Coinspeaker
ZetaChain to Launch Cross-Chain Mainnet for Bitcoin, Ethereum and Others in a Few Days
The ZetaChain project’s mainnet will go live in a few days. The launch of the mainnet is a major step toward boosting crypto adoption by extending user possibilities through cross-chain functionality. Essentially, ZetaChain plans to integrate multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH), to ease development and general adoption.
The ZetaChain platform will allow developers to build apps that use cryptocurrencies native to the supported chains. Building a platform that pools these networks and assets together expands the general functionalities of cryptocurrency, especially as far as cross-chain functions are concerned.
Potential Security Problems with ZetaChain Mainnet
While this is an impressive step with potentially positive ramifications, there are security concerns with projects like this. For instance, THORChain, a cross-chain network initially launched in 2018, suffered an $8 million hack in 2021, the third one in a month. A week before, hackers had drained about 4,000 ETH from the platform. THORChain is a platform that supports native asset settlement between multiple networks, including BNB Chain, Cosmos Hub, Bitcoin Cash, Litecoin, Avalanche, Bitcoin, and Ethereum.
Another cross-chain platform, pNetwork, also suffered a breach in 2021, with hackers stealing $12.7 million worth of Bitcoin. Following the hack, the exchange announced a $1,500,000 bounty, hoping the hacker would return the funds.
Speaking on the security problem, ZetaChain Core Contributor Ankur Nandwani highlighted the complexity of platforms focused on interoperability between chains. Nandwani stated:
“If you’re building a cross-chain, multi-chain app, there’s more complexity than just building a single chain system because different chains have different finality, different security models. I think there are a lot more factors to consider.”
Nandwani has said that ZetaChain is taking these factors into consideration as it builds and expands the platform. The plan is to ensure that the expansion is gradual while the team pays attention to usage and functionality. According to Nandwani, a former Brave advisor and Coinbase product manager, ZetaChain will restrict the value of assets that can be locked on the platform as TVL. As time goes by, after extensive monitoring, the platform will “gradually increase the TVL”.
Potential ZetaChain Use Cases
ZetaChain is optimistic about possible use cases for its platform, depending on how successfully it achieves interoperability. The platform has a few complex requirements, including requiring validators to run light or full clients for each blockchain ZetaChain supports, to handle transaction confirmation. Although cumbersome, this process could usher in new use cases, especially for assets like Bitcoin. For instance, there could be stablecoins backed by BTC or decentralized exchanges (DEXs) that use the king coin as collateral.
Nandwani also explains that ZetaChain would be great for developers looking to explore. The platform will allow them to build on any chain while accessing another, instead of staying restricted to one chain. Developers would be able to do this without having to use a different smart contract on each chain.
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ZetaChain to Launch Cross-Chain Mainnet for Bitcoin, Ethereum and Others in a Few Days
Source: https://www.coinspeaker.com/zetachain-cross-chain-mainnet/