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ZETACHAIN - Blockchain supporting Bitcoin and Dogecoin
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ZetaChain
ZETA Token Review | ZetaChain
ZETA is the native token of the ZetaChain network, used to pay for transactions and secure the blockchain at the consensus level through staking, delegation and slashing, and enable the transfer of value and data between any connected blockchains and layers.
ZETA Token Information
Token: ZETA (ZetaChain)
Website: ZetaChain
Social networks: Twitter, Telegram, Discord, Medium, Github
Network: ZetaChain
Contract: TBA
Total supply: 2,100,000,000 ZETA
Charts: Coingecko, Coinmarketcap
The ZETA token is the foundation of the entire ZetaChain ecosystem, providing settlement, security and data transfer. Let's take a closer look at all the possible ways to use the token:
Gas token. The ZETA token is used to pay for gas under smart contracts and user transactions. In addition to on-chain transactions, users can pay ZETA for any cross-chain transactions enabled by the ZetaChain protocol, including gas on the destination network. When using transactions such as EIP-1559, a portion of ZETA is burned over time.
Main liquidity pools. ZETA is used in the main pools that the protocol uses to exchange for external ZRC-20 gas assets for payment and recording outgoing transactions on external blockchains.
Internet data transfer. ZETA is used as an intermediary asset through messaging. When a cross-chain message is sent, the dApp or user attaches ZETA to their message to represent value and pay all gas fees and transactions in one package.
Native multichain. ZETA is one of the first coins that has native multichain support from the very beginning and is issued simultaneously in all blockchains (Layer 1) and layers (Layer 2 / Layer 3) connected to the protocol.
IBC support. Since ZetaChain is developed based on the Cosmos SDK, the ZETA token has native support for the IBC protocol and can be used not only in EVM-compatible blockchains, but throughout the entire Cosmos ecosystem.
Safety. Provides security at the Delegated Proof-of-Stake consensus level, through staking, delegation and slashing.
Protocol management. ZETA is used to vote on proposals to govern the ZetaChain protocol (network, policy updates, etc.).
Key features of the token
Users can directly move ZETA coin from any Blockchain A to Blockchain B. The mechanism is a one-way peg (burning tokens on Blockchain A and then issuing tokens on Blockchain B).
Thanks to this mechanism, the following advantages are revealed:
There is no wrapping, locking or any other centralized method of inter-network transfer, allowing for just one view of an asset on the network on which it resides.
Only ZETA can act as a transport for cross-network transfer of assets or data, which significantly reduces the surface of a possible attack, and therefore increases the security of the protocol.
Users can pay with ZETA for any internetwork services, including transaction fees on the destination network.
What is ZetaChain?
ZetaChain is a layer 1 blockchain with a Proof-of-Stake (PoS) consensus mechanism, developed based on the Cosmos SDK, having common smart contracts and the ability to exchange data with any other blockchain connected to the protocol, even those that do not support smart contracts (for example: Bitcoin or Dogecoin).