Near Foundation Introduces Revolutionary Chain Signatures and Multichain Transactions
The Near Foundation, a supporter of the Layer 1 Near Protocol, has recently announced the integration of chain signatures into their platform. This exciting development allows Near users to access multiple chains using their Near account, thereby enhancing interoperability and improving the overall user experience.
The implementation of chain signatures and multichain transactions has been made possible through a partnership with EigenLayer, a restaking project built on the Ethereum network. EigenLayer’s expertise and collaboration have significantly contributed to the security and functionality of the Chain Signatures network, thereby further strengthening the Near Protocol’s ecosystem and capabilities.
The introduction of the Chain Signatures protocol marks a significant milestone for the Near Foundation. This groundbreaking technology empowers NEAR accounts and smart contracts to sign transactions for any blockchain, revolutionizing cross-chain interoperability and unlocking a myriad of use cases for mainstream users and Web3 builders.
Chain Signatures, powered by a decentralized Multi-Party Computation (MPC) network, leverages NEAR staking and EigenLayer ETH restakers to ensure robust security. Currently, the protocol supports major blockchains such as Ethereum, Cosmos chains, DogeCoin, and XRP Ledger, with plans for integration with Solana, TON Network, Polkadot, and more in the future.
One key feature of Chain Signatures is the introduction of threshold signatures for any blockchain, which are controlled by NEAR accounts and smart contracts. This approach allows NEAR accounts, which can also function as smart contracts, to request signatures for arbitrary payloads, such as transactions for other blockchains. This decentralized MPC network ensures that users have full control over transactions while eliminating the complexities associated with managing multiple addresses.
In addition to Chain Signatures, Near has also introduced the “Multichain Gas Relayer” to its ecosystem. This innovative addition eliminates the need for native gas tokens on other chains for transactions, enabling users to utilize NEAR (NEP-141) tokens to cover gas fees across any chain. This enhancement enhances convenience and accessibility in the multichain environment.
These developments align with NEAR’s ongoing “chain abstraction” initiative, which aims to simplify the user experience in the crypto space by addressing the complexities associated with multichain operations.
With the introduction of Chain Signatures and the Multichain Gas Relayer, users can seamlessly transact on both smart contract and non-smart contract chains using a single account or interface, further enhancing the usability and accessibility of Near’s platform.
Despite the recent reduction in workforce by 40%, Near Protocol continues to maintain a strong presence in the Web3 space. The platform has experienced a remarkable 1,902% surge in the number of unique active wallets engaged with its Web3 application, as reported by DappRadar on January 11. This surge reflects a significant uptick in user activity within the Near ecosystem, indicating continued growth and adoption of Near’s technology and applications.
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