The Near Foundation, backing the Near Protocol, has unveiled the introduction of chain signatures, a groundbreaking advancement allowing users to access multiple chains using their Near account.
Eigenlayer, a restaking project developed on Ethereum, joins Near as a launch partner, contributing to the security of the Chain Signatures network.
Chain Signatures leverage a decentralized multi-party computation (MPC) network, bolstered by Near’s validators, ensuring robust security for users.
Chain Signatures enable cryptographic signatures that permit users to sign transactions on one blockchain using a private key associated with an account on another blockchain, fostering cross-chain interoperability.
The new feature empowers any Near account to control multiple addresses across various blockchains, unlocking new decentralized finance (DeFi) use cases and facilitating seamless interaction with different blockchain networks.
Near’s Chain Signatures currently support Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger, with plans for future support for Solana, The Open Network, Polkadot, and others. The feature incorporates a “Multichain Gas Relayer,” eliminating the need for native gas tokens on other chains.
As part of Near’s “chain abstraction” initiative, Chain Signatures aim to streamline the user experience in the multichain ecosystem by addressing complexities and enabling seamless interaction across different blockchains.
Chain Signatures are operational on Near’s testnet, with plans for mainnet rollout expected by early May, as announced by a Near spokesperson.
Despite robust financials, the Near Foundation underwent a 40% reduction in its workforce. Additionally, Marieke Flament, the former CEO, departed in September 2023, overseeing significant growth in the organization’s treasury balance during her tenure.
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