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Blockchain networks are designed to maintain strict security and insulation from external attacks, so they frequently face challenges in facilitating cross-chain data exchanges. Early blockchains like Bitcoin (BTC), Ethereum (ETH) and Polygon (POL) were created to prioritize secure operations and asset transfers within their operational environments. As a result, sending assets or executing smart contracts across blockchains is far from a trivial activity.
While crypto bridges help facilitate cross-chain asset transfers, they often involve burning tokens on the sending network and minting the equivalent assets on the destination chain — which decreases efficiency and scalability, and increases transfer costs. Even cross-chain transactions between highly compatible chains carry significant overhead. When it comes to executing smart contracts across chains, the available options are even more limited.
Inefficiency of inter-blockchain communication has led to active R&D in pursuit of solutions. One of the latest and potentially most eloquent is offered by ZetaChain (ZETA), whose pioneering platform can read and write data across multiple blockchain networks, enabling cross-chain data exchanges and smart contract execution.
Key Takeaways:
ZetaChain, a Layer 1 interoperable blockchain, offers omnichain smart contracts that read and write data across various blockchains. It features lightweight cross-chain messaging and manages external assets for enhanced interoperability.