NEAR Protocol, a blockchain platform that enables developers to build decentralized applications, has announced a collaboration with Wormhole, a cross-chain bridge that connects different blockchain networks. The partnership aims to establish a ZK-enabled communication corridor between NEAR and Ethereum for NFT transactions.
NFTs, or non-fungible tokens, are unique digital assets that represent ownership of a specific item, such as artwork, music, or collectibles. They have gained popularity in recent years, with some NFTs selling for millions of dollars. However, the current infrastructure for NFT transactions is limited, with high fees and slow transaction times.
The collaboration between NEAR and Wormhole aims to address these issues by establishing a communication corridor between NEAR and Ethereum using zero-knowledge proofs (ZKPs). ZKPs are a cryptographic technique that allows for secure and private transactions without revealing any information about the transaction itself.
By using ZKPs, NEAR and Ethereum can communicate with each other without revealing any sensitive information about the NFT transaction. This will enable faster and cheaper transactions, as well as increased privacy and security for NFT owners.
The collaboration will also enable developers to build decentralized applications that can interact with both NEAR and Ethereum. This will allow for greater interoperability between different blockchain networks, which is essential for the growth of the blockchain ecosystem as a whole.
In a statement, Illia Polosukhin, co-founder of NEAR Protocol, said: “We’re excited to collaborate with Wormhole to establish a ZK-enabled communication corridor between NEAR and Ethereum. This will enable faster and cheaper NFT transactions, as well as greater interoperability between different blockchain networks.”
The collaboration between NEAR and Wormhole is just one example of how blockchain platforms are working together to improve the infrastructure for NFT transactions. As the demand for NFTs continues to grow, it is likely that we will see more collaborations and partnerships between different blockchain networks in the future.
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- Source: https://zephyrnet.com/near-protocol-taps-wormhole-for-zk-enabled-communication-corridor-with-ethereum-nftgators/