NEAR Protocol has unveiled a know-how known as Chain Signatures, which permits sensible contracts to signal transactions throughout any blockchain with out counting on cross-chain bridges, in keeping with an Aug. 8 assertion shared with CryptoSlate.
Chain Signatures allows NEAR account holders to work together with almost any blockchain — together with Bitcoin, Ethereum (and any EVM chain), Dogecoin, XRP, Cosmos, and Polkadot. The blockchain community plans to increase assist to Solana, TON, and others by the top of the yr.
Moreover, the function helps bridgeless Omnichain DeFi and the creation of Omnichain tokens—one token that may be issued on a number of chains.
Chain Signatures
The know-how employs an revolutionary threshold signature protocol. NEAR’s MPC nodes signal transactions on behalf of customers, eradicating the necessity for a number of cross-chain bridges or separate accounts and wallets. With this, NEAR customers not must handle varied native tokens for gasoline charges.
Furthermore, it enhances the DeFi expertise and broadens asset liquidity and utility throughout blockchains. It can additionally allow DeFi actions on blockchains like Bitcoin, which weren’t initially designed to assist sensible contracts.
Kendall Cole, CEO of Proximity Labs, a key contributor to Chain Signatures, highlighted the know-how’s function in addressing the fragmented Web3 ecosystem. He added that Chain Signatures can be essential for overcoming interoperability points and making a unified layer for crypto customers.
NEAR Protocol co-founder Illia Polosukhin emphasised that Chain Signatures will act as a single DeFi layer for all blockchains. Polosukhin famous that this innovation will create new alternatives for Web3 monetary purposes, benefiting each seasoned crypto customers and newcomers.
He added:
“There is no such thing as a extra want for dozens of wallets and addresses, guide bridging, and paying gasoline charges in each token. As an alternative, all of DeFi is accessible from wherever customers already are. It’s all potential as a result of sensible contracts can now signal transactions for any blockchain, even Bitcoin.”
Chain Signatures has already gained traction, with over 6 million customers adopting the know-how throughout 15 initiatives.
