- With the new tools from Aurora Labs, NEAR can verify Bitcoin transactions in real time.
- Bitcoin Light Client, a smart contract-driven method for Bitcoin verification on NEAR, is released by Aurora Labs.
- New DeFi apps that make use of the NEAR and Bitcoin networks can be developed thanks to the integration.
In a press release on Tuesday, Aurora Labs—a group devoted to building the Aurora ecosystem—unveiled Bitcoin Light Client and Relayer, two new tools designed to connect the NEAR protocol and the Bitcoin network.
The connection is intended to increase Web3 compatibility and create new opportunities for decentralized financial (DeFi) apps, according to Aurora Labs.
The Bitcoin Light Client, created by Aurora Labs, operates on the NEAR network as a smart contract. It basically paves the way for a future Bitcoin bridge that will make it easier for NEAR dApps to use Bitcoin assets by allowing them to validate Bitcoin transactions and keep access to the most recent state of the Bitcoin chain.
The Relayer maintains the Bitcoin Light Client’s synchronization with the network while the Light Client allows for transaction verification. The team says it will serve as a conduit that constantly updates the NEAR smart contract with the most recent Bitcoin transactions.
Apart from these two products, Proximity Labs’ chain signature service, which facilitates the establishment of native Bitcoin bridges and allows Bitcoin transfers to and from the NEAR network, has also been made available by Aurora Labs.
The next stage in integrating the NEAR and Bitcoin ecosystems, the Satoshi Bridge, will be deployed, as Aurora Labs also disclosed plans to do. Users will be able to move Bitcoin (BTC) straight onto the NEAR blockchain with the bridge.
Additionally, the company revealed that it will support Rune and Ordinals, giving developers even more opportunities to create creative DeFi applications.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
