Aurora Goes Live on NEAR Protocol with Ethereum Layer-2 Experience

UTC by Bhushan Akolkar · 2 min read
Aurora Goes Live on NEAR Protocol with Ethereum Layer-2 Experience
Photo: NEAR Protocol

Aurora aims at providing a seamless experience for developers and users by offering solutions to the transaction fee issues on Ethereum.

On Wednesday, May 12, Aurora, the Ethereum Layer-2 protocol was launched on the scalable blockchain developers platform NEAR protocol. Aurora aims at offering developers and users an Ethereum-like experience.

It does this by combining two technological prices while offering a seamless user experience. Aurora combines a full-featured Ethereum Virtual Machine (EVM) and a powerful cross-chain bridge. Thus, developers can easily launch their DApps on Aurora by linking other Eth-based assets and contracts.

With Ethereum serving multiple applications, the transaction fee has also surged to record highs. Aurora helps to bypass these growing costs by capping the gas fee. Besides, it ensures that the average transaction fee remains constant and doesn’t increase indefinitely.

Aurora reduces transaction costs by radically speeding up transactions. It facilitates each transaction within a very short time of just 2 seconds. Illia Polosukhin, Co-founder of NEAR Protocol said:

“With Aurora, Ethereum users can work with familiar applications while benefiting from the efficiency of NEAR, removing a steep financial barrier to entry for users and developers. Our goal is to create an interoperable future where the gaps between blockchains, developers and users are bridged. Aurora does just that by allowing for a seamless user experience and allowing for assets to pass uninterrupted between the Ethereum and NEAR blockchains, thereby merging economies and facilitating the development of creator communities that will bring this technology to the mainstream.”

The Key Benefits of Aurora for Developers and Users

Apart from just speeding up transactions and lowering costs, Aurora also brings other benefits for developers and users. Using Aurora, developers can swiftly deploy the existing Solidity and Vyper contracts with no changes. Similarly, users can seamlessly access these applications either using Metamask or other Ethereum wallets.

Also, the ERC-20 and other contract data can easily move from Ethereum to Aurora via the trustless Aurora Bridge. As the press release notes:

“With low costs, best-in-class transaction finality, and scalability, Aurora redefines what is possible in the Ethereum ecosystem while also expanding NEAR’s ecosystem with the inclusion of every EVM-based application”.

It is easily compatible with Ethereum 1.0 including the base fee paid in ETH. It also supports out-of-the-box operability along with other tools and existing wallets.

Blockchain News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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