Near Protocol Unveils Multichain Transactions Feature

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.

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