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The NEAR Protocol has launched the world's first fully trustless Ethereum bridge


The Ethereum <> NEAR Bridge will pave the road for cross-chain interoperability in the future. The Ethereum <> NEAR Bridge, a trustless, universal protocol that opens communication and interoperability between smart contract chains, has been launched by NEAR Protocol, a scalable blockchain-based, developer-friendly platform for decentralised apps. This is also the first bridge that does not rely on external authority for security, instead relying on consensus.

The Ethereum network has seen increased demand as a result of innovation in the decentralised finance (DeFi) and non-fungible token (NFT) arenas, pushing transaction costs to new highs.

"By introducing the Ethereum <> NEAR Bridge, we are connecting the application and developer ecosystems between NEAR and Ethereum and enabling developers to leverage Ethereum assets and smart contracts within NEAR's fast, scalable and cost-effective environment," said Illia Polosukhin, co-founder of the NEAR protocol. “We can fuel and accelerate community growth by giving Ethereum users direct access to apps built on NEAR. We see the Bridge as a significant step in realizing our vision of a multi-chain, interoperable future, and our goal is to extend the same open access to other chains and expand the potential for further growth. "

To deploy, maintain, or use the Bridge, no additional authority is required. Without the consent of anybody else, anyone can build a new bridge, use an existing bridge, or participate in the upkeep of an existing bridge. The Bridge is also broad in that it allows any cryptographically proven information on NEAR to be used in Ethereum contracts, and vice versa. The Bridge's design is also fully decentralised and adaptable to future protocol updates on both sides.

The Bridge, which will be released in stages, will connect to numerous chains within the decentralised finance ecosystem by the end of the year.

 


 About NEAR Protocol

NEAR Protocol is a decentralized application platform based on blockchain technology that is ultra-scalable and developer-friendly. NEAR's platform delivers decentralized storage and compute that is both secure and performant enough to manage high-value assets like money and identity, placing the power of the Open Web in the hands of common people.

The NEAR Protocol employs a technique known as "sharding," which divides the network into several sections and allows for parallel computation. Parallelism dramatically increases throughput and allows the network to scale as the number of nodes grows. With NEAR, there is no theoretical limit to the capacity of the network.

Major NEAR contributors have won numerous world championships under the competitive program and have worked for major tech companies such as Google, Facebook and Niantic.

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