The Near Foundation, a supporter of the Layer 1 Near Protocol, has made an announcement regarding the implementation of chain signatures. This development enables users to access multiple chains using their Near account, offering improved interoperability and enhancing the overall user experience.

The integration of chain signatures and multichain transactions has been made possible through a partnership with EigenLayer, a restaking project built on the Ethereum network. By collaborating with EigenLayer, the Near Protocol ecosystem has gained valuable expertise, positively impacting the security and functionality of the Chain Signatures network. This collaboration reinforces and strengthens the capabilities of the Near Protocol ecosystem.

The introduction of chain signatures is a notable advancement as it allows users to interact with various blockchain networks using their Near accounts. This interoperability can facilitate seamless transactions and interactions across different chains, potentially expanding the possibilities and utility of the Near Protocol and its associated applications.

“NEAR Protocol Transforms Cross-Chain Transactions with Groundbreaking Chain Signatures”

The Near Foundation has recently partnered with EigenLayer to introduce the Chain Signatures protocol. This protocol brings significant advancements to NEAR accounts and smart contracts, enabling them to sign transactions across multiple blockchains. This development has the potential to revolutionize cross-chain interoperability, opening up a wide range of use cases for mainstream users and Web3 builders.

With the Chain Signatures protocol, NEAR accounts and smart contracts gain the ability to seamlessly interact with and sign transactions on various blockchain networks. This breakthrough enhances user experiences and expands the possibilities for decentralized applications.

The collaboration between the Near Foundation and EigenLayer signifies their joint commitment to advancing the capabilities of the Near Protocol ecosystem. Through the implementation of the innovative Chain Signatures protocol, the partnership aims to unlock new opportunities and drive the adoption of decentralized technologies in both mainstream and Web3 environments.

Chain Signature and Multichain Structure on Near Protocol

The Chain Signatures protocol, powered by a decentralized Multi-Party Computation (MPC) network, combines NEAR staking and EigenLayer ETH restakers to ensure robust security. Currently, the protocol supports major blockchains such as Ethereum, Cosmos chains, DogeCoin, and XRP Ledger. There are plans for future integration with additional chains like Solana, TON Network, Polkadot, and more.

A standout feature of Chain Signatures is the introduction of threshold signatures for any blockchain, controlled by NEAR accounts and smart contracts. This approach allows NEAR accounts, which can also function as smart contracts, to request signatures for various payloads, including transactions on other blockchains. By utilizing a decentralized MPC network, users retain full control over their transactions while simplifying the management of multiple addresses.

Furthermore, Near has introduced the “Multichain Gas Relayer” to its ecosystem, eliminating the need for native gas tokens on other chains when conducting transactions. This enhancement enables users to utilize NEAR (NEP-141) tokens to cover gas fees across different chains, enhancing convenience and accessibility in a multichain environment.

These developments align with NEAR’s ongoing “chain abstraction” initiative, which aims to streamline the user experience in the crypto space by addressing the complexities associated with multichain operations.

With Chain Signatures and the Multichain Gas Relayer, users can seamlessly transact on both smart contract and non-smart contract chains using a single account or interface. This integration simplifies the user experience and expands the possibilities of interacting with multiple blockchains within the NEAR ecosystem.

Near Foundation Downsizes Workforce by 40% Despite Demonstrating Strong Performance

On January 11, DappRadar reported a remarkable 1,902% surge in the number of unique active wallets engaged with Near Protocol’s Web3 application. This surge indicates a significant increase in user activity within the Near ecosystem, highlighting its growing popularity.

However, despite the positive performance and robust financials, the Near Foundation made an unexpected decision to reduce its workforce by 40%. This news comes as a surprise, particularly considering the strong performance of the Near ecosystem throughout the year.

Despite the workforce reduction, Near Protocol continues to maintain a strong presence in the Web3 space. Three of its applications rank among the top ten in Web3, showcasing the ecosystem’s quality and popularity. Furthermore, the Near ecosystem continues to attract a record number of daily users, suggesting ongoing growth and adoption of Near’s technology and applications.

While the decision to reduce the workforce may raise questions, Near Protocol’s overall performance and user engagement demonstrate its resilience and potential for continued success in the Web3 space.

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