Foundation Introduces Ring Signatures and Multiple Transactions

The Near Foundation now supports chain signatures for the Layer 1 Near Protocol. This improvement lets users connect to different chains with their Near account, making it easier to use and work together.

We can now use chain signatures and perform multichain transactions thanks to a new partnership with EigenLayer. EigenLayer is a restaking project that runs on Ethereum. EigenLayer’s knowledge and teamwork have helped make the Chain Signatures network more secure and efficient, making Near Protocol’s ecosystem and abilities even stronger.

Chain Signatures are changing how different blockchains can work together on the NEAR Protocol.

 

Near Foundation announced a partnership with Eigenlayer, revealing the way Chain Signatures works. This new technology helps NEAR accounts and smart contracts to approve transactions for any blockchain. It changes the way different blockchains can work together and creates many new possibilities for regular people and developers.

Chain Signature and Multichain Structure on Near Protocol
Chain Signature and Multichain Structure on Near Protocol Source: Near

Chain Signatures uses a decentralized network and technology called Multi-Party Computation to make it secure. It also uses NEAR staking and EigenLayer ETH restakers to add extra security. Right now, the protocol works with big blockchains like Ethereum, Cosmos chains, DogeCoin, and XRP Ledger. In the future, it will also work with Solana, TON Network, Polkadot, and others.

Chain Signatures have a special feature called threshold signatures that allow for any blockchain to be controlled by NEAR accounts and smart contracts. This way lets NEAR accounts, which can also be smart contracts, ask for signatures for different types of data, like transactions for other blockchains. This network makes sure that users can fully control their transactions without needing to deal with lots of different addresses.

Near has added a “Multichain Gas Relayer” to its system, which means you don’t need gas tokens on other chains to make transactions. This update lets people use NEAR (NEP-141) tokens to pay for gas fees on any chain, making it easier to use in a multi-chain system.

These changes are part of NEAR’s plan to make using crypto easier by dealing with the difficulties of using multiple blockchains.

With Chain Signatures and the Multichain Gas Relayer, people can easily make transactions on both smart contract and non-smart contract chains using just one account or interface.

Near Foundation reduces its workforce by 40% even though it is doing well economically.

Near Protocol saw a big increase of 1,902% in the number of active wallets using its Web3 app, according to DappRadar on January 11th. This sudden increase shows that more people are using the Near system.

However, even though the Near Foundation is doing well financially, they decided to lay off 40% of their employees unexpectedly. This news is surprising, especially because the Near ecosystem has been doing well this year.

Even though Near Protocol has fewer workers, it is still doing well in the Web3 industry. Three of its apps are in the top ten. In addition, the ecosystem has a lot of people using it every day, which shows that Near’s technology and apps are still growing in popularity.

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