency, established the ZetaChain project in 2021. The platform began testnet operations in 2022. ZetaChain’s unique omnichain smart contracts idea quickly caught the attention of investors, leading to a $27 million venture capital funding in 2023. ZetaChain officially launched its mainnet on Feb 1, 2024.
The ZetaChain platform can connect different chains in theory. Currently, the team is concentrating on integrating the biggest blockchains like Bitcoin, Ethereum, Polygon, and BNB Chain.
How Does ZetaChain Work?
ZetaChain’s Layer 1 blockchain utilizes Cosmos SDK and the Tendermint consensus engine. It operates on a proof of stake (PoS) algorithm and has smart contract functionality. ZetaChain’s smart contracts have the ability to read and write data on any connected chain, allowing for smooth asset transfers and smart contract execution across multiple chains.
ZetaChain-based DApps can make use of assets on different chains, such as Bitcoin, without requiring asset bridging. This is possible due to the omnichain functionality provided. The architecture of ZetaChain includes ZetaEVM (zEVM), which is an Ethereum-compatible engine that enables the execution of omnichain smart contracts.
Key Features
- Hyper-Connected Nodes
- Omnichain Contracts
- Cross-Chain Message Passing
- Managed External Assets
Conclusion
ZetaChain’s mainnet launch is a significant milestone in the development of blockchain technology. With its innovative omnichain smart contracts, ZETA enables effortless asset operations across various chains.
Thanks to the innovative ZetaChain protocol, it is expected that DApps which integrate assets and contract operations across various blockchain platforms will soon become the standard in the industry.