NEAR Chain Signatures: one account across any chain via MPC
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Explains Chain Signatures: an MPC network secured by NEAR stakers and EigenLayer restakers lets NEAR accounts sign on Bitcoin, Ethereum, Cosmos, Dogecoin, Ripple and more, with a gas relayer, enabling bridgeless DeFi on non-smart-contract chains.
Key claims
MPC network secured by NEAR staking and EigenLayer restaking
Initial operator set of ten node providers
Supports Bitcoin, Ethereum, Cosmos chains, Dogecoin and Ripple
One account. Any chain.
Chain Signatures are the UX revolution Web3 needs to reach mass adoption.
Enter the modular end-game. Powered by @NEARProtocol and @eigencloud.
Alpha-🧵
1/ @NEARProtocol is the leading modular infrastructure provider.
On top of NEAR DA or the @eigencloud-based fast finality layer, highly scalable, app-, or vertical-specific rollup execution layers will be built.
2/ I have elaborated on this kind of NEAR-based infrastructure and its role within the modular space at length.
Check my post below for more info! 👇
x.com/zerokn0wledge_/status/1767758763984109787
3/ But that's not all anon.
Today, I want to talk about something else.
Something even bigger.
4/ If you follow me, you probably already know that I'm a modular maximalist.
Modularity will lead us into a multi-chain future, composed of more decentralized, scalable and efficient execution layers (built on NEAR).
However, there is a caveat.
5/ As the modular multi-chain future materializes in front of our eyes, users and liquidity are increasingly fragmented across all these emerging ecosystems.
This has a detrimental impact on the UX, which let's be honest, is already pretty bad.
6/ Solving the UX problem and unifying this backend of hundreds or even thousands of chains into what feels like one monolithic blockchain to the end user is the holy grail that will finally unleash the full potential of modularity.
7/ So who is making this happen?
Exactly, @NEARProtocol.
Brace yourself for some crazy alpha anon.
8/ This week, @NEARProtocol introduced chain signatures.
These will enable NEAR accounts, including smart contracts, to sign transactions on any blockchain.
One account you can use across all chains.
9/ So how does it work?
This is powered by a decentralized MPC network which uses NEAR staking for security and is account-based rather than bridge-based or deposit-based.
10/ Any NEAR account or smart contract can control any number of addresses on all blockchains.
Chain Signatures currently support:
✦ Bitcoin
✦ Ethereum
✦ Cosmos chains
✦ DogeCoin
✦ Ripple
✦ Solana (very soon)
✦ TON Network (very soon)
✦ Polkadot (very soon)
✦ More!
11/ The Chain Signatures MPC network is launching with @eigencloud as a key partner and will be secured by both Eigenlayer ETH restakers and NEAR stakers.
12/ The initial operator set of ten node providers includes several early top AVS infrastructure providers.
This is a huge game-changer and Chain Signatures also advance the @NEARProtocol ecosystem’s vision of Chain Abstraction.
x.com/zerokn0wledge_/status/1758131794925543725
13/ In a nutshell, Chain abstraction refers to the idea that Web3 hurdles should be abstracted away from user interfaces for the sake of simplicity and accessibility.
Chain Signaturs are a huge step towards a future where that is a reality.
14/ Users can simply create and secure one account and start transacting on any network.
This also includes a Multichain Gas Relayer, which removes the need to have the native gas token of another chain.
Users can just use NEAR or NEP-141 tokens to cover gas on any chain.
15/ Pretty damn huge, right?
And we haven't even started talking about the implications.
Through Chain Signatures, Decentralized Finance (DeFi) on non-smart contract chains is made possible for the first time on many networks including Bitcoin.
16/ Devs can easily build DeFi products that utilize assets from other chains without a need for bridging these assets.
Billions of dollars of liquidity can be unlocked that were previously difficult or impossible to access on non-smart contract chains like Bitcoin or DogeCoin.
17/ Finally, Chain Signatures solve the fragmentation problem.
This approach defragments liquidity across all Web3 networks, making bridgeless, cross-chain DeFi possible from a single account.
A true game-changer for UX.
18/ This is the end-game of modularity anon.
If you're a builder and want to get started with Chain Signatures, check out the docs linked below!
bit.ly/what-are-chain-signatures
That's a wrap! Hope you found this thread helpful! 🫡
Make sure to follow me @zerokn0wledge_ to stay ahead of the curve on everything modular and NEAR-related.
Like/Repost of the below post is also highly appreciated! 🙏👇
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