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Update what-is.md
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bucanero committed Jan 17, 2025
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Expand Up @@ -51,7 +51,7 @@ A user creates a wishlist, and let NEAR Intents find the item, add it to the car

By using [Multi-Party Computation (MPC)](../../1.concepts/abstraction/chain-signatures.md#multi-party-computation-service), Chain Signatures enables accounts and smart contracts on the NEAR blockchain to sign and execute transactions on external chains, such as Bitcoin, Ethereum, and Base.

This allows dApps built on NEAR to interact with Bitcoin’s UTXO model, enabling advanced functionality like asset transfers or decentralized finance (DeFi) protocols.
For example, this allows a dApp built on NEAR to interact with Bitcoin’s UTXO model, enabling advanced functionality like asset transfers or decentralized finance (DeFi) protocols.

:::tip
To learn more about Chain Signatures, the concepts, and how to implement it, check these articles:
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## Applications

Thanks to significant advancements in the cryptocurrency space, including cross-chain interactions, account management, and the raise of AI applications, truly innovative projects are being developed in the NEAR ecosystem:
Thanks to significant advancements in the cryptocurrency space, including cross-chain interactions, account management, and the raise of AI applications, truly innovative projects are being developed in the NEAR ecosystem.

### Bitcoin Use Cases

- **Bitcoin Lending**: improve the ability to borrow against Bitcoin held on the Layer 1 blockchain through chain signatures, making it easier to connect wallets and interact with lending protocols.
- **Trading**: enable issuing and trading assets on Bitcoin, though current experiences are limited. The integration of chain signatures aims to streamline this process.
- **Restaking**: support liquid stake tokens and restaking capabilities.

### Cross-Chain Protocols

- Designing protocols that are agnostic to different blockchain environments. This enables users to swap assets between chains without needing to deploy multiple versions of a protocol.
- Examples include projects like **Omnilane** and **Thesis**, which allow flexible asset swaps and margin-based protocols across various chains, enhancing liquidity and capital usage.

### Account Abstraction

- The development of account abstraction has led to the creation of wallet systems, like those integrated into applications such as **HOT Wallet**, which can manage assets across multiple blockchains.
- An example is a wallet that enables users to conduct transactions and swaps, showcasing seamless interaction with various decentralized applications (dApps) through unified balance management.

### AI-Driven Autonomous Agents

- The potential for creating persistent AI agents that leverage decentralized technologies, which can operate independently on the blockchain.
- These agents would utilize multi-party computation technology to interact with users and the network in a secure, decentralized manner.
- [BitcoinFi](https://medium.com/@ProximityFi/building-bitcoin-native-dapps-with-nears-abstraction-stack-fb4aeb448eee#df89)
- [Payment Gateways for Merchants](https://medium.com/@ProximityFi/building-bitcoin-native-dapps-with-nears-abstraction-stack-fb4aeb448eee#0c38)
- [Cross-Chain NFT Platforms](https://medium.com/@ProximityFi/building-bitcoin-native-dapps-with-nears-abstraction-stack-fb4aeb448eee#521b)
- [Bitcoin Custody Solutions](https://medium.com/@ProximityFi/building-bitcoin-native-dapps-with-nears-abstraction-stack-fb4aeb448eee#6a7c)

### Relayers: Cover gas fees

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:::tip
In NEAR the relayers simply attach NEAR to cover gas fees, and pass the transaction to the network. There, the transaction is executed as if the **user had sent it**.
:::

<!--
### Fast-Auth: Email onboarding
One of the first barriers that new users face when entering the world of Web3 is the need to create a crypto wallet. This generally implies the need to choose a wallet, create and store a recovery phrase, and obtain deposit funds to start using the account.
With FastAuth, users only need to provide an email address to create a NEAR account. Using the same email address the user will be able to use their account across applications and devices.
:::warning
FastAuth is being deprecated, stay tuned for updates
:::
<hr subclass="subsection" />
-->

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