It promotes multi-chain transactions from a single account
The Proximity Foundation, the non-profit organization that supports the Layer-1 Proximity protocol, has announced that the protocol now enables on-chain signatures. This development allows users to access multiple channels using their nearby account.
According to the press release, EigenLayer, built on Ethereum, is now a launch partner with Close to contribute to the security of the ChainSignatures network.
The Chain Signatures feature is powered by a decentralized Multi-Party Computation (MPC) network and secured by nearby validators.
On-chain signatures are cryptographic signatures that allow users to sign transactions on one blockchain using a private key associated with an account on another blockchain.
This feature enables interoperability and allows users to connect and interact with multiple blockchains using a single wallet or account.
The new on-chain signatures feature allows any nearby account to control addresses across all blockchains, enabling new use cases around decentralized finance.
In the future, according to the foundation, it will receive additional security from EigenLayer. The recent foundation said:
“Decentralized finance (DeFi) on decentralized blockchains is now available for the first time on many networks, including Bitcoin. Developers can easily build DeFi products that use assets from other chains without linking these assets.
According to the latest, ChainSignatures will work with Ethereum, Cosmos, Dogecoin, Bitcoin and XRP Ledger, with soon-to-be support for Solana, OpenNetwork, Polkadot and more.
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The feature includes “Multichain Gas Relayer”, which eliminates the need for another chain of transactions native gas tokens. Users can use NEAR or NEP-141 tokens to cover gas on any chain.
This offering represents the latest ongoing effort under the “Chain Draft” initiative, which seeks to solve complex problems in a multichain ecosystem to streamline the user experience in crypto.
ChainSignatures are currently working on Near's testnet, with a mainnet rollout planned for early May, according to a Near spokesperson.
According to a January 11 report from blockchain analytics platform DappRadar, there was a 1,902% increase in unique active wallets linked to the Web3 app.
However, despite the foundation's strong financial capacity, it has reduced its workforce by 40%.
The Nearest Foundation announced the departure of its CEO, Marieke Flament, on September 21, 2023, without giving a specific reason. Flament, who served from 2021 to 2023, oversaw the company's treasury balance of nearly $330 million, an estimated $350 million upon her retirement.
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