A Technical Overview of NEAR’s Chain Abstraction Implementation

Since November 2023, NEAR has been at the forefront of innovation, consistently unveiling its latest technological advancements to the community. From decentralized applications (DA) to sharding, chain abstraction, and the recently discussed AI Stack, NEAR has been pushing the boundaries of what’s possible in the blockchain space.

This commitment to innovation has not gone unnoticed, as evidenced by the remarkable surge in NEAR’s price. From hovering around $1 in October 2023, it has skyrocketed to over $7, reflecting the growing confidence and interest in NEAR’s capabilities.

In this article, we delve into the intricacies of NEAR Protocol’s chain abstraction, shedding light on key components such as the account abstraction model, Fast-Auth, MPC, and chain relayer.

Understanding Chain Abstraction

Chain Abstraction is a pivotal concept in blockchain technology, aiming to provide a standardized programming interface that streamlines operations across different blockchains. By offering a universal approach to handling transactions and state updates, Chain Abstraction simplifies the development of cross-chain applications. It effectively conceals the complexities of underlying blockchains, empowering developers to interact seamlessly with diverse blockchains without delving into their specific implementations. This standardization fosters interoperability and scalability, crucial for the evolution of blockchain ecosystems.

NEAR’s Vision for Chain Abstraction

Since its inception in 2018, the NEAR ecosystem has been steadfastly advancing towards chain abstraction. Introducing concepts like the BOS front-end operating system, account aggregation, and super wallets, NEAR aims to emulate the user-friendly experience of Web2 while operating within the Web3 framework. With NEAR accounts accessible via email or phone numbers, users enjoy a seamless onboarding experience, eliminating the need to manage multiple chain accounts and corresponding keys. This abstraction layer operates discreetly in the background, facilitating transactions such as token swaps and NFT purchases across different chains effortlessly.

The Technical Implementation

To realize its vision, NEAR Protocol offers four core services. These allow users to register and log in with an email, register an account without paying gas fees, and use NEAR signatures to complete transactions on other chains:

1. Fast-Auth

Fast-Auth revolutionizes user registration and login by leveraging email authentication. Users simply provide an email and select a NEAR short domain account during registration. Upon email verification, the system binds the email to the NEAR account, mirroring the familiar registration process of Web2 platforms.

2. Transaction Relayer

The Transaction Relayer acts as a bridge for new users, forwarding registration requests to the NEAR RPC node and covering gas fees for on-chain transactions. This user-friendly approach eliminates barriers for newcomers, ensuring a smooth onboarding experience.

3. MPC Recovery Service / MPC Signature Service

Utilizing the OIDC protocol, the MPC service facilitates account creation and recovery while enabling transaction signing for users. With decentralization at its core, MPC ensures account security by distributing trust across multiple nodes. This robust mechanism empowers users to regain access even in the event of key loss.

4. Multichain Relayer

Facilitating cross-chain transactions, the Multichain Relayer acts as an intermediary between the Transaction Relayer and RPC nodes of other chains. Leveraging MPC co-chain signatures, it executes users’ intentions on other chains, supported by NEAR’s On-Chain contract service and the core backend service of Multichain Relayer.

In conclusion, NEAR’s technical implementation of chain abstraction empowers developers with a versatile platform to build decentralized applications securely and efficiently. By offering a user-friendly experience akin to Web2, NEAR Protocol opens new avenues for blockchain technology, driving its adoption and advancement.

About Sender

Sender Wallet is a multi-chain digital asset management platform providing a one-stop solution for secure and convenient asset management. With over 1 million downloads, we are committed to evolving alongside the dynamic landscape of Web3 and digital currencies. Backed by industry leaders such as Binance Labs and Pantera, Sender Wallet remains at the forefront of secure and user-friendly asset management solutions.

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