Skip to main content

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.

Comments

Post a Comment

Popular posts from this blog

NEAR Protocol Roadmap and why we cheer Near Ecosystem.

NEAR Protocol Roadmap Since the project's inception in late 2018, NEAR has been undergoing rapid development. NEAR began rolling out its primary net in April 2020, after various test nets in 2019. MainNet POA, MainNet (Restricted), and MainNet Community Governed were the three stages. Onboarding validators and network members were the emphasis of the MainNet POA. Staking was disabled, and token transfers were restricted to the NEAR Foundation. Staking was enabled in MainNet POA, but token transfers were not. The first NEAR vote was also held to determine when the final version of the main net would be launched. On October 13th, the NEAR community elected to launch the unconstrained MainNet. NEAR is currently in the process of giving over full management of the blockchain to NEAR token holders, as previously stated. The NEAR team is hoping to add a few more features during this "Post Mainnet" period. Although many of these are technical, the NEAR whitepaper also me...
Post a Comment
Read more

Near Protocol Developments and Staking

 The total amount of NEAR tokens is presently 1 billion, however only 434 million are in use. NEAR has recently seen an increase in withdrawals from exchangers as well as a scarcity of deposits. The supply of NEAR will not be capped, and new tokens will be created continuously. Staking benefits are one of the motivations for withdrawing NEAR. Another argument is that some NEAR might be converted into Binance Smart Chain tokens and then traded on decentralised markets. According to network statistics, about 39% of the NEAR supply is staked, with a market capitalization of more than $1.5 billion. NEAR can be delegated or included in the delegators' locked-up coin supply. Is NEAR Staking a Good Investment? The current reward for NEAR delegation is roughly 6.2 percent, with validators receiving more than 11 percent. The NEAR network is approaching its desired staking rate of 40%, however staking benefits for retail owners are lower. After a year of holding the tokens, the annua...
Post a Comment
Read more

Near Protocol ecosystem analysis

NEAR is a proof-of-stake blockchain that is sharded and developer-friendly. To put it another way, it's similar to a community-run public cloud platform. That is, it is a highly scalable, low-cost platform on which developers can build decentralised apps. Allows developers to create blockchain native mobile dApps and execute them, with consumers providing a key onramp into the dApps. Allow the blockchain to scale roughly linearly with the number of nodes in a network by sharding by state. Because they both have scalable blockchain and simple access to customers via the first mobile-native blockchain, blockchain entrepreneurs can quickly iterate and come up with effective business models. Problem to be solved: ·          Building better developer tools are some of the issues that need to be addressed. ·          Sharding technique enables high transaction per second. ·     ...
Post a Comment
Read more