TL;DR
ZetaChain’s Bitcoin Interoperability Protocol is one of the newest projects aimed at developing network composability. Better known as Omnichains, this technology is rooted in a belief that networks that don’t focus on communication with others will eventually fall into the forgotten realms of the blockchain history books. These ideas have been the topic of countless discussions since the moment Ethereum was born. Fast forward to today and you can still see a gap the industry needs to fill. Zetachain is here to present what they believe will bridge this divide between Bitcoin and other networks.
Here’s what you can expect anytime a project you read about uses the terms interoperability, composability, and agnostic: It will immediately tell you that the focus is on developing tools for non-native networks to communicate with one another.
This is a different concept than simply bridging assets between networks. Bridging a token from one network to another is great. But, that’s not what true interoperability is about at all.
Bridging is more of a crypto bandage than stitches. It’s temporarily allowed us to function across different networks but is far from a permanent solution. This is what gives ZetaChain its current audience and drives the project to potentially do great things.
What is ZetaChain?
Recently launching the ZetaChain Mainnet, the idea goes back to 2021 where Zetachain made its first presentation on the focus of the project.
Describing itself as “The world’s first and only blockchain that connects everything”, this could be seen as a marketing strategy to boost product adoption. However, you’ll find as we discuss ZetaChain that their intentions are genuine.
Making cross-chain transactions is nothing new. But, most of the methods for doing this are currently expensive and inefficient.
The system expects users to pay numerous tollbooths for passage while receiving no guarantee of an outcome and with the currently diluted trust for bridging assets between networks we’re continuing to see how defective this bridging system can truly be as the worst actors in the space continue stealing billions from the crypto community.
Since the start, ZetaChain has opted to take a different approach as a Layer1 Omnichain protocol.
Using the Cosmos SDK and Inter-Blockchain Communication Protocol (IBC) allows ZetaChain to focus on its own tasks without needing to redesign any underlying technology.
Built from the Cosmos Ecosystem ZetaChain gets access to the best possible technology the market has to offer. From cutting-edge POS technology to agnostic smart contract functions, everything ZetaChain needs to succeed has already been built for them.
Unlike other projects that are focused only on EVM-based solutions, it doesn’t take much time to identify that ZetaChain has its sights set much higher.
Based on all the conferences ZetaChain attended during its world tour it’s clear that they care most about building on Bitcoin. While this is something ZetaChain has yet to receive much credit in the community for, it has received attention from the builders of Bitcoin-focused products.
Acquiring $27 Million in early funding, one of the key investors in the ZetaChain project is Blockchain.com.
Having contributed to the…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
