Best crypto insights delivered straight to your inbox.
- Aurora Labs launched a Bitcoin Light Client, connecting Bitcoin to NEAR Protocol for the first time ever.
- The Light Client acts as a smart contract on NEAR, allowing NEAR dapps to verify Bitcoin transactions.
- Proximity Labs added a chain signature service to enable native Bitcoin bridges, making BTC transfers between Bitcoin and NEAR possible.
Blockchain developer Aurora Labs has launched the Bitcoin Light Client, connecting Bitcoin with NEAR Protocol for the first time.
The Bitcoin Light Client functions as a smart contract on the NEAR network. What does that mean? All NEAR-based decentralized applications (dApps) can now verify Bitcoin transactions, making sure that NEAR can stay in sync with the latest Bitcoin blockchain state.
The Aurora team says that this Light Client lays the groundwork for a future where Bitcoin assets can be used on NEAR, opening up a range of possibilities for both networks. Aurora Labs’ CEO Alex Shevchenko said that:
“There’s a lot of untapped value in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step forward, but to really unlock Bitcoin’s potential, we need the ability to read and act on its state.”
But there’s more. Aurora Labs has also introduced a Relayer Service. This service ensures that the Light Client remains updated with the latest transactions from the Bitcoin network, acting as a continuous bridge between the two ecosystems.
This is an ongoing connection that keeps NEAR and Bitcoin in sync. In addition to Aurora’s developments, Proximity Labs has rolled out a chain signature service specifically for NEAR.
This service is key to building native Bitcoin bridges, allowing for the transfer of Bitcoin (BTC) to and from the NEAR network.
It’s a step toward creating a more unified web3 experience, where assets can move freely between Bitcoin and NEAR without unnecessary friction. Aurora explains that the chain signature service plays an important role in this integration.
With Aurora’s Bitcoin Light Client forming the foundation, the chain signature service enables these assets to move across networks.
The team explained that, “After initiating its development, Aurora Labs is handing over the project to NEAR One to continue its growth and progress.”
If you're reading this, you’re already ahead. Stay there with our newsletter.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
CRASH COURSE
- Which cryptocurrencies can make you money
- How to boost your security with a wallet (and which ones are actually worth using)
- Little-known investment strategies that the pros use
- How to get started investing in crypto (which exchanges to use, the best crypto to buy etc)