NEAR Protocol Co-Founder and NEAR Foundation CEO Illia Polosukhin announced the launch of Chain Signatures at BUIDL Asia event in Seoul, Korea.
This feature empowers NEAR accounts, including smart contracts, to sign transactions for any blockchain.
NEAR Protocol: Cross-Chain Transactions and Chain Signatures
Chain Signatures leverage a decentralized Multi-Party Computation (MPC) network, utilizing NEAR Protocol staking and Eigenlayer ETH restakers for security. Supported chains include Bitcoin, Ethereum, Cosmos, DogeCoin, and XRP Ledger, with plans to add Solana, TON Network, Polkadot, and more.
Chain Signatures work through threshold signatures controlled by NEAR accounts and smart contracts. NEAR validators or MPC nodes can sign arbitrary payloads, such as transactions for other blockchains, upon request from a NEAR account. This account-based MPC network streamlines cross-chain interoperability without burdening users with managing multiple addresses on various chains.
Chain Signatures and Multichain Gas Relayer
This advancement simplifies DeFi adoption by enhancing cross-chain interoperability, unlocking diverse use cases for mainstream users and Web3 developers. For instance, users can collateralize XRP to borrow USDC or trade DOGE for SOL. By serving all ecosystems from one interface, Chain Signatures eliminate the need for developers to commit to a single chain or pool of liquidity.
Eigenlayer partners with Chain Signatures to secure the MPC network, with plans for a permissionless network of node operators based on staking requirements. The launch also introduces the Multichain Gas Relayer, enabling users to cover gas fees on any chain using NEAR Protocol or NEP-141 tokens.
Chain Signatures introduce new Web3 design patterns, allowing smart contracts on NEAR to custody assets on any chain. This facilitates bridgeless cross-chain DeFi applications, such as RFQs, orderbooks, AMMs, and lending protocols. Additionally, Multichain Account Abstraction enables a single NEAR account to manage accounts on various chains, simplifying user experiences and expanding addressable markets for developers.
NEAR Commitment in Simplifying Web3
Illia Polosukhin emphasized NEAR Protocol commitment to simplifying Web3 access for developers and users. Chain Signatures mark a significant step towards defragmenting liquidity across the ecosystem, enabling decentralized apps to deliver more powerful experiences and address the entire Web3 market. Several projects within the NEAR ecosystem are already leveraging Chain Signatures to introduce innovative design patterns and experiences. With Chain Signatures, Web3 developers can explore new use cases and expand the landscape of multichain apps and experiences.
About NEAR Protocol
The NEAR Protocol is an open-source protocol with which you can create decentralized applications, and do it as quickly and conveniently as possible, without complex technical aspects. The resulting applications are fast and scalable, equipped with secure financial components, and resistant to centralized attacks. NEAR is the native cryptocurrency of the blockchain of the same name. Used for delegated staking. The NEAR ICO was held in August 2020 and sold 120,000,000 tokens.
At The END
Chain Signatures feature on NEAR represent a pivotal advancement in cross-chain interoperability, empowering users and developers with seamless access to liquidity across multiple blockchains. This innovation reinforces NEAR’s commitment to simplifying Web3 access and advancing the vision of Chain Abstraction.
