Near Protocol unveils multi-chain transaction functionality
Key Takeaways
- The Near Foundation introduces chain signatures, allowing users to transact across multiple blockchains with a single Near account.
- Chain Signatures are backed by a decentralized MPC network and secured by stakers in Near and EigenLayer.
- This feature supports a wide range of blockchains, with plans for further expansion, and includes a multi-chain gas relay to simplify gas coverage.
Introduced by the Near Foundation. chain signature, This feature simplifies multi-chain transactions.
It is an encryption tool. Users can authorize transactions on any blockchain using only one private key linked to their Near account. This improves cross-chain interoperability and paves the way for a unified and simplified user experience across various blockchain ecosystems.
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Near Foundation has enabled participation in decentralized finance (DeFi) on networks that typically do not support smart contracts. This allows developers to create DeFi products that can directly use assets from various blockchains. No asset linking required.
technology It is based on a distributed multi-party computing (MPC) network. It is secured by Near and EigenLayer stakers.
The chain signature is Compatible with several major blockchains Includes Bitcoin, Ethereum, Dogecoin, Cosmos, and XRP Ledger. Near was also released. Plan to expand support The addition of additional networks, including Solana, The Open Network, and Polkadot, further expands the scope and usefulness of this feature.
Along with Chain Signatures, Near Foundation is also launching the Multichain Gas Relayer. There is no need to own native gas tokens from other chains to make transactions. Instead, users can now pay with NEAR or NEP-141 tokens to cover gas on all supported chains.
With the testnet phase already underway and the mainnet launch expected in early May, these new features will advance the concepts of decentralization, interoperability, and ease of use.
In other news, three blockchain-based AI companies – Fetch.ai, Ocean Protocol, and SingularityNET – are discussing merging to form a single AltSignals token.
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