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NEAR Protocol Developers Launch a Layer 2 Protocol for Ethereum

Posted by luba66 Lyubov Sultanova on May 13, 2021 - 6:18am Edited 5/13 at 6:31am


The NEAR Protocol project team announced the launch of the Aurora Layer 2 protocol for interacting with the Ethereum blockchain.

 The solution allows developers of decentralized applications (dapps) on the NEAR platform to take advantage of the network of the second largest cryptocurrency by capitalization with lower gas fees and faster transactions, according to a press release.

 To enable seamless interoperability, Aurora combines two core technologies: a fully functional Ethereum virtual machine (EVM) and a Rainbow Bridge-based cross-chain bridge.

 According to the statement, the solution maintains an average transaction cost of "a few cents", bypassing the Ethereum fees, which have reached record highs.  The protocol also "radically" speeds up transactions.

 "Aurora allows developers to deploy existing smart contracts in the NEAR ecosystem in Solidity and Vyper without modification, while users can seamlessly access these applications using MetaMask and other Ethereum wallets," the press release said.

What is NEAR?  NEAR Protocol is an open source, high bandwidth smart contract platform for building decentralized applications (dApps).  NEAR Co-Founder: Bitcoin Security Is Not Needed for Most Blockchain Use Cases Who Created the NEAR Protocol?  NEAR Protocol was created by programmers Alexander Skidanov and Ilya Polosukhin.  Work on the project began at the end of 2018

C Уважением Любовь Султанова

 

Bill Rippel NEAR Protocol sounds like a great adition to help with the speed and cost of transactions. We will have to wait and see if it lives up to it's claim.
May 13, 2021 at 4:55pm
Gerald Roberts Sounds like there was a team already In place figuring a solution to the high gas fees on Ethereum, It seems trying to keep up with all these technical solutions can be a little overwhelming, I guess the best policy Is just know what time It Is, Instead of how to build the clock. Thank for the post
May 13, 2021 at 3:32pm
Simon Keighley Thanks for explaining how the Aurora Layer 2 protocol interacts with the Ethereum blockchain, Любовь - great info.
May 13, 2021 at 7:22am
Corneliu Boghian good info , thanks
May 13, 2021 at 7:19am
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