In this report, we will introduce ZetaChain's cross-chain mechanism in detail, and compare the existing cross-chain technology with ZetaChain's Omnichain function in detail, and guide readers to learn more about ZetaChain. After reading this report, we hope readers can answer the following questions: What is ZetaChain? Compared with other cross-chain projects, what are the key innovations in ZetaChain's technology? What is the current ecological development of ZetaChain?
Here are some highlights from the report:
What is ZetaChain?
In layman's terms, ZetaChain is a public blockchain that allows people to send messages and transfer encrypted assets between different blockchains such as Bitcoin and Ethereum without any middlemen or extra steps. This is achieved through the Omnichain feature, which connects all the different blockchains together so that people can easily move assets and information. ZetaChain also allows developers to build decentralized applications that work across all chains, making it easy to manage everything from one place.
Existing cross-chain communication technology
At present, there are two main cross-chain bridge fund transfer schemes in the market: [lock/destroy + casting] and [liquidity swap].
The current cross-chain bridge protocol in the market generally uses two cross-chain communication technologies: [single-party/multi-party verification] and [repeater + light client].
It can be seen from the comparison that most of the early cross-chain bridge protocols, such asWBTCMost of the [locking/destruction + casting] schemes are used for cross-chain asset transfer; and newer cross-chain protocols, such asStargate、SynapseMost of them chose the [Liquidity Swap] scheme.
According to statistics, as of March 16, 2023,DefiLlamaAmong the top 10 cross-chain bridge protocols with the highest total TVL on the Internet, 8 protocols mainly use the [lock/destroy + mint] scheme. Only two protocols, Stargate and Synapse, use the [Liquidity Swap] scheme independently.
Limitations of Existing Cross-Chain Bridges
In the [Locking + Casting] scheme, funds need to use packaging assets as a substitute for original assets across chains to realize the transfer of funds.
The [Liquidity Swap] scheme does not support non-smart contract platforms and assets that are not available in the link network.
In 【Single-Party/Multi-Party Verification】, single-party verification is centralized.
In [repeater + light client], the deployment cost of third-party repeaters is relatively high.
Innovation of ZetaChain
In order to solve the drawbacks of the current cross-chain protocol and realize the full-chain cross-chain function, ZetaChain has developed a series of tools for cross-chain fund transfer and general multi-chain orchestration: Omnichain smart contracts, accounts, and messaging.
In addition, in terms of verification mechanism, ZetaChain plans to combine [repeater] and [multi-party verification scheme] to use the distributed verification node architecture in the network and the threshold signature scheme TSS to verify transactions.
How does ZetaChain realize Omnichain cross-chain function?
ZetaChain distributed verification node network
The cross-chain communication function of ZetaChain mainly depends on theDistributed Validation Nodesaccomplish. It plans to use verification nodes in its own network to replace repeaters and oracles to help verify cross-chain transaction information and realize price feeding functions.
ZetaChain Omnichain Account/TSS
ZetaChain'sOmnichain accountAllows users to connect to all blockchain networks including smart contract platforms and non-smart contract platforms to realize full-chain cross-chain transfer of funds. It serves as a transaction base for managing and verifying transactions related to external chains. Specific transaction verification is supported by the Threshold Signature Scheme TSS.
ZetaChain Omnichain Smart Contract/Communication
With Omnichain smart contracts, developers can build different kinds of Omnichain DApps(odApps). Developers only need to deploy a single smart contract on the ZetaChain network through zEVM to connect to all target chains including ZetaChain itself. The contracts on zEVM are connected to ZetaChain's interoperability layer, which can coordinate assets on external chains and realize cross-chain transfer of assets between chains.
ZetaChain Ecology
community
ZetaChain is currently including Twitter、Telegram、DiscordOperate official accounts on multiple social media including China, supporting more than 20 languages. The total number of community members exceeds 1 million.
Ecology on the chain
For the data on the chain related to the test network, ZetaChain released its own blockchain browser,Zetascan. Zetascan can observe the operation of the Athens-2 test network, and the data dimensions include cross-chain transaction data, ZetaChain local transaction data, DApp contract deployment data, etc.
Partner
ZetaChain has reached partnerships with several major projects/protocols in different fields, and hopes to help these projects/protocols unlock more cross-chain use cases and realize data/asset transfers that can cover the entire chain through its main Omnichain cross-chain technology. According to ZetaChain, the Omnichain DApps that have been confirmed to be deployed on ZetaChain include DEX, Identity infrastructure (Galxe), social protocol (CyberConnect), DAO (STP), etc.
The above are some key contents of this whole report. For details, please refer todownload reportRead the full text.
