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View submission: NEAR's Submission to Reddit's Scaling Bake-off
This was posted to the NEAR blog recently, which provides a ton more detail about the Rainbow Bridge with Ethereum: https://near.org/blog/eth-near-rainbow-bridge/[1][2] . That's a very useful piece and relevant for any integrations which will potentially take advantage of NEAR for "fast/usable" things and Ethereum for existing components or checkpointing.
1: https://near.org/blog/eth-near-rainbow-bridge/
2: https://near.org/blog/eth-near-rainbow-bridge/
From cofounder Alex S via Twitter (https://twitter.com/AlexSkidanov/status/1296139890778726400?s=20[3])
2/ Any statement about the state of Ethereum, or about any transaction outcome, can be verified on NEAR side, and vice versa. This trivially enables any asset transfers, but it also enables arbitrary cross-chain calls and arbitrary data transfers.
3/ With the Rainbow bridge Ethereum and NEAR become fully interoperable. Devs who build on NEAR have access to all the assets on Ethereum, and developers who build on Ethereum can move performance or gas-fee critical parts to NEAR while keeping their Ethereum-native user base.
4/ The bridge is implemented as a NEAR light client on Ethereum side, and Ethereum light client on NEAR side We understood the necessity of such a bridge early on, and from the get go designed NEAR protocol in a way that it's light client can be run as an Ethereum smart contract
5/ ETH->NEAR direction in is secure as long as nobody controls 51% of ETH hash power sufficiently long. NEAR->ETH it is secure as long as nobody at any point controls 2/3 of the stake (which is an assumption not only for the bridge, but for the rest of the protocol too).
3: https://twitter.com/AlexSkidanov/status/1296139890778726400?s=20
There's nothing here!