What is Zetachain ($ZETA)? How To Get Zetachain Airdrop?

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5 Feb 2024

1. WHAT IS ZETACHAIN?

ZetaChain stands out as a Layer 1 (L1) blockchain and smart contract platform with a unique feature – the innate ability to seamlessly connect with all existing blockchains. This includes mainnet layers like Ethereum and non-smart contract chains such as Bitcoin and Dogecoin.

What is Zetachain? | Source: Kucoin

The platform's omni-chain capability enables efficient management of assets, data, and liquidity across diverse networks, irrespective of their native smart contract functionalities. In response to the challenges posed by the rapid proliferation of blockchains and layers, ZetaChain tackles the issue of fragmentation.
By providing a unified access point to every blockchain ecosystem, the platform simplifies the user and developer experience, addressing concerns related to complexity, security risks, and operational challenges.

Website: https://www.zetachain.com/
Discord: https://discord.gg/zetachain
Telegram: https://t.me/zetachainofficial
X.com: https://twitter.com/zetablockchain
Medium: https://zetachain.com/blog

2. HOW DOES ZETACHAIN WORK?

ZetaChain introduces a groundbreaking paradigm for blockchain interoperability by positioning itself as a chain-agnostic, public omni-chain blockchain. Positioned as the foundational layer for the decentralized internet, ZetaChain seamlessly connects diverse blockchains, including Ethereum, Bitcoin, and emerging networks, addressing the prevalent issue of fragmentation within the current Web3 multi-chain landscape.

How does Zetachain work? | Source: Zetachain

Functioning as a unified yet decentralized execution environment, akin to centralised exchanges (CEXs) but in a more open and programmable manner, ZetaChain enables a wide array of applications across various verticals, from social and consumer applications to gaming, Decentralised Finance (DeFi), and collectibles.
The platform's design facilitates the convergence of multiple blockchains, offering a solution to the challenges of fragmentation and complexity arising from the continuous emergence of new chains and layers. ZetaChain establishes a single layer for all blockchains to interact, streamlining cross-chain transactions and smart contract operations.
ZetaChain's native omni-chain smart contracts pave the way for genuine, native cross-blockchain transactions. These contracts empower developers to construct Decentralised Applications (DApps) orchestrating data and value across various chains from a single contract, simplifying cross-chain interactions.
ZetaChain's programmability extends even to Bitcoin, a chain traditionally not designed for smart contracts. Developers can now create contracts controlling native Bitcoin, fostering interaction between Bitcoin and tokens/data from other chains, opening up a multitude of new applications and use cases involving Bitcoin.
At the core of ZetaChain's ecosystem is the ZETA token, serving various functions such as securing the Proof-of-Stake (PoS) network, paying transaction fees, and participating in governance. ZetaHub, a comprehensive platform, complements ZetaChain, providing users with an immersive experience within the blockchain and ecosystem.
The platform boasts a vibrant community, numerous partnerships, and an active grants program for omnichain DApp builders.
Looking ahead, ZetaChain's development roadmap emphasizes new chain connections, innovative interactions with Bitcoin, and the maintenance of open-source libraries. The platform envisions expanding possibilities for crypto applications across all blockchains, particularly in areas such as omni-chain DeFi primitives, Bitcoin collateralisation, native token staking, and social/gaming/identity applications.

3. WHAT ARE ZETACHAIN'S KEY FEATURES?

3.1. Decentralized and public

ZetaChain stands as a decentralized and public blockchain network, constructed on the foundation of Cosmos SDK and Tendermint Consensus. Unlike various cross-chain solutions employing bridges that often rely on centralized trust models vulnerable to exploits and hacks, ZetaChain adopts a Proof-of-Stake blockchain framework.
This ensures that all transactions and activities, including cross-chain transactions, operate with complete transparency, verifiability, and adhere to a trust-minimized approach.

3.2. Hyper-connected nodes

ZetaChain's nodes incorporate observers overseeing transactions across all linked chains. Leveraging ZetaChain's Threshold Signature Scheme (TSS) architecture, the network possesses the capability to sign and verify transactions on each connected chain, mirroring the functionality of a wallet.
These hyper-connected nodes, facilitating secure and decentralized interactions, establish a seamless omnichain environment. This environment empowers developers to construct innovative and robust cross-chain applications with ease.

3.3. Omnichain smart contracts

ZetaChain uniquely supports the native deployment of smart contracts that can seamlessly interact with connected chains, setting it apart in the realm of public blockchains. This distinctive capability introduces a novel paradigm for application development on the platform.

3.4. Cross-chain message passing

Developers have the ability to transmit messages, encompassing both data and value, across different chains and layers using straightforward function calls. By employing message passing, dApp developers can effortlessly construct robust cross-chain applications by incorporating a few functions into their existing smart contracts.

3.5. Managed external assets

ZetaChain's network, along with dApps developed on the platform, possesses the capability to oversee assets and vaults located on externally connected chains. This functionality enables the management of assets on any chain in a manner analogous to how a smart contract on a single chain would handle assets within its respective domain.
Consequently, a dApp operating on ZetaChain can effectively coordinate and implement smart contract logic across any connected chain. Notably, this feature extends to all types of chains, including those lacking smart contract functionality, such as Bitcoin and Dogecoin.

4. ZETACHAIN ECOSYSTEM

Zetachain Ecosystem| Source: Zetachain

The ZetaChain ecosystem stands as a comprehensive and diverse network, fostering an environment conducive to innovation and growth in the Web3 space. Boasting over 200 partnerships, ZetaChain has established collaborations with key entities across the blockchain infrastructure and decentralized applications (dApps) sectors. These partnerships encompass vital service providers, including validators, RPC (Remote Procedure Call) services, API (Application Programming Interface) providers, oracles, wallet services, subgraphs, explorers, and more. This extensive network aims to fortify the robustness, versatility, and ongoing support of the ZetaChain platform.
With approximately 46,000 dApp contracts deployed on its testnet, ZetaChain demonstrates its adaptability across diverse domains such as DeFi, gaming, digital identity, social media, DAO (Decentralized Autonomous Organization) tooling, and cross-chain non-fungible tokens (NFTs). This versatility positions ZetaChain as a dynamic platform capable of supporting a myriad of use cases and applications, making it an ideal choice for developers
To further incentivize the development of omni-chain dApps leveraging its cross-chain functionality, ZetaChain has instituted a $5 million grant program. This substantial investment in the developer community encourages the creation of innovative applications that harness ZetaChain’s unique features, contributing to the growth and diversity of applications within the ecosystem.
ZetaChain actively collaborates with the developer community, sponsoring major industry hackathons, partnering with organizations like StackUp to enhance developer education, and providing dedicated support through its Discord Dev Zone. Initiatives like Dev Office Hours offer personalized advisory support, underscoring ZetaChain's dedication to cultivating a vibrant and well-supported developer community.

5. ZETACHAIN ROADMAP

Zetachain Roadmap| Source: Zetachain

ZetaChain's primary mission is to establish a platform that ensures universal access, simplicity, and utility across diverse blockchains. The initial mainnet launch of ZetaChain incorporates all the fundamental features outlined in its proposed roadmap, encompassing the EVM layer, omnichain smart contracts, and cross-chain messaging capabilities.
As a Proof-of-Stake blockchain with a focus on interoperability, ZetaChain facilitates the development of omnichain decentralized applications (dApps) capable of spanning any blockchain, including the Bitcoin blockchain. The functionality of all transactions, incentives, data security, and cross-chain interactions within the ZetaChain ecosystem is contingent on the use of ZETA tokens.
This document provides insights into the initial development directions that the protocol may pursue to enhance and expand upon the core functionality of the ZetaChain network. These directions are shaped by decentralized community input, emphasizing the community's pivotal role in the network's evolution. All actual development and upgrades will be conducted through governance, and the development of the ZetaChain network remains fully open-source, encouraging active contributions from anyone interested in advancing the network's capabilities. The community and contributors collectively steer the progress of the network.

6. ZETACHAIN INVESTORS

Zetachain Investors | Source: Zetachain

In August of 2023, ZetaChain achieved a successful funding round, securing an impressive $27 million in investments. Key participants in this round included prominent entities such as Blockchain.com, Human Capital, VY Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, and Krust.

7. WHAT IS ZETACHAIN TOKEN?

The ZETA token holds a pivotal role within the ZetaChain ecosystem, fulfilling various crucial functions across the platform. As an integral part of ZetaChain's Proof-of-Stake (PoS) consensus mechanism, ZETA tokens are instrumental in incentivizing validators to secure and sustain the network. Validators, responsible for maintaining the network's integrity, receive block rewards and transaction fees in the form of ZETA tokens. This system encourages validators to actively contribute to the network's well-being. Additionally, ZETA is subject to a slashing mechanism, ensuring that validators adhere strictly to the network protocols to maintain the system's security and reliability.

7.1. Zetachain Price

As of now, the current price of ZetaChain stands at $1.53 USD, reflecting a 9.31% increase in the past 24 hours. The live market cap is $361,317,247 USD, and the 24-hour trading volume has reached $83,218,564 USD. ZetaChain has a circulating supply of 236,468,750 ZETA coins, with a maximum supply capped at 2,100,000,000 ZETA coins. Please note that these values are updated in real-time.

Zeta Token Price | Source: Klarda

7.2. Zetachain Tokenomics

Name: Zetachain
Ticker: ZETA
Token Standard: ZRC-20
Contract:
Blockchain: Omnichain
Total Supply: 2,100,000,000 ZETA

7.3. Zetachain Token Allocation

Zetachain Token Allocation| Source: Zetachain

7.4. Zetachain Token Use Cases

ZETA serves as the means to cover transaction fees, known as gas, within the ZetaChain network. This encompasses transactions within ZetaChain's Ethereum Virtual Machine (EVM) and cross-chain transactions. Utilizing ZETA for transaction fees acts as a protective measure against spam and Distributed Denial of Service (DDoS) attacks.
In ZetaChain's cross-chain messaging system, ZETA facilitates the smooth transfer of value between different blockchains. As a message traverses chains, ZETA is burned on the source chain and minted on the destination chain, ensuring seamless value transfer without the creation of new wrapped assets.
Furthermore, ZETA, in conjunction with external chain assets, forms essential liquidity pools, enabling users to transact on ZetaChain and between interconnected chains. Liquidity providers in these pools receive rewards in the form of trading fees and other incentives, fostering liquidity and facilitating efficient cross-chain transactions.
Token holders of ZETA possess governance rights within the ZetaChain network. This empowers them to propose changes and participate in voting processes related to network and policy upgrades, allowing them to actively influence the direction and development of the ZetaChain ecosystem.

8. IS ZETACHAIN A GOOD INVESTMENT?

Determining if ZetaChain is a good investment involves evaluating its fundamentals, team expertise, partnerships, tokenomics, community engagement, market conditions, and your own risk tolerance. Thorough research is essential, considering aspects such as the project's vision, adoption, and overall market trends. Seek professional advice, diversify your investments, and be aware of the inherent risks in the cryptocurrency market.

9. ZETACHAIN COIN PRICE PREDICTION

Zetachain Price Prediction |Source: Coincodex

10. HOW TO BUY ZETACHAIN TOKEN?

Currently, you can purchase Zetachain on centralized exchanges such as OKX, BingX, Bybit, Coinbase, or trade it as a derivative product.

11. HOW TO ADD ZETACHAIN TO METAMASK?

Step 1: Launch MetaMask and navigate to the top right circle icon. Locate and click on "Settings."
Step 2: In the Settings menu, find the "Networks" option and select it. Click on "Add Network."
Step 3: If your desired network is not listed, scroll down to the bottom of the page where it says "Add a Network Manually" and click on it.
Step 4: You'll be directed to a page prompting for Network Name, RPC URL, Chain ID, and Currency Symbol. The Blockchain Explorer field can be left empty.

Network Name: ZetaChain Athens 3 Testnet
RPC URL: Select URL from above
Chain ID: 7001
Currency Symbol: ZETA

Step 5. Copy the values provided above and paste them into the respective fields on the page. Then, click "Save."
Step 6. You will receive a success message indicating that your chosen network has been added to MetaMask manually.
Step 7. Follow the prompt to switch to your newly added network. Upon switching, check the top middle section of the app to confirm the successful addition of your chosen network.

How to add Zetachain to Metamask?

12. HOW TO GET ZETACHAIN AIRDROP

As anticipated in our speculative airdrop section, Zetachain is distributing a total of 31.5 million ZETA tokens to early adopters of the platform. Users who engaged with the testnet and amassed a minimum of 50,000 points qualify for the airdrop. Eligible users can proceed to claim their tokens by following these steps:
1. Visit the Zetachain airdrop claim page.
2. Connect your wallet to the platform.
3. Once confirmed as eligible, you will see the amount available for claiming.
4. Click on "Claim Now" to initiate the token claim process.
5. KYC completion may be required for the token claim.