NEAR Protocol Enhances User Experience with Updated Passkeys and OTC Features
In Brief
The introduction of passkeys by NEAR Protocol allows users to navigate authentication and engage in OTC trading for direct exchanges between peers, significantly boosting the platform’s functionality and user flexibility.
Layer 1 blockchain utilizing Proof-of-Stake technology, NEAR Protocol NEAR has launched pivotal updates to its Intents framework: introducing passkeys for a smoother login experience and OTC trading for direct peer-to-peer asset transfers. These improvements enhance the overall usability of the platform, aligning with NEAR's mission for decentralized finance that is driven by users.
Managing cryptographic keys is a significant hurdle in the cryptocurrency landscape. Secure storage of seed phrases can be cumbersome, making it less user-friendly for newcomers and risking security for seasoned traders. Thanks to the latest enhancements, users can now sign in using their wallets from NEAR, Ethereum, or Solana, allowing them to manage their digital assets on-chain through passkey authentication. This innovation eliminates the confusion of dealing with complicated seed phrases yet provides complete control over assets.
The new feature for OTC trading revolutionizes the traditional approach to peer-to-peer transactions by removing the reliance on regular exchange prices. Instead of trading at volatile market values, users can negotiate a fixed rate directly with another party. Once an agreement is reached, NEAR Intents takes care of automating the process, ensuring a streamlined and secure transaction free of intermediaries.
NEAR Intents showcases compatibility with a plethora of blockchains, including Bitcoin, Solana, Ethereum, NEAR, Base, Arbitrum, Ripple, DOGE, Zcash, and Bera. Support also extends to BNB, Gnosis, Polygon, and Aurora. Multiple decentralized finance projects—like Infinex, Templar, Rhea, Kyber Swap, and Satoshi Port—are beginning to incorporate NEAR Intents into their platforms, thereby making it even more accessible for users to tap into these exciting features and broaden the protocol’s ecosystem.
Discovering NEAR Intents: Simplifying Blockchain Transactions
NEAR Protocol This Layer 1 blockchain empowers developers with the necessary tools to create and launch their decentralized applications (dApps). These applications can cater to various functions, whether in DeFi, non-fungible tokens (NFTs), payment systems, or gaming experiences. By employing a sharding technique, NEAR improves scalability, guaranteeing swift and affordable transactions even as network demand increases.
A standout aspect of NEAR is its Intents system, which makes cross-chain and real-world integrations much simpler. Instead of requiring users to navigate complex transactions manually, Intents allow users to articulate their objectives. A network of specialized solvers then competes to fulfill these requests in the most efficient manner.
The Intents protocol optimizes the full transaction process from inception to completion. It manages everything, such as asset discovery, providing quotes, executing transactions, and even addressing disputes, all while ensuring that security and transparency are maintained through on-chain settlements. This level of automation reduces friction for users, transforming blockchain interactions into more intuitive and seamless experiences.
Disclaimer
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