What is ZetaChain? ZetaChain is a development project towards the future of Omichain. ZetaChain will be the platform for developing Omnichain dApps. The project receives attention and support from many large funds such as Blockchain.com, GSR,…
So what is ZetaChain? What makes it stand out? Let’s find out in this article!
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ZetaChain Overview
What is ZetaChain?
ZetaChain is a Layer 1 Blockchain based on PoS consensus mechanism, built using the Cosmos SDK and Tendermint Consensus toolkit. It is an EVM compatible platform that allows the development of Omnichain dApps (odApps) thanks to the ability to connect and interact with other Blockchains.
ZetaChain is a communication platform or an intermediary so that Blockchains can communicate and exchange data with each other. It solves Crosschain and Multichain problems and aims to open up the global financial and cryptocurrency ecosystem to anyone.
ZetaChain supports a truly flexible multi-chain cryptocurrency ecosystem where users and developers can move and interact with any Blockchain on a single interface such as: payments, DeFi, payments accounts, games, security, privacy,…
ZetaChain can connect to all EVM and non-EVM networks such as Solana, Bitcoin, Doge,… dApps deployed on ZetaChain’s Omnichain smart contract are by default interoperable with all connected Chains. Connect to ZetaChain. And users can use wallets to interact with source chains when interacting with ZetaChain such as Metamask, Keplr, XDEFI,…
ZetaChain is a Proof of Stake (PoS) blockchain built on the Cosmos SDK and the Tendermint PBFT consensus engine. Therefore, ZetaChain has fast block generation times (5 seconds) and almost instant confirmations. The Tendermint PBFT consensus engine has shown scalability to 300 Nodes in production. With future upgrades to the BLS signature tThe transaction volume on ZetaChain can reach 100 TPS.
ZETA is ZetaChain’s Gas Token and is used to pay network fees. Using the PoS consensus mechanism, Validators on the network need to Stake ZETA to increase security. ZETA is a multi-chain Token issued natively across multiple chains and layers. Users can directly move ZETA coins from chain A to chain B with one click. This mechanism is a one-way latch (i.e. burn quantity X on chain A and then mint quantity X on chain B).
ZRC-20 is a Token standard integrated into ZetaChain’s Omnichain smart contract platform. With ZRC-20, developers building dApps can issue native assets on any connected chain. This makes it extremely simple to build Omnichain DeFi protocols and dApps like Omnichain DEX, Omnichain Lending, Omnichain Portfolio Management, and anything else that involves fungible tokens across multiple chains from one place. as if they were all on a single string.
Structure of ZetaChain
ZetaChain’s PoS network is operated by Validators. Contained within each validator are ZetaCore and ZetaClient. ZetaCore is responsible for producing the blockchain and maintaining the replicated state. ZetaClient is responsible for observing events on the external chain (Observer) and signing outgoing transactions (TSS Signer).
ZetaCore and ZetaClient are grouped together and run by node operators. Anyone can become a node operator to participate in validation provided there are enough bonds staked.
Validators include components such as Basic Validators, Observers and TSS signer
- Basic Validators: Each validator node can vote on block proposals with voting power proportional to the associated, delegated stake (ZETA). Each validator is identified by its consensus public key. Validators need to be online at all times, ready to participate in the ever-evolving block production process. Upon completion of the work, the validator will receive the block reward and transaction fees.
- Observers: Is nobserver, monitors externally connected chains for certain relevant transactions, events, states at specific addresses through the full nodes of the external chain. The observer will be divided into two roles: sequencer and verifier. Sequencer detects relevant external actions, events, and states and reports them to the verifier. Afterward Verifiers will verify and vote on ZetaChain to reach consensus. The system needs at least one sequencer and multiple verifiers.
- TSS Signers: ZetaChain collectively holds standard ECDSA/EdDSA keys for authenticated interactions with external chains. The keys are distributed among many signers in such a way that only a majority of them can sign on behalf of ZetaChain. It is important to ensure that there is never any single entity or fraction of nodes that can sign messages on behalf of ZetaChain on external chains. The ZetaChain system uses bonded shares and positive or negative incentives to ensure economic security.
Observers tasked with monitoring external chains for relevant transactions. Observation servers continuously scan for off-chain events responsible for both the burning and minting of native coins (ZETA), messages, and smart contract calls.
Mechanism of action
A transaction that takes place on ZetaChain is performed as follows:
- User creates transaction: Users use a cryptocurrency wallet to create transactions. Transactions include the following information:
- Sending wallet address: Sender’s wallet address.
- Receiving wallet address: The recipient’s wallet address.
- Deposit amount: Amount of money sent.
- Transaction data: Additional data for transactions, such as information about smart contracts.
- User signs transaction: Users use their private keys to sign transactions. Signing a transaction helps ensure the security of the transaction.
- Transactions sent to the network: Transactions are sent to the ZetaChain network through a node (Sequencer).
- Verified transactions: ZetaChain Validators will verify the validity of the transaction. The Verifier will verify the information including checking the user’s signature and ensuring that the transaction does not violate network rules.
- Transactions added to the block: If the transaction is valid, it will be added to a new block generated by ZetaCore. The new block will be added to the ZetaChain Blockchain.
- Confirmed transaction: ZetaChain Validators will confirm new blocks according to PoS. The validation process helps ensure the safety and security of the Blockchain.
- Sign to send data: TSS Signer will sign a message to transfer data or Tokens to the wallet address on the destination chain after the transaction has been confirmed on the ZetaChain network.
- Transaction completed: The transaction will be completed when it sends the correct information, data or Token to the user’s wallet on the destination chain after. Or it can be understood as the amount of money transferred from the sending wallet address to the receiving wallet address.
Specifically, ZetaChain’s Observers will monitor external Blockchains by:
- Download blocks from external blockchains: Observers will download blocks from external Blockchains and store them in their repository.
- Search for related deals: Observers will look for ZetaChain-related transactions in blocks from external Blockchains. Relevant transactions include asset transfer transactions between ZetaChain and external Blockchains, transactions that create or update smart contracts on external Blockchains, etc.
- Notice of transactions related to ZetaChain: Observers will notify ZetaChain-related transactions to ZetaChain. ZetaChain will use these notifications to update its status.
Factors affecting transaction speed on ZetaChain:
- Number of transactions in the network: If there are many transactions in the network, the transaction execution time will be longer.
- Transaction data: If the transaction data is large, the transaction execution time will be longer.
- Internet connection speed: If the user’s internet connection speed is slow, the transaction execution time will be longer.
Highlights of ZetaChain
- Is the infrastructure for Omnichain, oriented towards future technology.
- Secure the system with PoS network.
- Smartcontract support for Omnichain dApps.
- Allows issuance of Tokens according to ZRC-20 standard (Omnichain Token standard).
- Other dApps can also use ZetaChain to transform themselves into Omnichain.
Development Roadmap
Update…
Core Team
Madison H: Director of Product
- In 2020, Madison graduated with a Bachelor of Science from Stanford University.
- Madison was once an intern for Chris Van Hollen, a US Congressman.
- While still a student, Madison participated in founding Lend It. Recognized as one of Fast Company’s 2019 world-changing ideas out of more than 2000 company entries.
- In 2019, Madison worked as Digital Product Analytics Intern for Nike.
- In 2020, he worked as Business Analyst, Digital for McKinsey & Company.
- Currently, Madison is the Director of Product of ZetaChain, before that he was the Product Manager of the project.
Tad Tobar: Head of Operations
- Tab has earned a CEO certificate at Saïd Business School, University of Oxford.
- Tab spent more than 4 and a half years as Chief Of Staff at Long Gam.
- Currently, Tab is Head of Operations at ZetaChain.
Denis Fadeev: Head of Developer Experience
- In 2011, Denis graduated with a Bachelor’s degree in Business Administration. Next, in 2020 he continued to successfully obtain a master’s degree at the Higher School of Economics.
- In 2019, Denis worked as a UX Designer for ICS.
- In 2022, Denis worked as a Blockchain Engineer at Strangelove Ventures.
- After that, he moved to work at Ignite, during the development process there he held positions such as Director of Developer Experience, Vice President of Product, Head of Developer Experience.
- Currently, Denis is Head of Developer Experience at ZetaChain, he will start working here in April 2023.
Investors
- March 2022: Seed round receives investment from Jaynti Kananiis the Founder of Polygon Network.
- August 16, 2023: Funding round successfully raised $27M from funds such as CMT Digital, Blockchain.com Ventures, Jane Street Capital, Foundation Capital, Vy Capital, Sky9, GSR Markets (GSR), Krust, CryptoKudasaiJP, Lingfeng Capital ,…
Tokenomics
Update…
Exchanges
Update…
ZetaChain’s Information Channel
- Website: https://www.zetachain.com/
- Twitter: https://twitter.com/zetablockchain
- Discord: https://discord.gg/zetachain
- Blog:
Summary
ZetaChain is a good platform to build Omnichain dApps. It brings a smooth multi-chain interaction environment right on a single dApp. Although ZetaChain is not as popular as LayerZero, it is the first EVM support project for Omnichain.
ZetaChain is a project with great potential in Omnichain and is at the forefront of the Omnichain Smartcontract support technology built above. Communication protocols are still a problem and have high risks, but Omnichain is truly the ideal environment that Blockchain is aiming for.
So I have clarified what ZetaChain is? Overview of ZetaChain cryptocurrency. Hope this article brings a lot of useful information and knowledge!