ZetaChain

ZetaChain (ZETA) is a groundbreaking Layer 1 (L1) blockchain and smart contract platform designed to enable seamless interoperability and message passing between any blockchain networks. It stands out as the only decentralized network that facilitates generic smart contracts and messaging across diverse blockchains, including those without native smart contract capabilities. By offering a unified platform for cross-chain communication, ZetaChain aims to bridge the existing gaps in the blockchain ecosystem, allowing for the creation of omnichain applications (odApps) that can interact with multiple blockchains from a single contract.

• Total Supply:

• 2,100,000,000 ZETA

• Allocation:

• Protocol Treasury: 24%

• Core Contributors and Advisors: 22.5%

• Ecosystem Growth Fund: 12%

• User Growth Pool: 10%

• Validator Incentives: 10%

• Liquidity Incentives: 5.5%

• Purchasers: 16%

• Usage:

• Gas fees for transactions and smart contracts on ZetaChain.

• Staking and securing the network.

• Cross-chain messaging and transactions.

• Inflation:

• Target of ~2.5% yearly inflation after approximately 4 years to sustain the network.

As of today #{today’s date}, the price of ZetaChain is ₹59.97 INR or 0.6776 USD, with a 24-hour trading volume of #{dailyVolume} USD. The market capitalization for ZetaChain is NaNUSD. The circulating supply is NaN ZetaChain, with the total supply also being NaN ZetaChain.

Pros:

• Interoperability:

• ZetaChain’s unique ability to facilitate communication between any blockchains, enhancing the utility and accessibility of blockchain technology.

• Innovative Technology:

• The introduction of omnichain smart contracts represents a significant advancement in the crypto space.

• Strong Utility:

• ZETA tokens have multiple uses within the ecosystem, including gas fees, staking, and governance.

• Ecosystem Growth:

• A dedicated fund and incentives for validators and users promote a vibrant and growing ecosystem.

• Decentralization:

• A commitment to maintaining a decentralized network ensures security and trustworthiness.

Cons:

• Complexity:

• The advanced technology and concepts may be difficult for newcomers to understand.

• Competition:

• Faces competition from other interoperability solutions and Layer 1 blockchains.

• Adoption Rate:

• The success heavily depends on the adoption rate by developers and users across different blockchains.

• Regulatory Uncertainty:

• Like all cryptocurrencies, it faces potential regulatory challenges that could impact its growth.

• Market Volatility:

• Subject to the high volatility inherent in the cryptocurrency market.

• Pioneering Interoperability:

• ZetaChain’s focus on enabling seamless cross-chain communication positions it as a leader in the interoperability space.

• Broad Utility and Application:

• The token’s multiple use cases within the ecosystem suggest a strong demand as the platform grows.

• Strong Foundation and Vision:

• The project’s clear vision and solid technological foundation indicate potential for long-term success.

• Growing Ecosystem:

• Investments in ecosystem growth and user incentives are likely to attract developers and users, driving up demand for ZETA.

• Innovative Features:

• Features like omnichain smart contracts offer unique opportunities for developers, potentially leading to groundbreaking applications.

• Omnichain Smart Contracts:

• The ability to create smart contracts that operate across multiple blockchains is a unique feature that sets ZetaChain apart.

• Built-in Cross-chain Interoperability:

• Unlike other platforms that require bridges or third-party solutions, ZetaChain offers native interoperability.

• Decentralized and Public:

• Maintains a decentralized nature while being open to any blockchain, enhancing security and trust.

ZetaChain addresses the fragmentation in the blockchain ecosystem by enabling seamless communication and interoperability between disparate blockchain networks. This solves the problem of siloed blockchains, allowing for the creation of applications that can access and leverage assets, data, and functionalities across multiple blockchains, thereby unlocking the full potential of the blockchain space.

Dan Romero, Sam Rosenblum, and John Yi, who founded ZetaChain, were early contributors at Coinbase and played a role in developing the Basic Attention Token (BAT). They have also invested in numerous cryptocurrency projects.

• ICO Price:

• $0.143

• Listing Date:

• Various IEO dates in early 2024

• Technical Complexity:

• The advanced nature of the technology may hinder adoption or lead to unforeseen issues.

• Interoperability Challenges:

• Despite its goals, achieving seamless interoperability across all blockchains is a complex challenge that may face obstacles.

• Market Competition:

• The space is highly competitive, with many projects vying for dominance in the interoperability and Layer 1 sectors.

• Dependence on Ecosystem Growth:

• The value of ZETA is closely tied to the growth and adoption of the ZetaChain ecosystem.

• Regulatory Risks:

• Potential regulatory changes or crackdowns in key markets could adversely affect the project.

The ZetaChain whitepaper introduces ZetaChain as a pioneering Layer 1 (L1) blockchain designed to facilitate generic omnichain smart contract support, connecting both smart contract blockchains (such as Ethereum, Ethereum L2 rollups, Solana, Terra, and Algorand) and non-smart contract blockchains (like Bitcoin and Dogecoin). This integration is achieved through a Proof-of-Stake (PoS) blockchain combined with observers and signers for external blockchains. Observers scan external chains for relevant events, transactions, and states, reaching consensus on these observations on ZetaChain’s blockchain. Signers, collectively holding a single Threshold Signature Scheme (TSS) key, can send authenticated messages to external chains and manage assets like normal accounts on these chains. This setup enables smart contracts on ZetaChain to execute arbitrary logic based on external chain events and directly update external chain states through TSS signed transactions, thus allowing for the creation of omnichain decentralized applications (dApps) that interact natively and directly with different blockchains without the need for asset wrapping or bridging.

The whitepaper emphasizes the fragmented nature of today’s blockchain ecosystem, likening a multi-chain future without interoperability to the pre-TCP/IP internet. It argues that current blockchains are inherently closed systems, which limits their ability to interact with each other and hampers the broader adoption of blockchain technology. To address these challenges, ZetaChain proposes a decentralized notary scheme atop an incentivized PoS blockchain, aiming to create a public blockchain that supports real cross-blockchain transactions, message delivery, and general cross-chain smart contracts in a decentralized, Byzantine fault-tolerant manner.

ZetaChain’s architecture includes a distributed network of nodes, referred to as validators, which act as decentralized observers to reach consensus on relevant external state and events. These validators also update external chain state via distributed key signing, achieving these functions in a decentralized, transparent, and efficient way. The ZetaChain blockchain is built on the Cosmos SDK and Tendermint PBFT consensus engine, offering fast block times and instant finality. The throughput of transactions on ZetaChain can reach 4000+ transactions per second (TPS) under ideal conditions, although cross-chain TPS may be lower due to various external factors.

The whitepaper also discusses the challenges of general-purpose cross-chain transactions, focusing on asynchrony and atomicity. It introduces the concept of Omnichain Smart Contracts and the Zeta Virtual Machine (zEVM), which supports all features of the Ethereum Virtual Machine (EVM) and additional functionalities for cross-chain interactions. These innovations allow ZetaChain to serve as a general-purpose programmable platform for cross-chain transactions, significantly simplifying the development of complex DeFi applications and other use cases across multiple blockchains.

In conclusion, ZetaChain aims to revolutionize the blockchain space by enabling seamless interoperability and communication between disparate blockchain networks, fostering a more connected and accessible blockchain ecosystem.