Bringing Bitcoin Into Web3 | Jonathan Covey - Zetachain

what some of the current challenges are with that and I guess what set chain can do to help so let's give it up for Jonathan thank you thank you for the intro um thanks everyone for being here it's quite difficult to find this stage it's like a maze in here yeah um so yeah this talk is quite timely actually with all of the Bitcoin hype and Buzz and uh I think one of the big opportunities is well how do you actually use Bitcoin in Defi and uh this is one of the facets of Zeta chain and I I'll walk you through an overview and tell you what we're doing and if you're building um there's a a big opportunity to tap into Bitcoin interop so uh yes we know Bitcoin is is the first pioneer of blockchain and the first cryptocurrency and it's an extremely durable Network for more than 10 years now time tested and number one by market cap in fact this should probably be like 1.2 trillion now I can't update the slides fast enough um so a lot of momentum around Bitcoin and when we think of the mainstream population they typically associate crypto with Bitcoin and they don't really know about all of the fun defi Innovation happening behind the scenes um Bitcoin ETF approval definitely a huge stamp of validation for the industry and shows how early we are in terms of trafi adoption and uh new potential users that can onboard into uh decentralized apps and defy the the big barrier is that uh you can't build directly on bitcoin because it's non-smart contract capable and so there's this massive pool of native Bitcoin liquidity and it poses a huge opportunity for Developers building apps in crypto to be able to tap into this as well as users whether you're in defi or the Bitcoin Network itself uh you want to be able to interact with apps and and do stuff Beyond just send and receive Bitcoin and so uh cross chain interoperability multi-chain is is uh a big Focus for the ecosystem and we've found workarounds to interoperate with different chains you might be familiar with wrapped token versions and unfortunately they this has been one of the big vectors of attack in crypto because WAP tokens introduce questionable security assumptions and Trust models and uh in the case of Bitcoin this really hasn't taken off when you think about the persona of a Bitcoin holder being all about um trust and and security and um a lot of them don't uh are not a fan of of the defi stuff uh that's happening because of of the security implications um and there there's been a ton of innovation that we've seen recently in terms of infrastructure and apps on bitcoin Network the BRC 20 Trend the Bitcoin l2s application specific blockchains that interact with Bitcoin of course ordinals and inscriptions and and the big thing in all of this it's like um how and and what Bitcoin communities really care about is that the settlement happens on bitcoin Network itself and and how do you do that and have access to all of the defi Innovation and be able to interoperate with with Bitcoin this is one of the special facets of Zeta chain in that we enable native Bitcoin interoperability uh the the whole thesis and and vision behind Zeta chain is to be an omni chain blockchain and span across all important networks uh and really allow developers users experience the benefits of all blockchains and um for the reasons we we're uh covering today uh Bitcoin is is a really important part of that and and we can extend uh interoperability to bitcoin and other non-smart networks like Dogecoin and perhaps others that the ecosystem will vote on in the future we've just been on Main net for about one month now so it's quite early so um we're we're participating in the build Aon and uh we we're we're doing hackathons all over the world and have a pretty robust developer ecosystem and the reason that developers are building on Zeta chain is to achieve true chain chain abstraction what we mean by that is that you can deploy one app on Zeta chain and it can access liquidity and data and users on any connected chain and then from a an enduser point of view you could be on your Bitcoin wallet on the Bitcoin Network ethereum binance any connected chain and you can interact and and call that Omni chain dap and and access it uh this is a a new standard of interoperability it's it's different than cross-chain messaging architectures and other approaches um and it it involves um uh no wrapping or locking of tokens so um it it's a much secure way of architecting your application and so the there are two ways to build on Zeta chain and these are the two bounties that we have in the buildon the first is cross chain messaging where you can relay data between smart contracts on dispert chains and and this is a really easy way to bring interoperability to your app and Achieve something like native cross-chain value transfer of uh funes and nfts and you can use your existing app on whatever chain and then the more novel kind of killer feature of Zeta chain is this concept of omni chain smart contract and that is one contract that lives on Zeta chain and it's interoperable with all connected chains and it's it's what makes native Bitcoin access possible because all of your smart contract logic lives on Zeta chain and then uh you could be a user on bitcoin or binance or ethereum and additional chains that we integrate in the future and you'll be able to uh access that Omni chain dap without leaving your desired environment so Zeta Chain's an interoperable L1 that finally connects Bitcoin and what's cool is that the the developer experience is akin to building on ethereum uh in that it's evm compatible um and then in the base layer it's built on Cosmos SDK and uses a TSS architecture to be able to sign outbound transactions and um all of this is documented in The Zeta docs which you should definitely check out so yeah all of the time tested contracts Unis swap a curve all of these things could be deployed on Zeta chain and then with a a simple onc cross chain call and adding a withdraw function you you can make that app interoperable across chains and there's really like very minimal code change to achieve that uh so we um we launched mainnet beta 29 days ago now and um this is a a project that's been in development for a couple years so really big milestone and I think um we we know that there's a need for better interoperability given all of the fragmentation in the ecosystem and I think um with all of the Bitcoin ETF approval and um revived interest in in crypto this this is really good timing and and we can actually affect real change with a main net instance because all of the value transfer is real couple hundred daps deployed on the network you can check out Zeta chain.com ecosystem to uh see everybody that's building these Omni daps we also launched um Zeta Hub which is our Flagship product and sort of entry point into the network and you can see all of the apps that are being built and there's been a couple million transactions on the network so far and again this is the the value prop and and sort of this new paradigm for application building and that is you deploy your contract once and and you um are you can have access to liquidity and and users on all networks you can interact interact with that contract from any chain um and use any wallet and and Abstract the underlying chain away and all of this is happening without wrapping or locking tokens so everything settles in the native asset on uh destination chain so um I I just came over from Omni chain day this was an event uh that we're still hosting a couple blocks away and we have Partners in from all around the world that are speaking on panels and stuff and uh I was just talking to the head chef at Sushi swap who um is is an early Pioneer in in uh deploying the first Omni Dex on Zeta chain and so the Dex is live right now and then very soon they're turning on the ability to swap native Bitcoin for other defi assets on any chain and so uh fundamentally a DEX is a big first step in in uh the the sorts of omni chain apps that you can build uh this one is really exciting and we'll share more information when it goes live but essentially uh this will be the first multi-chain asset pool and so you you'll have one contract that you can deposit native Assets in from different chains so Bitcoin on the Bitcoin Network eth on ethereum usdc on binance and all of this uh can be interacted with um from any chain that this Omni chain asset pool U so all sorts of new yield opportunities and and stable swap trading will will be possible and uh there's a lot of potential for building use cases that we're already familiar with like um dexes and lending and borrowing but in in such a way that um users can access these apps from anywhere and and uh the liquidity is is Unified so um we're uh we're building on the foundation side a lot of tutorials for these types of omni chain use cases in fact we just wrote a reaking contract so um you can build an app that uh you can stake native foreign assets from external chain to secure other blockchains and and there are some cool projects in the space that are doing exactly that with Zeta chain you can involve any sorts of assets from any chains and it lives as a as an omni contract on Zeta chain and it's quite easy uh so we're working with all sorts of Partners around the world application Level infrastructure wallets and everybody uh is talking about multi-chain and if you're a developer you're certainly trying to make your app interoperate across all important ecosystems that are here to stay Bitcoin is one of them um and these are some of the partners that are helping us realize this uh Omni chain future and uh yeah I sit on the community side and so I I uh I get to talk to people all around the world and developers and like with blockchains blockchains can be very tribal where they try to steal liquidity from each other and developers and uh Zeta chain is unique in that we really are uh friendly and our architecture like we're designed to be chain agnostic and like help Drive transaction volume across all ecosystems and so um that kind of rubs off on on uh the community culture from my experience uh we're very active with events all around the world uh do a lot of content and uh thought leadership stuff we just crossed a million followers on Twitter today which is pretty cool Milestone um and yeah I mentioned uh like follow us on on all of these channels and also join Zeta Hub to actually experience some of these opportunities that uh our ecosystem is making possible and would love to have you build cool stuff in it and we have like a grant program uh the QR code will give you more information on that and uh yeah we want to build really cool Omni chain apps with all of View and specifically this uh Bitcoin opportunity is quite massive so uh there's a lot of good stuff ahead um thank you for [Applause] listening questions uh sure yeah I guess we have time for some questions if uh any was anyone is intrigued about some of the things in the deck or about Zeta chain yeah performance yeah uh well right now um it's uh performing fast like an L2 um like polygon uh and uh yeah when you're interacting with chains on other networks you're subject to the increased block times of Bitcoin for example and so part of the uh value prop is to allow users and devs to experience the benefits of all blockchains um their their advantages with Bitcoin in uh in that it's non-smart others have scalability or privacy strengths and weaknesses um and so you're you're Reliant upon the external chains security security and uh block times but on Zeta Chains evm It's like kind of like an L2 and it's really cheap right now yeah anything else from anyone questions yeah uh like Zeta chain funding yeah um we raised 27 million uh we announced that in August last year year um and uh yeah we have major investors in every Major Market um in Asia and uh all around the world um and now yeah on mainnet for about a month now yeah um and on the funding piece uh because I get a lot of questions about uh opportunities and stuff um we want to host demo days with a lot of the builders and um so anyone that is part of like VC and investment uh we're going to do uh demos with people building on Zeta and can make introductions toen you got to follow the news man the the tokens live um um we we're running test net for two years and um um I guess different from other chains that you see out there that run a main net instance and then introduce the token U Zeta Chain's a bit different in that when we launch main net 29 days ago you you need the um the token to be able to do these cross chain interactions um so it's it's very critical to how the Omni chain daps work and uh all of that is in the Zeta docks yeah cool well I'll be on the side if any of you want to chat more and again thank you for your time