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ZetaChain
About ZetaChain
ZetaChain is a Layer 1 blockchain platform known for its chain-agnostic interoperability, enabling seamless data and value transfers across various blockchains, including EVM-compatible chains, Cosmos/IBC, Bitcoin, and others. It features messaging capabilities that allow the transmission of data and value without wrapping assets and supports native smart contracts for creating omnichain decentralised applications (odApps). These odApps can manage funds across multiple blockchains via a single contract. The ecosystem is powered by the native token, ZETA, used for transaction gas, securing the network through staking, and facilitating cross-chain communications. ZETA also plays a crucial role in network governance, granting token holders the ability to participate in decision-making processes. The use of ZETA is aimed at ensuring efficient interoperability, enhancing network security, and fostering community involvement in ZetaChain's development.
ZetaChain is a Layer 1 (L1) blockchain platform characterised by its chain-agnostic interoperability. It is crafted to facilitate seamless data and native value transfers across a variety of blockchains, including EVM-compatible chains, Cosmos/IBC, Bitcoin, Dogecoin, Tron, among others. Notably, it features messaging capabilities that allow the transmission of data and native value between chains without the need for wrapping assets. Moreover, it supports native smart contracts, enabling developers to create omnichain decentralised applications (odApps) capable of orchestrating funds across multiple chains through a single contract.
ZetaChain utilises its native token, ZETA, in several key ways to empower and secure its omnichain smart contract layer and transaction processes:
- Gas for Transactions and Smart Contracts: ZETA serves as the gas for transactions within ZetaChain's network, including the operations of omnichain smart contracts. In a manner akin to mechanisms such as EIP 1559, a portion of ZETA is burned over time with each transaction, introducing a deflationary element to its economy.
- Core Pools and External Transactions: The protocol employs ZETA within core pools to exchange for external ZRC-20 gas assets. This facilitates the payment for and the execution of outbound transactions to external chains, ensuring interoperability and smooth cross-chain communication.
- Cross-chain Intermediary Asset: For cross-chain messaging, ZETA acts as the intermediary asset. It enables dApps and users to attach ZETA to messages to convey value and to consolidate all associated gas and transaction fees into a single payment. This streamlines the process of transferring assets across different blockchains by using ZETA in the core pools for outbound gas payments.
- Network Security through Staking: ZETA is crucial in securing ZetaChain's Proof of Stake (PoS) blockchain. Validators stake ZETA, and users can delegate their ZETA to validators, in return for earning block rewards. This staking mechanism not only fortifies the network but also encourages community engagement and support.
- Governance Participation: Holders of ZETA have the privilege to vote on governance proposals, which may include network and policy enhancements among other considerations. This grants the ZetaChain community a voice in the network's direction and development, ensuring it evolves in a manner that aligns with the preferences and requirements of its users.