NEAR Protocol Launches Chain Signatures, Unifying Cross-Chain Asset Management for Billions of Users

NEAR Protocol has unveiled its "Chain Signatures" technology, a significant advancement designed to simplify blockchain interactions for both developers and end-users by abstracting away complexities like multiple chains and gas fees. Illia Polosukhin, co-founder of NEAR Protocol, articulated this vision on social media, stating, "Developer friendly API that abstracts chains, gas and allows to operate with assets. User friendly app to hold and trade all assets with any wallet provider or PassKey. Growth." This development aims to usher in a new era of seamless multi-chain functionality without the need for traditional bridges.

The newly launched Chain Signatures enable NEAR accounts and smart contracts to directly sign transactions on various external blockchains, including Bitcoin, Ethereum, Cosmos chains, DogeCoin, and XRP Ledger, with plans to expand to Solana and TON. This innovative approach eliminates the necessity for users to manage multiple wallets or manually bridge assets, streamlining access to decentralized finance (DeFi) and reducing the burden of paying gas fees in diverse tokens. Polosukhin emphasized the impact, stating, "There is no more need for dozens of wallets and addresses, manual bridging, and paying gas fees in every token. Instead, all of DeFi is accessible from wherever users already are."

Central to this initiative is the concept of "account aggregation," allowing a single NEAR account to manage and interact with assets across numerous chains. This is further enhanced by integrating Web2-style onboarding mechanisms like PassKeys, enabling users to log in and sign transactions using biometric authentication such as fingerprints or face ID. This focus on user experience is a core tenet of NEAR's strategy, which has already seen significant adoption with over 10 million monthly active users through partnerships with consumer applications like Sweatcoin and Kai Ching.

NEAR's long-term vision, termed "Chain Abstraction," seeks to create a "User-Owned Internet" where blockchain technology operates seamlessly in the background. This includes a strong emphasis on user-owned AI, leveraging Polosukhin's background as an AI researcher. The goal is to provide personalized, sovereign experiences where users control their data and interact with AI agents that optimize for their interests, fostering "Growth" across the Web3 ecosystem by making it accessible and intuitive for a mass consumer base.