The Near Foundation has unveiled a groundbreaking feature called Chain Signatures, revolutionizing the way users transact across multiple blockchains with just one Near account. This innovative tool simplifies multichain transactions by allowing users to authorize transactions on any blockchain using a single private key linked to their Near account.
Chain Signatures not only enhances cross-chain interoperability but also streamlines the user experience across different blockchain ecosystems. This advancement opens up new possibilities in decentralized finance (DeFi) by enabling developers to create DeFi products that can directly utilize assets from various blockchains without the need for asset bridging.
Powered by a decentralized multi-party computation (MPC) network secured by Near and EigenLayer stakers, Chain Signatures is compatible with leading blockchains such as Bitcoin, Ethereum, Dogecoin, Cosmos, and XRP Ledger. The Near Foundation has also announced plans to extend support to additional networks like Solana, The Open Network, and Polkadot, further expanding the reach and utility of this feature.
In addition to Chain Signatures, the Near Foundation is launching the Multichain Gas Relayer, eliminating the requirement to own the native gas token of another chain to make transactions. Users can now pay with NEAR or NEP-141 tokens to cover gas on any supported chain, enhancing the ease of use and accessibility of the feature.
With the testnet phase already underway and a mainnet launch expected by early May, Chain Signatures is set to redefine decentralization, interoperability, and user convenience in the blockchain space. In related news, three blockchain-based AI firms—Fetch.ai, Ocean Protocol, and SingularityNET—are in discussions to merge and create a single AltSignals token, showcasing the ongoing innovation and collaboration in the blockchain industry.
