Token2049 Exclusive: Cryptonews Sits Down with Illia Polosukhin, Co-Founder of Near

DeFi NEAR

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated: 

May 2, 2024

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TOKEN2049 is a global digital asset event held in Asia, showcasing the latest developments in the cryptocurrency sphere, and at this year’s event, Cryptonews’ own Matt Zahab had the opportunity to engage with pioneers and leading figures in the blockchain space, including an exclusive interview with Illia Polosukhin, co-founder of Near Protocol. The discussion provided insights into the evolving landscape of blockchain technologies and their applications.

What is Near Protocol?

Near Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a proof-of-stake consensus mechanism called Nightshade, which aims to offer scalability and stable fees. Near is distinguished by its community-driven approach and features like sharding technology, which helps achieve high speeds and low transaction costs.Just recently, NEAR Foundation launched “Chain Signatures,” enabling users to sign transactions on supported blockchains from a single NEAR account. 

One small step for man.

One giant leap for Chain Abstraction.

Chain Signatures, secured by EigenLayer and NEAR stakers, enable transactions on any blockchain from your NEAR account.

Start building with Chain Signatures today ⛓️https://t.co/sUPvXw75yy pic.twitter.com/3cxb6eOtYM

— NEAR Protocol (@NEARProtocol) March 27, 2024

Chain Signatures enables accounts and smart contracts on NEAR to sign transactions for different chains. 

At launch, this will include Bitcoin, Ethereum and Cosmos network chains, as well as DogeCoin and XRP Ledger. It will soon support Solana, TON Network and Polkadot, according to the team.

By enabling Chain signatures, DeFi protocols can utilize assets from other chains without requiring a cross-chain bridge. 

This is possible because Chain Signatures are to be account-based rather than bridge-based.

Full TOKEN2049 Recap

Token2049 continues to be a crucial event for professionals and enthusiasts in the cryptocurrency world, providing a platform for critical discussions and networking among the industry’s most innovative minds. During the event, big names in the industry, like Illia Polosukhin, share their thoughts and views on the current and future state of crypto globally. Discover more insights and in-depth analysis in our comprehensive recap of Day 1 of the TOKEN2049 event below.