San Francisco-based blockchain platform for decentralized applications, NEAR Protocol has reportedly made it big in the Ethereum industry with a potential launch of its first fully trustless Bridge to Ethereum. Ethereum <> NEAR Bridge stands out to be a universal protocol that unlocks interoperability and communication between smart contract chains.
The launch signifies NEAR’s first bridge that does not rely on external authorities and only on the consensus security. The Bridge does not demand exclusive permission to install, maintain, or use. Any and every individual has the authority to deploy a new bridge, use an existing one, or join the maintenance of any bridge without needing an approval from anyone.
Importantly, the NEAR Bridge is also basic in the sense that it allows any cryptographically provable data or information to be used in Ethereum contracts and vice-versa.
It has been reported that the Bridge will connect to vivid chains within the decentralized finance ecosystem by this year end. To understand the process and begin the transfer of tokens between NEAR and Ethereum using the Bridge, an individual can visit the company website to garner more knowledge.
Speaking on the novel launch, Co-Founder of NEAR Protocol, Illia Polosukhin mentioned that with the roll out of Ethereum <> NEAR Bridge, the company is looking forward to bridging the application and developer networks between Ethereum and NEAR and enabling developers to make use of Ethereum assets and smart contracts within NEAR’s scalable, fast, and low-cost environment.
Illia added that by allowing Ethereum to make use of an immediate access to applications built on NEAR, NEAR Protocol can accelerate and facilitate the community development further in the upcoming years. Moreover, the company sees development of the Bridge as a huge step toward its vision of an interoperable, multichain future.