Cryptocurrency cannot be taken and simply transferred from one network to another because of their incompatibility. This way you can say goodbye to your tokens forever. Usually, cross-chain bridges are used for such operations, but, as practice shows, they have a number of significant problems. It is these problems that the ZetaChain project seeks to solve.
What is ZetaChain?
ZetaChain is a decentralized blockchain built on the basis of Tendermint consensus and Cosmos SDK, which provides interaction between different blockchains or second–level networks. It works on the Proof-of-Stake algorithm and allows for completely transparent transactions that are verified using the method of minimized trust.
ZetaChain also has its own platform for smart contracts with Omnichain technology support. This technology allows automated operations even for those blockchains that do not support them, such as Bitcoin or Dogecoin.
To create decentralized applications in ZetaChain, developers do not need to learn a special programming language, since the blockchain is EVM-compatible. You can use existing applications for Ethereum that will work on all other networks.
Here are some examples of what can be created in the ZetaChain
ecosystem:
• decentralized fault-tolerant bridges;
• DEX platforms working with different blockchains without using wrapped tokens;
• omnichain smart contracts that can monitor and perform operations in all connected networks;
• cross-chain lending protocols.
What problems does ZetaChain solve
Cross-chain bridges used to transfer or exchange cryptocurrencies from one network to another actually have significant drawbacks. These include unreliability, high cost and long transaction time.
The high price is caused by the fact that you need to pay for gas in both networks involved in the transfer of cryptocurrency. The long-term, in turn, is due to the large number of intermediate steps necessary for the implementation of such an exchange. But the biggest problem is the weaknesses in the cross-chain protocols, which often cause failures or hacker attacks. The platform itself, its users, as well as holders of wrapped tokens suffer from this.
ZetaChain bypasses the above problems primarily with its innovative method of exchange, which does not involve the use of the same wrapped tokens, such as WETH or stBTC. To transfer cryptocurrencies from one network to another, ZETA tokens are blocked instead of those that are the subject of exchange.
What is ZETA?
ZETA is a native coin of the ZetaChain blockchain, which is the exchange asset that allows you to avoid wrapping tokens. When the project is released to the Mainnet, ZETA will be immediately released in various existing networks to ensure the exchange function.
In addition, this cryptocurrency is used as payment for transaction fees, as well as for stacking, which plays an important role in supporting the operation of the network. ZETTA's properties provide a solid foundation for the security, durability, and scalability of the ZetaChain blockchain, especially when compared to many other existing compatibility solutions that may be centralized, poorly stimulated, and unstable in the long run.
Founders and Investors
The founders of the ZetaChain project are former employees of the centralized Coinbase exchange who have worked there since the beginning of its foundation. One of them is the creator of the BAT token.
The amount of investments has not been disclosed yet, but there is some information regarding investors. It is known that among them are various specialists from Coinbase and Binance, including Sam Rosenblum, Dan Romero and John E. The project was also financially supported by the founder of the Polygon blockchain Jayanti Kanani and the former IT director of Hashed Hwisan Kim.
Retrodrop Guide
The ZetaChain team has not made any statements that active testnet participants or contributors will receive remuneration, but, as a rule, serious and large projects keep such information secret. Considering that ZETA tokens should appear together with the launch of the blockchain in Mainnet, as well as the presence of a large number of social campaigns, it can be assumed that retrodrop is real. Here is a list of actions that it is desirable to take in order to qualify for it.
The main action that needs to be performed is testing the ZetaChain platform. To do this, you need to have a WM wallet (for example, Meta mask) and connect test networks such as Ethereum Goerli, Binance Smart Chain Testnet and Polygon Mumbai to it. This can be done using the Chainlist. service. Download and register the XDEFI wallet to work on the Bitcoin Testnet network.
Next, we will need test tokens ETH, MATIC, BTC и BNB, which can be obtained on the corresponding sites by clicking on the name of each token.
After these tokens are collected, we go to the platform's website platform's website, connect the wallet and make a request to receive ZETA tokens through the section called GET ZETA. Now you can start testing.
To do this, go to the Swap page and exchange tokens from one network to another there. To transfer the activity, it is necessary that the minimum amount of each exchange is 3 ZETA tokens. The more such deals we make, the more points we get.
After testing the platform, subscribe to the project on Twitter and Discord. Be sure to connect your accounts and wallet to the service Guild to get well-deserved roles. On the Galxe website, you can pick up NFTs confirming the work you have done.
It is equally important to perform tasks on the site Crew3, which will reflect your social activity in supporting the ZetaChain project. Therefore, be active there as well.
ZetaChain has launched the first ever Omnichain smart contracts and built-in Bitcoin compatibility support. This update makes ZetaChain the only public blockchain with smart contracts that can access and manage assets, data and liquidity on any network. .
Technical organization of the process
⁃ You need to download the XDEFI Wallet wallet;
⁃ Go to the ZetaChain website and in the Swap from column: select the Bitcoin Testnet network;
⁃ A red Install XDEFI Wallet to Swap Bitcoin button will appear at the bottom, click on it, the XDEFI wallet will open. Click Select all at the bottom of the window, Next and Connect.
Next, we work in the XDEFI wallet: switch to testnet. To do this, open the extension and click on the three bars in the upper right corner. In the Testnet line, move the slider.
⁃ The next step is to get test bitcoins, for this we will use a crane coinfaucet.eu .To find out your address, in the XDEFI wallet in the Assets tab, click Receive from above, select the Bitcoin network and copy the address. We insert it into the tap and get test coins. ⁃ We switch to Zetachain and exchange bitcoins.
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