01 February What is ZETA?
In education, symbol
ZetaChain is a layer-one (L1) blockchain and smart contract platform, with the inherent ability to connect to all existing blockchains, from mainnet layers like Ethereum to non-smart contract chains like Bitcoin and Dogecoin. This cross-chain capability allows ZetaChain to manage assets, data, and liquidity across different networks, regardless of whether they have native smart contract functionality.
The rapid proliferation of blockchains and blockchains has led to a fragmented cryptocurrency landscape, posing challenges to users and developers in terms of complexity, security risks, and operational difficulties. ZetaChain addresses this fragmentation by offering a single, streamlined access point to each blockchain ecosystem, thus reducing complexity and security risks.
Zeta Chain (ZETA)
ZetaChain is a versatile blockchain platform with comprehensive capabilities, enabling seamless interaction and functionality across different Web3 blockchain networks. Its approach addresses the fragmented and siled nature of the current cryptocurrency landscape, providing a unified and secure platform for both developers and users to interact with the entire cryptocurrency ecosystem.
At the heart of ZetaChain's innovation are its multi-chain smart contracts. These contracts are designed to interact across multiple chains, providing a unified, seamless and secure interface to the entire crypto ecosystem. Whether it's Ethereum, Bitcoin, Cosmos, Tron, or others, ZetaChain smart contracts can coordinate data and funds across these networks from a single contract, simplifying the process for developers and users alike.
ZetaChain operates through a network of nodes that monitor and approve events that occur on external chains. These nodes then transmit the information to ZetaChain's versatile smart contracts, which act as a single source of truth, maintaining the state of assets and data across the connected chains. The platform uses an off-chain message passing system, allowing existing smart contracts to transfer data and value across different chains with ease.
Based on the consensus of the Cosmos SDK and Tendermint, ZetaChain connects to blockchains and external layers in a decentralized, transparent and efficient way. Its architecture includes validators, monitors, and signers, each of which plays a critical role in maintaining the integrity and functionality of the network. ZetaChain's security is further enhanced by its leaderless Threshold Signing System (TSS), ensuring that no node or individual can access the full private key, thus enhancing security and transparency.
How does Zeta Chain work?
Zetachain offers a transformative approach to blockchain interoperability, presenting itself as a public multi-chain blockchain. It aims to serve as the foundational layer of the decentralized internet, seamlessly connecting various blockchains including Ethereum, Bitcoin and emerging networks, and solving the fragmentation problem prevalent in the current multi-chain Web3 landscape.
ZetaChain offers a standardized but decentralized execution environment, similar to what centralized exchanges (CEXs) provide, but in a more open and programmable way. This environment allows not only exchange and transfer applications, but also a wide range of applications across different verticals such as social, consumer, gaming, decentralized finance (DeFi), collectibles, and more.
ZetaChain is designed to enable the convergence of multiple blockchains, thus offering a solution to the fragmentation and complexity that arises with the constant emergence of new chains and layers. It provides a single layer where all blockchains can interact, facilitating cross-chain transactions and smart contract operations.
The platform's native multi-chain smart contracts allow for real, local transactions across the blockchain. These contracts provide developers with the flexibility to build decentralized applications (DApps) that can coordinate data and value across different chains from a single contract, simplifying cross-chain interactions.
Zetachain's programmability extends to Bitcoin, a chain not traditionally designed for smart contracts. Developers can now create contracts that control the original Bitcoin, enabling interaction between Bitcoin and tokens/data from other chains. This integration allows for a variety of new applications and use cases involving Bitcoin.
Zetachain is powered by the ZETA token, which is used for various functions such as securing the PoS network, paying transaction fees, and participating in governance.
ZetaChain is complemented by ZetaHub, a comprehensive platform for users to engage with the blockchain and the ecosystem. The ZetaChain ecosystem also has a strong community, many partnerships, and an active grant program for Omnichain dApp creators.
The future development of Zetachain includes a core roadmap focused on new chain connections, innovative interactions with Bitcoin, and maintenance of open source libraries. The platform aims to expand the possibilities of cryptocurrency applications across all blockchains, especially in areas such as multi-chain DeFi primitives, Bitcoin collateral, native token storage, and social/gaming/identity applications.
Why is Zeta Chen unique?
ZetaChain's unique proposition lies in its ability to bridge the gaps between different blockchain ecosystems and as a key player in developing the vision of a more interconnected and accessible blockchain-based Internet, or Web3.
ZetaChain's mission is to return cryptocurrencies to their decentralized roots, provide an open and accessible platform for everyone, and enable a world where developers and users can seamlessly interact with any blockchain.
What is the ZetaChain ecosystem?
The ZetaChain ecosystem represents a comprehensive and diverse network of partnerships, applications and support systems, fostering an environment conducive to innovation and growth in the Web3 space.
ZetaChain has established a wide range of partnerships, numbering over 200, with various entities across the blockchain infrastructure and decentralized applications (dApps) sectors. These partnerships include core service providers such as validators, RPC (Remote Procedure Call) services, API (Application Programming Interface) providers, oracles, wallet services, subgraphs, explorers, and more. This collaboration network aims to ensure that the Zetachain platform is robust, versatile and well-supported at launch and beyond.
ZetaChain has seen around 46,000 dApp nodes deployed on its testnet. These applications span a range of fields, including DeFi, gaming, digital identity, social media, DAO (Decentralized Autonomous Organization) tools, and cross-chain non-fungible tokens (NFTs). This versatility indicates Zetachain's ability to support many use cases and applications, making it a versatile platform for developers.
Zetachain has created a $5 million grant program to support the development of cross-chain decentralized applications that use its cross-chain functionality. This program is a significant investment in the developer community, encouraging the creation of innovative applications that take advantage of Zetachain's unique features. Such initiatives can significantly stimulate the growth and diversification of applications within the ZetaChain ecosystem.
ZetaChain actively engages with the developer community such as sponsoring major industry hackathons, collaborating with organizations like StackUp to promote developer education, and providing personalized support through its Discord Dev Zone. Programs like Dev Office Hours offer personalized consulting support, underscoring Zetachain's commitment to fostering a vibrant, well-supported developer community.
What is ZETA token?
The ZETA token is an integral part of the ZetaChain ecosystem, serving several important functions across the platform. ZETA tokens play a central role in ZetaChain's Proof of Stake (PoS) consensus mechanism. Validators secure and maintain the network, and in return, receive block rewards and transaction fees paid in ZETA. This motivates them to work in the best interests of the network. ZETA is also subject to a severing mechanism, ensuring that validators adhere to network protocols.
- ZETA is used to pay transaction fees (or gas) on the ZetaChain network. This includes transactions within ZetaChain's EVM (Ethereum Virtual Machine) and cross-chain transactions. ZETA's use of transaction fees helps protect the network from spam and DDoS attacks.
- In ZetaChain's cross-chain messaging system, ZETA is used to facilitate the transfer of value between different blockchains. When a message is sent across chains, the ZETA is copied on the source chain and minted on the destination chain, thus enabling seamless value transfer without creating new wrapped assets.
- ZETA, along with other off-chain assets, form underlying liquidity pools that allow users to transact on ZetaChain and between connected chains. Liquidity providers in these pools are rewarded with trading fees and other incentives, thus enhancing liquidity and enabling efficient cross-chain transactions.
- ZETA token holders have the right to participate in the management of the ZetaChain network. They can suggest changes, vote on various network and policy upgrades, thus influencing the direction and development of the Zetachain ecosystem.
Symbols of Zeta Chen
The total initial supply of ZETA is 2.1 billion tokens. The protocol envisages moving to a target inflation rate of around 2.5% per year after the first four years, based on current circulating supply. This approach aims to preserve the network in the long term.
ZetaChain's governance model allows for adjustments to be made to monetary policy and other aspects of the network, adapting to the evolving needs of the ecosystem. ZETA is not only a vehicle for transaction fees, but it is also burned over time through mechanisms such as EIP 1559, resulting in a potential decline in overall supply. It plays a crucial role in the ZRC-20 gas asset exchange protocol's core blocks, which are required to execute outgoing transactions to external chains.
How to buy ZETA with cryptocurrencies
1. Log in to your Bitfinex account or register to create an account.
2. Go to the deposit page.
3. In the Cryptocurrencies section, choose the cryptocurrency you plan to buy ZETA with and create an Exchange wallet deposit address.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for ZETA. Learn how to trade on Bitfinex here.
How to buy oil with fiat currency
1. Log in to your Bitfinex account or register to create an account.
2. You need to get full verification to be able to deposit fiat currencies into your Bitfinex account. Learn about the different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency for your deposit. There are minimum fiat deposits on Bitfinex; Learn more here.
4. Check your registered Bitfinex email to get the transfer details.
5. Send money.
6. Once the funds arrive in your wallet, you can use them to buy ZETA.
We also have Bitfinex on mobile, so you can easily buy ZETA on the go.
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Zeta community channels
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