Cointime

Cointime

Download App
iOS & Android

The Future of OmniChain: ZetaChain, A Novel Layer-1 Blockchain Enables Fully Interoperable Smart Contracts

Validated Media

The cross-chain narrative has always been one of the key concerns in the blockchain industry. Among them, Omnichain is considered by many to be the future of cross-chain. More and more projects are looking to incorporate Omnichain functionality into their application scenarios to gain more liquidity and interoperability. In this report, we will take readers to understand what Omnichain is, and introduce the Omnichain infrastructure network: ZetaChain in detail, bringing you the most comprehensive project analysis!

In this report, we will provide a detailed introduction to ZetaChain's cross-chain mechanism, and make a detailed comparison between existing cross-chain technologies and ZetaChain's Omnichain functionality to guide readers in-depth understanding ZetaChain. After reading this report, we hope readers can get answers to the following questions: What is ZetaChain? What are the key technical innovations of ZetaChain compared to other cross-chain projects? How is the current ecosystem development of ZetaChain?

Here are a few highlights from this report:

What is ZetaChain?

In layman's terms, ZetaChain is a public chain that allows people to send messages and transfer crypto assets between different blockchains like Bitcoin and Ethereum, without needing any middlemen or extra steps. This is achieved through the Omnichain capability, which connects all the different blockchains together, so people can easily move assets and messages. ZetaChain also allows developers to build decentralized apps that work across all chains, making it easy to manage everything from one place.

Existing Cross-Chain Technology

  • Cross-chain bridges generally use two types of solutions for funds transfer: [Lock/Burn + Mint] and [Liquidity Swap]
  • There are two primary cross-chain communication technologies used by cross-chain bridges: [Single/Multi-Party Verification] and [Relayer + Light Client]

From the comparison, it can be seen that most early cross-chain bridge protocols, such as WBTC, use the [Lock/Burn + Mint] approach for cross-chain asset transfer, while newer cross-chain protocols, such as Stargate and Synapse, mostly choose the [Liquidity Swap] approach.

According to statistics, as of March 16, 2023, 8 of the 10 cross-chain protocols with the highest TVL on DefiLlama use the [Lock/Burn + Mint] solution. Only two protocols, Stargate and Synapse, have chosen the [Liquidity Swap] option.

Limitations of Cross-Chain Bridges

  • The [Lock/Burn + Mint] method requires wrapped assets to implement cross-chain transfers.
  • The [Liquidity Swap] solution does not support non-smart contract platforms and non-available assets within the target network.
  • In the [Single/Multi-Party], Single-Party Verification is centralized.
  • In [Relayer + Light Client], the deployment cost of third-party relayers is relatively costly.

Innovations of ZetaChain

  • In order to address the drawbacks of the existing cross-chain protocols and to achieve its Omnichain functionality, ZetaChain has developed a series of tools for cross-chain fund exchange and general multichain orchestration: Omnichain Smart Contracts, Accounts, and Messaging.
  • For cross-chain transaction verification, ZetaChain plans to use a combination of the [Relayer] and [Multi-Party Verification] schemes. It will employ its inner distributed validator network and Threshold Signature Scheme (TSS) to verify and sign transactions.

How Does ZetaChain Implement Omnichain Functionality?

ZetaChain Distributed Hyper-Connected Validator Network

The cross-chain messaging function of ZetaChain is mainly achieved through its inner distributed validator network. It plans to use this validator network to replace outside relays and oracles, helping to verify cross-chain transaction states and implement price-feeding functions.

ZetaChain Omnichain Accounts/TSS

ZetaChain's Omnichain accounts allow users to connect all blockchains including both smart contract platforms and non-smart contract platforms to implement Omnichain fund transfers. It acts as a "base station" for all transactions and will be used to manage and verify transactions associated with external chains. The transaction verification is supported by the aforementioned Threshold Signature Scheme, TSS.

ZetaChain Omnichain Smart Contracts and Messaging

With Omnichain Smart Contracts, developers can build a diverse range of Omnichain DApps. Developers are only required to deploy a single smart contract on ZetaChain via zEVM to connect all target chains, including ZetaChain itself. Contracts on zEVM are connected to ZetaChain’s interoperability layer and are able to orchestrate assets on external chains, thus enabling seamless cross-chain asset transfers.

ZetaChain Ecosystem

The Community

ZetaChain is operating its official accounts on multiple social media platforms, including Twitter, Telegram, and Discord, and supporting in over 20 languages. The total number of its community members is over 1 million.

The On-Chain Ecosystem

Targeted the on-chain data, ZetaChain released a blockchain explorer, Zetascan. Through Zetascan, users can observe the overall operation status of the Athens-2 testnet, with various data dimensions including cross-chain transactions, ZetaChain transactions, DApp contracts, etc.

The Partners

ZetaChain has built partnerships with several major projects/protocols across different domains. It hopes to help these projects/protocols add more cross-chain use cases and implement all-chain asset transfers, through its unique Omnichain technology. According to ZetaChain, the Omnichain DApps that have been confirmed to be deployed on ZetaChain include DEX, Identity infrastructure, social protocols, DAO, etc. Detailed information about some of the projects is listed below.

The above are some of the key contents of the entire report. For details, please download the full text of the report. Want to learn more about ZetaChain? Download and read for free now!

(By OxXyystnb)

Read more: https://tokeninsight.com/en/research/reports/the-future-of-omnichain-zetachain-a-novel-layer-1-blockchain-enables-fully-interoperable-smart-contracts

Cross-Chain Layer 1
Comments

All Comments

Recommended for you

  • Xinjiang launches special campaign to combat illegal fundraising, with key areas including virtual currency, blockchain, etc.

    According to Chang'an Xinjiang Public Account, Xinjiang Autonomous Region and Corps have launched a joint special action to crack down on illegal fund-raising, with key areas including third-party wealth management, fake private equity, fake gold exchange and other traditional fields, as well as emerging fields such as virtual currency, blockchain, cultural tourism, film and television investment, and debt resolution services. It is reported that key cases include cases involving more than 100 million yuan and cases that have been criminally filed for more than five years.

  • A British court has postponed the final sentencing of Wen Jian, a British-Chinese national involved in the country's largest Bitcoin money laundering case, until May 24.

    On May 11th, it was reported that Jian Wen, a 42-year-old British Chinese citizen, was found guilty of "participating in arranging money laundering" in the UK's largest Bitcoin money laundering case. He could be sentenced to up to 14 years in prison. Jian Wen's defense lawyer, Mark Harries, stated that due to the judge's busy schedule, the UK court has postponed Jian Wen's final sentencing, which was originally scheduled for May 10th, to May 24th.

  • Web3 startup Star Nest completes $6 million in Pre-A round of financing

    Hong Kong Web3 music startup Star Nest announced that it has completed a $6 million Pre-A round of financing, led by Chuangqi International Limited, a wholly-owned subsidiary of Hong Kong Stock Exchange-listed company Guofu Innovation. Star Nest will collaborate with Armonia Meta Chain to develop the Star Nest SpaceStar metaverse game, which includes music, role-playing, and social features.In addition, Star Nest plans to launch its NEST project in the third quarter of 2024. Nest will receive 2.1 billion NEST tokens tailored for the project, and Star Nest will use the NEST token to build a more complete music industry token economic system. The NEST token will be widely used for purchasing performance tickets, chain game cooperation, metaverse consumption, governance voting, and other activities.

  • Over $594 million worth of PYTH is staked

    According to Dune data,  there are currently 1,201,167,362 PYTH tokens in the staked state, with a total staked value exceeding $594 million. The number of PYTH stakers has reached 151,211.

  • US Department of Justice: Tornado Cash indictment has nothing to do with "free speech"

    On May 11th, the US Department of Justice explained why the motion to dismiss the criminal case against Tornado Cash founder Roman Storm was invalid. The Department of Justice reiterated that their indictment was not related to whether the Tornado Cash computer code had freedom of speech or was protected by the First Amendment of the Constitution. The defendant was not charged for publishing computer code, but for using it to facilitate profitable illegal activities.

  • USDC circulation decreased by $100 million in the past week, with a total circulation of $33 billion

    According to official data，as of May 9th, Circle has issued approximately $2 billion USDC and redeemed approximately $2 billion USDC in the past 7 days, with a decrease in circulation of approximately $100 million. The total circulation of USDC is $33 billion, with a reserve of $33.1 billion, including approximately $3.3 billion in cash and Circle Reserve Fund holding approximately $29.8 billion.

  • SEC rejects Coinbase's request for appeals court ruling on cryptocurrency rules

    The US SEC has rejected Coinbase's request to appeal to the court to review whether traditional securities rules are applicable to cryptocurrencies. In its application, Coinbase stated that it hoped the appeals court would consider whether the Howey test, which has long been used for securities evaluation, should be applied to digital assets. However, the SEC pointed out that Coinbase has not successfully demonstrated the need for such an evaluation. The SEC stated that Coinbase is attempting to create a "new legal test," but this attempt was rejected by the court. The court found that Coinbase's arguments lacked consistency and did not successfully demonstrate the existence of decisive issues. Currently, the judge responsible for hearing the SEC's case against Coinbase will make a ruling on Coinbase's intermediate appeal motion.

  • Colombian President Suspected of Accepting $500,000 in Illegal Crypto Donations

    Colombian President Gustavo Petro is suspected of accepting over $500,000 in digital token donations from a fraudulent cryptocurrency project during his 2022 election campaign. A former contractor revealed that the illegal donation occurred during a meeting in February 2022 that discussed the advantages of cryptocurrency and the possibility of working with the government. This allegation is one of the latest charges faced by President Petro during his election campaign, with the Colombian Prosecutor's Office investigating his campaign last year.

  • Fed's Kashkari: The bar for another rate hike is high, but it cannot be ruled out

    The Federal Reserve's Kashkari expressed a cautious attitude towards restrictive monetary policy; he is adopting a wait-and-see attitude towards future monetary policy; he is in a wait-and-see state to see if inflation is stagnating; the threshold for raising interest rates again is high, but this possibility cannot be ruled out; if inflation data supports it, the Fed will maintain interest rates.

  • The address that defrauded 1,155 wBTC has returned more than 96% of the funds to the victims

    Blockchain data shows that the address poisoning attacker lured users to send 1,155 Wrapped Bitcoins (wBTC) (valued at $68 million at the time) to them. The attacker has returned almost all of the stolen funds. These funds were exchanged for Ethereum (ETH) during the attacker's holding period, and the price of ETH has since fallen. However, the attacker returned about 22,960.07 ETH, worth about $65.7 million, which accounts for over 96% of the initial stolen funds in terms of US dollar value.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company