Near Foundation Unveils 'Chain Signatures' for Simplified Multi-Blockchain Transaction Signing

Near Foundation's Chain Signatures protocol allows users to sign transactions on other blockchains (e.g., Ethereum, Bitcoin, Dogecoin) using their Near account. Powered by MPC and secured by Near validators, Chain Signatures enables Near accounts to control addresses on multiple blockchains, facilitating use cases in decentralized finance. Additionally, it includes a multichain gas relayer, eliminating the need for native gas tokens on other chains and allowing transactions using Near or NEP-141 tokens.

Near Foundation Unveils 'Chain Signatures' for Multi-Blockchain Transaction Signing

Near Foundation has introduced Chain Signatures, a groundbreaking protocol that empowers users to conveniently sign transactions across disparate blockchains using a centralized Near account. Currently operational on Near's testnet, Chain Signatures is anticipated to enter mainnet operation by early May, confirmed a Near spokesperson.

Chain Signatures leverages a decentralized multi-party computation (MPC) network, bolstered by the security of Near network validators. It allows Near accounts, encompassing smart contracts, to execute transaction signing for any blockchain. Each Near account can seamlessly manage multiple addresses across all blockchains, fostering novel applications in the realm of decentralized finance. The foundation anticipates further enhancements to Chain Signatures' security courtesy of EigenLayer.

"Decentralized Finance (DeFi) on non-smart contract chains, including Bitcoin, is now a viable prospect across numerous networks," stated Near Foundation. "Developers can effortlessly create DeFi solutions that harness assets from other chains without the need for explicit bridging."

Chain Signatures currently supports Ethereum, Cosmos chains, Dogecoin, Bitcoin, and XRP Ledger, with impending support for Solana, TON Network, Polkadot, and others.

To further enhance user convenience, Chain Signatures features a "Multichain Gas Relayer," eliminating the requirement for users to possess the native gas token of the target blockchain. Instead, users can utilize Near or NEP-141 tokens to settle transaction fees on any supported chain.

By introducing Chain Signatures, Near Foundation aims to streamline the interaction between blockchains, enabling seamless cross-chain transactions and unlocking new possibilities for DeFi applications.