ADVANCEMENTS IN THE NEAR ECOSYSTEM: A SIMPLE INTRODUCTION TO CHAIN ABSTRACTION
Near Protocol has consistently demonstrated its commitment to revolutionizing the web 3.0 ecosystem through innovative and continuous advancements. Let's explore some of the ways Near has continued to push boundaries in the web 3.0 ecosystem.
Near Chain Abstraction
NEAR's Chain Abstraction encompasses social authentication, account aggregation, Chain Signatures, and the multichain intent relayer. These components enable users to transact across various blockchains using a single account and interface, eliminating the need to comprehend the underlying infrastructure or switch networks.
To realize this vision, two new decentralized infrastructures are necessary: the Chain Signatures MPC network and the Multichain Gas Relayer. The Chain Signatures MPC network acts as a decentralized signer of users' NEAR accounts, managing all other accounts on different blockchains. The Multichain Gas Relayer comprises off-chain relayers that monitor and compete to execute users' intents on different chains. Both infrastructures operate independently of any existing blockchain, including NEAR.
Near chain abstraction consists of three main technologies:
- Native account abstraction: A single NEAR account is linked to a human-readable account name and can have various keys with different permissions for different functions. With FastAuth (built on Near), users can sign up with an email to create their account, which they can use to access multiple chains. Account security is further enhanced as passkeys are used instead of passwords. These passkeys can utilize fingerprints, face IDs, which are more secure and efficient than easily forgotten passwords.
- Chain Signatures: Near accounts can have associated remote addresses on other chains and sign transactions.
- Intent relayers: This allows users to pay gas fees on the Near network as they interact with other chains, improving cross-chain transactions and making them seamless.
Near Account Aggregation: This enables interaction with various blockchains from a single account, providing flexibility as users seamlessly move across chains. It allows users to control accounts across different chains using a single NEAR account. For Dapps, this enables true decentralization as developers do not need to build on a single chain, making interoperability seamless.
The use cases of chain abstraction and account aggregation are extensive and can significantly enhance scalability on the Near network. These technologies and innovations are what make Near a more scalable and efficient solution. In our next article, we will further highlight some practical uses and how our users can benefit.
References:
- https://pages.near.org/blog/linear-protocol-introduces-omnichain-liquid-restaking/
- https://pages.near.org/blog/unlocking-web3-usability-with-account-aggregation/
- https://www.reflexivityresearch.com/all-reports/near-q4-overview
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- https://social.near.page/u/near-nigeria.near
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- https://nearnigeria.org
