Ethereum Prize Right now – NEAR Protocol Launches First Trusted Bridge To Ethereum | Fintech zoom

Ethereum Price Today – NEAR Protocol launches the first completely trustless bridge to Ethereum

ZUG, Switzerland– (BUSINESS WIRE) –NEAR Protocol, a scalable blockchain-based, developer-friendly platform for decentralized applications, announced the introduction of the Ethereum <> NEAR Bridge, a trustworthy, universal protocol that enables communication and interoperability between intelligent contract chains. This launch also means the first bridge that is not based on external authorities, but only on the security of consensus.

Innovations in decentralized finance (DeFi) and non-fungible tokens (NFT) have increased demand on the Ethereum network and brought transaction fees to record levels.

“With the introduction of the Ethereum <> NEAR Bridge, we are connecting the application and developer ecosystems between NEAR and Ethereum, enabling developers to leverage Ethereum assets and smart contracts in NEAR’s fast, scalable and affordable environment,” said Illia Polosukhin, co-founder of the NEAR protocol. “By giving Ethereum users instant access to apps based on NEAR, we can make community development easier and faster. We see the bridge as a big step towards our vision of an interoperable future with multiple chains. Our goal is to create the same open access to other chains and to expand the possibilities for further development. ”

No special authorization is required to deploy, maintain, or use the bridge. Anyone can deploy a new bridge, use an existing bridge, or participate in the maintenance of an existing bridge without seeking approval from another user. The bridge is also generic in that it allows any information that is cryptographically detectable in NEAR to be used in Ethereum contracts and vice versa. The type of bridge also remains completely decentralized and adaptable to future protocol changes on both sides.

The bridge, released in a number of phases, will be linked to various chains within the decentralized financial ecosystem by the end of the year. Visit https://ethereum.bridgetonear.org/ to transfer tokens across the bridge between Ethereum and NEAR.

Via the NEAR protocol

NEAR Protocol is a blockchain-based, ultra-scalable, developer-friendly platform for decentralized applications. NEAR’s platform offers decentralized storage and computing that is secure enough to manage high value assets like money or identity and powerful enough to be useful for everyday people and put the power of the open web in their hands.

The NEAR protocol uses a technique known as “sharding”, in which the network is divided into several parts so that the computation occurs in parallel. Parallelism radically increases throughput and allows the network to scale as the number of nodes increases. With NEAR there is no theoretical limit to network capacity.

NEAR’s key players have won several competitive programming world championships and have worked for major tech companies such as Google, Facebook and Niantic. To learn more about the NEAR protocol, please visit https://near.org/.

Ethereum Price Today – NEAR Protocol launches the first completely trustless bridge to Ethereum

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