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Near Protocol Unveils Multichain Transactions Feature

Near Protocol Unveils Multichain Transactions Feature

Key Takeaways

  • The Near Foundation introduces Chain Signatures, enabling users to transact across multiple blockchains with a single Near account.
  • Chain Signatures is backed by a decentralized MPC network and secured by Near and EigenLayer's stakers.
  • The feature supports a wide range of blockchains, with plans for further expansion, and includes a Multichain Gas Relayer to simplify gas coverage.

The Near Foundation has introduced Chain Signatures, a feature that simplifies multichain transactions.

It is a cryptographic tool that allows users to authorize transactions on any blockchain using just one private key linked to their Near account. This advances cross-chain interoperability and paves the way for a unified and simplified user experience across different blockchain ecosystems.

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The Near Foundation has made it possible to engage in decentralized finance (DeFi) on networks that don't usually support smart contracts. This allows developers to craft DeFi products that can directly use assets from various blockchains, eliminating the need for asset bridging.

The technology is powered by a decentralized multi-party computation (MPC) network, which is secured by Near and EigenLayer stakers.

Chain Signatures is compatible with several leading blockchains, including Bitcoin, Ethereum, Dogecoin, Cosmos and XRP Ledger. Near has also disclosed plans to extend support to additional networks like Solana, The Open Network, and Polkadot, among others, further extending the reach and utility of this feature.

Alongside Chain Signatures, the Near Foundation is also launching the Multichain Gas Relayer, which eliminates the need to own the native gas token of another chain to make transactions. Instead, the users can now pay with NEAR or NEP-141 tokens to cover gas on any supported chain.

With its testnet phase already underway and a mainnet launch expected by early May, this new feature will improve the notions of decentralization, interoperability, and ease of use.

In other news, three blockchain-based AI firms—Fetch.ai, Ocean Protocol, and SingularityNET—are discussing a merger to form a single AltSignals token.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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