Near Protocol introduces a groundbreaking feature allowing users to conduct multichain transactions from a single account, eliminating the need for native gas tokens on other chains. This innovation, termed “Chain Signatures,” opens up a realm of possibilities in the blockchain space.
Near Protocol Empowers Multichain Connectivity
Recently, the Near Foundation, the driving force behind Near Protocol, unveiled the integration of Chain Signatures into its protocol. This development revolutionizes how users interact with multiple blockchains using their Near accounts. Notably, Eigenlayer, a restaking project operating on Ethereum, joins Near as a launch partner, bolstering the security of the Chain Signatures network.
Unlocking Cross-Chain Interoperability
At the core of Chain Signatures lies a decentralized multi-party computation (MPC) network, safeguarded by Near’s validators. This cryptographic breakthrough enables users to sign transactions on one blockchain with a private key associated with their Near account, facilitating cross-chain interoperability. Now, users can seamlessly navigate between different blockchains using a single wallet or account, paving the way for innovative decentralized finance (DeFi) solutions.
Near’s Chain Signatures feature is compatible with a range of prominent blockchains, including Ethereum, Cosmos, Dogecoin, Bitcoin, and XRP Ledger. Furthermore, Near plans to extend support to additional networks like Solana, The Open Network, Polkadot, and more, offering a comprehensive multichain experience.
This innovative feature, operational on Near’s testnet, is poised for a mainnet rollout by early May, marking a significant milestone in Near’s mission to simplify the complexities of the multichain ecosystem. Amidst its technological advancements, Near has experienced remarkable growth, witnessing a staggering 1,902% increase in unique active wallets engaged with its Web3 app, according to reports from blockchain analytics platform DappRadar.
Despite these strides, the Near Foundation recently underwent a workforce reduction of 40%, signalling internal restructuring. Additionally, the departure of former CEO Marieke Flament in September 2023 marked a significant transition for the organization, underscoring the evolving landscape of Near Protocol’s leadership.