NEAR Chain Signatures has restructured the process of creating multichain Web3 applications for various use cases, such as DAOs, NFT minting, and airdrops. It adds robust smart contract functions to non-smart contract chains such as BTC and XRP, benefiting users and builders.
Prior to this, the entire process came with its own set of bottlenecks, inconveniences, and risk factors. Bridges were essential for shifting assets and carrying out transactions on a new chain, compelling builders to pass through various stages for positioning applications on their selected chains. This restructuring exercise will address all of these issues.
Through Chain Signatures, builders can now shift a major portion of the application concept onto a single NEAR smart contract. Builders have the freedom to concentrate on the UX for their applications rather than dealing with various contracts on different chains. They also do not need to bridge assets. The application can now deposit assets from the chain of their choice within a Chain Signature account.
Users have the capability to establish a connection with the application and manage their assets through a single NEAR account, notwithstanding their location on an alternative blockchain. Chain Signatures facilitate the ability of any NEAR account or smart contract to administer and append their signature to an indefinite number of accounts within a given chain. This ultimately culminates in a paradigm shift regarding the development of multichain Web3 applications, user experience, and safety concerns.
NEAR smart contracts implement application logic by generating signatures for accounts on any blockchain, thereby carrying out asset transfers and transactions. When application logic is moved upstream into a single layer of NEAR contracts, the developer’s workload for managing intricate, custom application smart contracts on each chain is lessened. Using audited standards and smart contract templates, assets are deployed as contracts on their chains, but application logic is no longer required.
Chain Signatures enable the consolidation of application logic into a single location, language, and layer, thereby reducing the auditing burden to a single smart contract. This enhances the developer experience, which subsequently contributes to a more secure and satisfactory user experience.
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