Near Enables Multichain Transactions through Chain Signatures

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by Giorgi Kostiuk

3 years ago

Made with AI

The Near Foundation has introduced chain signatures to the Near Protocol, allowing users to access multiple chains using their Near account. According to a press release, Eigenlayer, a restaking project on Ethereum, has partnered with Near to enhance the security of the chain signatures network. This feature is powered by decentralized multi-party computation (MPC) and is secured by Near network validators.

Chain signatures are cryptographic signatures that enable users to sign transactions on one blockchain using a private key associated with an account on another blockchain. This feature promotes cross-chain interoperability, allowing users to interact with various blockchains using a single account or wallet.

Moreover, Chain Signatures allow any Near account to control multiple addresses on all blockchains, paving the way for decentralized finance (DeFi) on various networks. Near also announced upcoming support for Solana, TON Network, Polkadot, and other networks in addition to Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger.

The "Multichain Gas Relayer" feature eliminates the need for native gas tokens of other chains, permitting users to use NEAR or NEP-141 tokens for gas payments across any chain. This development aligns with Near's chain abstraction initiative, which aims to simplify the user experience in the multichain ecosystem.

Chain Signatures are currently available on Near's testnet, with plans for a mainnet rollout by early May. The foundation has reported a significant increase in the number of unique active wallets using its Web3 app on DappRadar.

Despite recent workforce reductions and executive changes, Near continues to make advances in its protocol development and ecosystem expansion.

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