ZetaChain Price(ZETA)

ZetaChain is a Layer 1 blockchain and interoperational platform that enables cross-chain data exchanges and smart contract executions. It offers omnichain smart contracts that can read and write data across various blockchains, allowing decentralized apps (DApps) to leverage the features of multiple different chains as if they were based on a single one.

ZetaChain enables cross-chain data exchanges and smart contract execution through its innovative omnichain platform. The platform utilizes omnichain smart contracts that can read and write data across various blockchain networks, allowing decentralized apps (DApps) to leverage the features of multiple chains as if they were operating on a single one. This eliminates the need for asset bridging and enables the use of assets from non-smart contract chains like Bitcoin and Dogecoin within ZetaChain's DApps.

ZetaChain was founded by Ankur Nandwani, a former Coinbase team member and the creator of the Basic Attention Token (BAT) cryptocurrency. The project was launched in 2021 and its platform went live on testnet operations in 2022. The innovative concept of omnichain smart contracts offered by ZetaChain attracted significant interest from investors, leading to a venture capital funding of $27 million in 2023. Finally, on February 1, 2024, ZetaChain launched its mainnet.

ZetaChain currently integrates with several blockchain networks, including Bitcoin (BTC), Ethereum (ETH), Polygon (POL), and BNB Chain (BNB). As a Layer 1 interoperable blockchain, ZetaChain enables cross-chain data exchanges and smart contract executions.

At its core, ZetaChain uses Cosmos SDK and the Tendermint consensus engine, operating on a proof of stake (PoS) algorithm with smart contract functionality. Its smart contracts can seamlessly transfer assets and execute transactions across multiple chains by establishing connections with them. ZetaChain's architecture features ZetaEVM (zEVM), an Ethereum-compatible engine that powers the omnichain smart contracts.

ZetaChain is a Layer 1 blockchain and interoperational platform that enables cross-chain data exchanges and smart contract executions. Its key features include hyper-connected nodes and omnichain contracts.

Hyper-connected nodes are special nodes that monitor cross-chain communication and transactions across the entire multi-chain setup. They help flag any inconsistent or fraudulent transactions during cross-chain exchanges, ensuring the security of the network.

Omnichain contracts are the most distinct feature of ZetaChain. They allow for transaction activity across different blockchain networks. ZetaChain has implemented a ZRC-20 token standard, which can support smart functionality for assets based on non-smart chains. This means that any fungible crypto asset, such as BTC or DOGE, can be represented on ZetaChain's cross-chain protocol as a ZRC-20 token. This allows for seamless asset transfers and smart contract execution across multiple chains without the need for asset bridging.

ZetaChain also supports cross-chain messaging for lightweight data transfers between different blockchains. This is useful for simple use cases that don't require full-scale smart contract functionality.

ZetaChain supports cross-chain messaging and data transfers through its innovative omnichain smart contracts and cross-chain messaging features. Meanwhile, ZetaChain's omnichain contracts enable the use of assets from both smart contract chains like Ethereum and Polygon, as well as non-smart contract chains like Bitcoin and Dogecoin. This means that DApps on ZetaChain can utilize assets from various chains without the need for asset bridging, increasing efficiency and reducing transfer costs.

In addition to cross-chain messaging, ZetaChain also supports managed external assets, allowing users to apply smart contract logic to non-smart contract chains like Bitcoin and Dogecoin.

The native token of ZetaChain is called ZETA. It serves multiple roles within the ecosystem. Firstly, ZETA is used for governance, allowing token holders to vote on important network and policy changes affecting the protocol and its Layer 1 chain. Additionally, ZETA is used as payment for block rewards, gas fees, and cross-chain transactions. This means that users need to hold and use ZETA to participate in the ZetaChain ecosystem and access its features. Furthermore, ZETA is utilized on the platform's core crypto pools to provide liquidity and incentivize liquidity providers. The token's initial supply has already been minted, with a fixed total supply of 2.1 billion for the first four years. After that, there will be a yearly supply inflation of about 2.5%.