Analysis of the ZetaChain project. Passing the testnet.
ZetaChain is the only decentralized blockchain and smart contracts platform designed to be compatible with omni-channel networks. The key feature of this blockchain is its decentralized and public accessibility. It is built on the Cosmos SDK and Tendermint Consensus. While many inter-network solutions, such as bridges, have different, often centralized trust models that are known to be vulnerable to exploits and hacking, ZetaChain is a Proof-of-Stake blockchain in which all transactions and activities on the platform - even cross-chain transactions - are fully transparent, verifiable and operate with minimal trust. In other words, ZetaChain is a Proof of Stake (PoS) blockchain built on the Cosmos SDK, which is connected to external blockchains (e.g. Ethereum, BSC, Solana, Avalanche, Terra, Bitcoin) and layers (e.g. Polygon, Optimism, Arbitrum) in a decentralized, transparent and efficient way.
Hyperconnected nodes.
ZetaChain nodes have observers that monitor transactions on every connected network. Thanks to ZetaChain's TSS architecture, the network can sign and verify transactions on each connected network, just as a wallet can. With the ability to read and write data to connected networks in a secure, decentralized way, these hyperconnected nodes provide a seamless omnichain environment for developers on which they can build new and powerful interchain applications.
Omnichain messaging
A developer can pass messages (data + value) between networks and layers using simple function calls. With message passing, the dApp developer can create powerful inter-network applications by simply embedding a few functions into existing smart contracts.
The Omnichain dApp is a decentralized application that works seamlessly between blockchains and layers via ZetaChain. It can take the form of smart contracts deployed across multiple networks that interact by passing messages and values through ZetaChain, smart contracts deployed directly into ZetaChain that manage assets in any or all of the linked networks, or a combination of both.
Omnichain Smart Contracts
Smart contracts can be deployed on ZetaChain that can read/write to connected networks. ZetaChain is the only public blockchain that supports smart contracts with this capability, enabling a new paradigm for application development.
Managed external assets
The ZetaChain network and dApps built on top of ZetaChain can manage the assets and storage of external connected networks. This allows assets on any network to be managed in the same way that a smart contract on one network can manage assets on the corresponding network. Thus, a dApp on ZetaChain can organize and implement smart contract logic in any connected network. This property applies to all networks, including networks without smart contracts, such as Bitcoin and Dogecoin.
What's New
Zeta EVM (zEVM) and the ZRC-20 standard
ZetaEVM (zEVM) is a module on top of the ZetaChain network that allows users to create and deploy EVM-compatible Omnichain smart contracts that can read, write or manage data and liquidity in any connected network from a single location. A new standard called ZRC-20 allows Omnichain smart contracts to manage their own assets on connected networks. With ZRC-20, developers can create applications that use their own interchangeable tokens, such as Bitcoin, ERC-20 and gas assets, and perform transactions on the same network.
Bitcoin support
With Omnichain and ZRC-20 smart contracts, developers can now deploy ZetaChain contracts that initially control Bitcoin. In other words, ZetaChain supports Bitcoin smart contracts. In addition, ZetaChain supports smart contracts that manage not only Bitcoin, but also Bitcoin along with assets and data from other networks. Now you can trade and use Bitcoin with any assets in the DeFi world initially.
ZetaScan
ZetaScan is a supported ZetaChain explorer. You can view the latest ZetaChain transactions and track the status of end-to-end transactions between networks. Check it out here .
Omnichain Smart Contracts
Omnichain smart contracts are contracts deployed in ZetaChain that can use and organize assets in linked networks as well as in ZetaChain. With Omnichain smart contracts, you can have a single place of logic that can maintain the state of assets and data across linked networks.
Omnichain smart contracts are ideal for more complex applications where managing state between different networks is key to the application. Some examples of use cases:
Complex trading or DeFi applications that involve liquidity across multiple networks.
Adding a smart contract layer to networks without smart contracts, such as Bitcoin and Dogecoin, or initially incorporating these networks/assets into other parts of the DeFi ecosystem.
Multi-chain wallet applications with smart contracts, such as portfolio management across all networks.
Using existing protocol implementations such as Aave, Uniswap, Curve, etc., for Omnichain. Since zEVM is compatible with EVM, it is possible to build on top of these implementations (just as it would be in Ethereum) to adapt them for compatibility with Omnichain.
Inter-network messaging
Inter-network messaging allows messages to be sent from any linked network to any linked network, including ZetaChain. Inter-network messaging is most useful for applications that typically require minimal logic or state to support across all networks, and where data only needs to be sent between different networks in one direction.
A good example of this is an application that only needs to call a contract or send a value to an address on another network. Once the message is received and processed at the destination, the application ideally doesn't need to send anything back to synchronize the state for anything, and the sender doesn't care about the results.
Network messaging works to create a variety of applications and primitives, such as:
Omnichain NFTs that can be sent between different networks and don't need to know the state of the collection on other networks.
"Simple" exchange or bridge applications that use liquidity pools on existing networks.
NFT ownership confirmation or simple action calls to another network.
ZETA is ZetaChain's own coin, one of the first coins to be issued on many networks. ZETA is used for many aspects of the network, including as an intermediate token in the case of value transfer between networks. The coin is used as a gas for the network, much like ETH is used in Ethereum, as well as to maintain and encourage decentralization in the network - stacking, linking, shrinking, and so on. These properties obviously provide a stable foundation for the security, longevity and scalability of the ZetaChain network, especially when compared to many other existing interoperability solutions that may be centralized, poorly incentivized and unsustainable in the long run.
Zeta:
Go to the testnet site, connecting a Wallet, click the Twitter verification button, and log in.
https://labs.zetachain.com/get-zeta
Next, click Request Assets.
Go to Leaderboard and click Confirm wallet to verify the wallet.
Token exchange
Go to Swap, select pairs of tokens and networks to exchange, click Review Order, then Allow ZETA Transfer and Swap, confirm the transaction in the wallet.
7000 Zeta Points (ZP) per swap per week.
7000 Zeta Points (ZP) for referrals, you and the invitee.
You receive 1750 Zeta Points (ZP) for swaps made by a referral.
Website: https://www.zetachain.com
Blog: https://blog.zetachain.com/
Whitepaper: https://www.zetachain.com/whitepaper.pdf
Twitter: https://twitter.com/zetablockchain
Discord: https://discord.gg/zetachain
Telegram: https://t.me/zetachainofficial