The NEAR Foundation developed a protocol to simplify decentralized application development across blockchains.
The NEAR Foundation, a non-profit organization headquartered in Switzerland, has announced the mainnet release of Chain Signatures.
This novel protocol is intended to streamline the development of decentralized applications across multiple distributed ledgers.
According to a blog post published on August 8, the foundation stated that the protocol utilizes a decentralized multi-party computation network, which enables NEAR accounts to “sign transactions on any blockchain protocol.”
The development is anticipated to resolve concerns regarding fragmented liquidity in DeFi, thereby reducing the necessity for multiple transaction fees, manual token bridging, and the creation of numerous wallets.Â
One Protocol to Connect All Defi
Illia Polosukhin, co-founder of NEAR, thinks that Chain Signatures will be a “game-changing innovation” that will address the issue of “fragmented liquidity in decentralized finance.”
She asserts that there will be “a single DeFi layer for all chains.” In addition, he stated:
“There is no longer a requirement for the payment of gas fees, the creation of dozens of wallets and addresses, and the manual bridging of each token.”Â
The NEAR co-founder anticipates that the solution will be adopted soon, as it has the potential to create a “completely new design space for financial applications in web3,” which will be advantageous to degens and open up new user bases.
The protocol is currently operational and used by numerous applications, such as the Defuse decentralized crypto exchange and Sweat Wallet.
The initial audit was conducted by Kudelski Security, a blockchain security firm based in Switzerland, and NEAR’s Chain Signatures network is supported by eight validators.
