A novel layer-1 blockchain, designed to forge secure links between disparate chains, including Ethereum (which supports smart contracts) and Bitcoin (which does not), is making waves.
As the blockchain universe continues to expand, interoperability – the ability for different chains to work together – is taking center stage. Though various solutions are striving to connect this multitude of chains, each comes with its own share of risks.
Layer-1 blockchains are stepping up to resolve these interoperability challenges by creating a network with built-in bridges between chains and employing asynchronous message passing. Cross-chain bridges enable the transfer of value from one chain to another. However, this mechanism introduces various problems for users and developers alike, including the potential for bridge hacks, which have led to billions in losses over recent years.
Moreover, the splintered landscape of blockchain creates inefficiencies and complexities, leading to further potential risks. Cross-chain trading can become costly due to increasing gas prices and slippage risks. Even more, bridging solutions can demand anywhere from a few minutes to hours to process a transaction.
Bridging the Blockchain Divide with ZetaChain
ZetaChain, a decentralized layer-1 blockchain compatible with the Ethereum Virtual Machine (EVM), seeks to enhance blockchain industry interoperability by inherently supporting the cross-chain bridging of assets, data, and liquidity.
ZetaChain’s strategy enables the construction of omnichain decentralized applications (DApps) permitting users to access all their assets and data from a single platform, irrespective of the blockchain they originated or reside on. Such increased interoperability and the capacity to create omnichain DApps could enhance user experience and thereby potentially boost the adoption of blockchain technology overall.
Importantly, ZetaChain extends its support not only to smart contract chains like Ethereum but also to non-smart contract chains like Dogecoin and Bitcoin through its cross-chain toolkit for developers. This feature effectively enables smart contracts for Bitcoin, giving developers the means and infrastructure to integrate their BRC-20 projects, for example. Broadly speaking, the network is blockchain agnostic.
Building Momentum with ZetaChain
As a fledgling project, ZetaChain is actively seeking to establish its footing within the crypto landscape. It has recently released its white paper in 17 languages, underscoring its focus on interoperability and a global developer base.
The blockchain’s testnet has already garnered over 1.5 million users from more than 100 countries, and its community continues to grow. Additionally, ZetaChain’s social media channels have accrued over 1.7 million followers since their inception.
On the development side, momentum is equally palpable. The project has formed partnerships with several major entities in the crypto industry, including BNB Chain ecosystem infrastructure provider Ankr, blockchain security firm Halborn, and bug bounty and security services platform Immunefi. Its DApp development spans from decentralized exchanges (DEXs) to NFTs and universal and private identity platforms, all aimed at expanding the ecosystem’s reach.
Developers eager to build DApps on ZetaChain can seek funding via the ZetaChain Grants Program. Already, hundreds of developer teams have applied for this funding in hopes of a jump-start from the project.
Growing Alongside Other Chains
One of ZetaChain’s central tenets is the desire to grow in tandem with other networks, rather than at their expense. As ZetaChain’s chief product officer, Brandon Truong, pointed out: “ZetaChain is in a unique position as a new L1 that connects other chains agnostically. Instead of trying to siphon off liquidity and users from other ecosystems and chains, it grows with them. ZetaChain’s growth is synonymous with the growth of crypto at large.”
ZetaChain’s approach to interoperability signifies a major leap forward for the blockchain industry. By creating an EVM-compatible layer-1 blockchain that also supports non-smart contract chains, ZetaChain is setting a new standard for interoperability. This could potentially accelerate the development of applications across the blockchain spectrum, opening up new avenues for both users and developers. The ability to operate across different chains will lower the entry barriers for many potential blockchain adopters, making the crypto space more accessible and inclusive.