The post Near Protocol unveils Chain Signatures to unite cross-chain DeFi and Bitcoin appeared on BitcoinEthereumNews.com.

NEAR Protocol has unveiled a technology called Chain Signatures, which allows smart contracts to sign transactions across any blockchain without relying on cross-chain bridges, according to an Aug. 8 statement shared with CryptoSlate. Chain Signatures enables NEAR account holders to interact with nearly any blockchain — including Bitcoin, Ethereum (and any EVM chain), Dogecoin, XRP, Cosmos, and Polkadot. The blockchain network plans to extend support to Solana, TON, and others by the end of the year. Additionally, the feature supports bridgeless Omnichain DeFi and the creation of Omnichain tokens—one token that can be issued on multiple chains. Chain Signatures The technology employs an innovative threshold signature protocol. NEAR’s MPC nodes sign transactions on behalf of users, removing the need for multiple cross-chain bridges or separate accounts and wallets. With this, NEAR users no longer need to manage various native tokens for gas fees. Moreover, it enhances the DeFi experience and broadens asset liquidity and utility across blockchains. It will also enable DeFi activities on blockchains like Bitcoin, which were not initially designed to support smart contracts. Kendall Cole, CEO of Proximity Labs, a key contributor to Chain Signatures, highlighted the technology’s role in addressing the fragmented Web3 ecosystem. He added that Chain Signatures would be crucial for overcoming interoperability issues and creating a unified layer for crypto users. NEAR Protocol co-founder Illia Polosukhin emphasized that Chain Signatures will act as a single DeFi layer for all blockchains. Polosukhin noted that this innovation will create new opportunities for Web3 financial applications, benefiting both seasoned crypto users and newcomers. He added: “There is no more need for dozens of wallets and addresses, manual bridging, and paying gas fees in every token. Instead, all of DeFi is accessible from wherever users already are. It’s all possible because smart contracts can now sign transactions…

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Filed under: News - @ August 9, 2024 2:28 am