Chain Abstraction on NEAR

Introduction

Chain abstraction on NEAR enhances blockchain interoperability and enhances the user experience when interacting with multiple blockchains. This applies to both EVM chains and non-EVM chains which makes it crucial in facilitating a seamless liquid staking experience for Bitcoin.

Key Features of Chain Abstraction

1. Account Aggregation:

   The NEAR account system allows for a the management of multiple keys under a single unified account. This means a single NEAR account can hold the keys of multiple accounts on different blockchains. This simplifies the process of interacting with different blockchains, reducing the need for multiple wallets and keys.

2. Multi-Party Computation (MPC):

   MPC enables the distribution of key generation and signing processes across multiple nodes. This prevents any single point of failure and ensures that no single entity has control over the private keys. The MPC network supports the key generation and signing process on EVM chains as well as Bitcoin.

3. Chain Signatures:

   Utilizing the decentralized MPC along with a dual quorum security model, NEAR accounts can operate as a master account and sign transactions on different blockchains such as bitcoin, cosmos or evm chains. This helps users circumvent traditional convoluted bridging methods.

4. Multichain Gas Relayer:

   The NEAR multichain gas relayer allows for users to utilize NEAR or other NEP-141 tokens to pay for transaction fees on destination chains without the need to acquire gas tokens for the chain.