- Summary:
- ZetaChain uses a transparent PoS mechanism and is building a standardised interoperable platform that supports all cross-chain transactions.
ZetaChain, a layer-1 network on a mission to redefine cryptocurrency interoperability, has raised $27 million from a round of equity financing. Blockchain.com, Human Capital, CMT Digital, VistaLabs, Foundation Capital, Lingfeng Capital, GSR, and others participated in the funding round. As a result of this funding, the firm will be able to create omnichain decentralised apps (dApps). These dApps will allow users to access and utilise assets and data from several blockchains through a unified platform, without the need for bridging or wrapping tokens.
ZetaChain’s approach to overcoming cross-chain barriers
ZetaChain’s is on a mission to establish a new standard for the interoperability of blockchains. Their goal is to create a unified interface where users can manage their holdings across several blockchains without the need for intermediaries like bridges or wrapped tokens. This method decreases the need for contentious bridging and wrapping approaches.
ZetaChain uses the Cosmos SDK and Tendermint to address the security flaws inherent in centralised trust schemes, which are used by most other cross-chain solutions. Instead, it functions as a transparent Proof-of-Stake blockchain, making all transactions and cross-chain operations fully verifiable with minimal trust requirements.
In addition, developers can now integrate Bitcoin smart contracts with the help of the project’s Ethereum Virtual Machine-compatible smart contract layer and omnichain toolkit, giving Bitcoin users access to the DeFi ecosystem. This change has the potential to greatly increase Bitcoin’s utility in the broader blockchain landscape and promote DeFi usage among the masses.
There are already over 27,000 Defi, NFT, social, identity, and gaming protocol decentralised app contracts live on the network. Also, more than 1.7 million users have conducted over 13 million transactions on the testnet, and the network boasts approximately 150 contributors from around the world.
Since its start, the platform has attracted the help of a number of prominent figures in the cryptocurrency industry; among them are some ex-employees of prominent blockchain projects like Cosmos, Ignite, ConsenSys, and others.