ZetaChain has recently concluded an equity funding round, amassing a substantial $27 million. Notable participants in this funding endeavour include well-known entities such as Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, Krust, and several others.
Focus on Interoperability
Founded in 2021, ZetaChain’s primary focus is to establish a new standard for blockchain interoperability. Interoperability has been a critical challenge that has hindered the seamless interaction between various blockchain networks.
The key aim is to enable users to manage their diverse assets and data seamlessly from a unified platform, irrespective of the originating blockchain, all without the necessity for bridges or wrapped tokens.
This revolutionary concept extends even to non-smart contract chains, including prominent players like the Bitcoin network and Dogecoin. The innovative approach ZetaChain brings to the table empowers developers to manage a single contract for multiple chains, reducing complexity and potential vulnerabilities.
New Possibilities Built on Ethereum
Integral to ZetaChain’s architecture is its Ethereum Virtual Machine (EVM) compatible smart contract layer and omnichain toolkit. These tools enable developers to implement Bitcoin smart contracts with utmost ease and efficiency. This development opens up new options for Bitcoin users, enabling them to actively participate in the broader DeFi ecosystem.
The ZetaChain ecosystem is reaching a new level of vitality, as evidenced by over 27,000 decentralised application (dApp) contracts presently deployed on the platform. This diverse array of third-party dApps spans cross-chain DeFi, non-fungible tokens (NFTs), universal web3 social interactions, identity management, and gaming protocols.
Impressively, the ZetaChain testnet has already seen participation from more than 1.7 million users, resulting in over 13 million transactions executed.
Unconventional Tech Set to Speed Things Up
Ankur Nandwani, a core contributor to ZetaChain, explains the platform’s mission to simplify asset and data management across multiple blockchains. This mission is crucial to overcoming the complexity that deters countless potential users from engaging with the web3 ecosystem.
The EVM-compatible cross-chain smart contracts introduced by ZetaChain are poised to enhance speed, security, and user-friendliness for decentralised app developers.
ZetaChain’s technological foundation is built on the robust Cosmos SDK and Tendermint Consensus, offering swift block times and instant finality.
In contrast to conventional cross-chain solutions relying on centralised trust models, ZetaChain operates transparently as a Proof-of-Stake blockchain. This approach ensures transparency, verifiability, and minimised trust dependencies for all activities, including cross-chain transactions.With a remarkable ensemble of contributors, including individuals from Coinbase, Brave, THORchain, BuzzFeed, Udacity, and more, ZetaChain is driving the evolution of interoperability, propelling the cryptocurrency ecosystem into a new era of seamless connectivity.
With a remarkable ensemble of contributors, including individuals from Coinbase, Brave, THORchain, BuzzFeed, Udacity, and more, ZetaChain is driving the evolution of interoperability, propelling the cryptocurrency ecosystem into a new era of seamless connectivity.
