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NEAR Protocol Revolutionizes Multichain Transactions with Chain Signatures

NEAR Protocol, through its latest innovation Chain Signatures, has introduced a groundbreaking protocol allowing users to sign transactions across multiple blockchains from a single NEAR account. NEAR’s testnet currently operates, with the mainnet launch anticipated by early May.

NEAR Protocol Chain Signatures facilitating multichain transactions
Source: Coinbackyard

Chain Signatures utilizes a secure network supported by NEAR validators. It enables NEAR accounts and smart contracts to conduct transactions on any blockchain. This pioneering solution empowers NEAR account holders to oversee an unlimited number of addresses across diverse blockchains. It unlocks novel opportunities in decentralized finance (DeFi).

The Near Foundation emphasized that decentralized finance on non-smart contract chains, such as Bitcoin, is now achievable. This allows developers to effortlessly create DeFi products using assets from different chains, eliminating the need for asset bridging.

Initially, Chain Signatures supports Ethereum, Cosmos chains, Dogecoin, Bitcoin, and XRP Ledger. As stated by NEAR, it plans to expand its compatibility to include Solana, TON Network, Polkadot, and other blockchain networks.

This development signifies a notable advancement in simplifying cross-chain transactions. It enhances accessibility and fosters deeper integration within the DeFi landscape. These improvements come as the crypto industry continues to evolve.

March 27, 2024 at 08:27 am

Updated March 27, 2024 at 08:27 am

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