Understanding Aurora: Ethereum L2 on Near

Paul Veradittakit, a partner of Pantera Capital, issued a paper on December 3, 2021, to introduce the Ethereum-compatible developer platform Aurora on the NEAR protocol. The Golden Finance compiles as follows:

Quick facts

  • A major obstacle to the transition of cryptocurrency to a multi-chain ecosystem is the difficulty of developing applications on blockchains in different development environments. For example, developers who start a project on Ethereum and want to start on another blockchain must refactor their smart contracts from Solidity to the language of another blockchain, and must also consider a whole new set of technologies Loopholes. These difficulties have led many developers to focus on a single blockchain to deploy their applications, thus making complex trade-offs between factors such as asset liquidity, user size, transaction speed, and scalability. 
  • Aurora is a new Ethereum-compatible developer platform built on the NEAR protocol. Aurora allows developers to easily port Solidity smart contracts from Ethereum and launch them using NEAR’s more scalable infrastructure, providing block times of close to 1 second and transaction fees of $0.01. The project consists of two main parts:
  •      Aurora Engine: An Ethereum Virtual Machine (EVM) that allows Ethereum smart contracts (and many Ethereum developer tools) to run on NEAR
  •     Aurora Bridge: A trustless protocol for transferring ERC20 tokens and ETH between Aurora and Ethereum, as part of NEAR’s broader Rainbow Bridge
  • Aurora has also built some additional features to further simplify the application development between NEAR and Ethereum, including NFT transfers, price oracles, data indexers, AMM, and other bridges. 
  • Several very popular projects on Ethereum have been announced and have begun efforts to launch on Aurora, including 1inch (a DEX aggregator), DODO (a cross-chain DEX), Aave (a non-custodial liquidity agreement), Curve ( An AMM), SushiSwap (DEX) and Etherscan (blockchain explorer). 
  • In the end, Aurora enhanced the apps on Ethereum by allowing them to access the more efficient infrastructure of NEAR, and helped expand the NEAR ecosystem by launching several popular Ethereum-based projects on NEAR, bringing encryption as a whole closer. For a seamless cross-chain future. 

Fragmentation of the multi-chain universe

A key obstacle to the transition of cryptocurrency to a seamless multi-chain future is the difficulty of developing applications on many different blockchains, many of which have very different machine specifications and programming paradigms. For example, most of today’s app and Defi protocols were originally launched on the Ethereum network, which uses smart contracts written by Solidity.

The solution to this problem on web2 may be different software development kits for different mobile operating systems. For many years, iOS mobile applications have been developed exclusively using Apple’s iOS SDK, while Android mobile applications have been developed using Google’s dedicated Android SDK. This means that resource-poor developers often have to choose between one of them, resulting in an asymmetric distribution of mobile applications between the two platforms. Today, the problem of simultaneous development of iOS and Android has been largely solved by frameworks such as React Native, which allows developers to write a single code base that can be built and run on any platform. For web3 to see a similar level of platform-independent technology, tools must be built to make it easier for developers to build and deploy applications across different blockchains.

What is the solution?

One way to make cross-chain development easier is as follows: We can build infrastructure-level components to allow code that runs on a specific blockchain to also run on other blockchains, rather than for different regions. Blockchain builds multiple implementations of the same application. The popularity of Ethereum makes it particularly eye-catching because Solidity has become the “gold standard” for smart contract development; given the large user base of Ethereum and the wide availability of online Solidity resources, developers tend to use Solidity to realize their ideas. “Translating” or simulating the infrastructure of Solidity code on other blockchains is a breeze because it allows other blockchains to easily access the huge apps and protocol ecosystem built on Ethereum. 

What is Aurora?

Aurora is a developer platform compatible with Ethereum built on the NEAR protocol. With Aurora, developers can easily deploy smart contracts from Ethereum to NEAR to take advantage of the impressive second block time, 2 second confirmation time, and less than 1 cent per transaction due to NEAR’s infrastructure The gas cost. Aurora users can build applications that have a developer experience very similar to Ethereum 1.0 while accessing a level of speed and scalability that is comparable to the level of speed and scalability promised by Ethereum 2.0. You can learn more about the NEAR protocol here (https://www.veradiverdict.com/p/scalable-blockchain-focused-on-the). 

Although Aurora operates as an independent entity, the project was built by members of the NEAR team themselves, including CEO Alex Schvchenko (who led various Ethereum-related projects at NEAR), CTO Arto Bendiken (prolific open source development Personnel), and Joshua Bouw, who played a key role in the development of the proof-of-stake consensus. 

How does Aurora work?

Aurora enables developers to launch Ethereum applications on NEAR through two key products:

Aurora Engine: Aurora Engine is a high-performance Ethereum Virtual Machine (EVM) running on NEAR, which essentially simulates the development experience and calculation process of Ethereum. Ethereum developers only need to modify the RPC port of their smart contract tools (IDE, wallet, etc.) to easily start developing on Aurora. Developers can also access many popular Ethereum developer tools on the Aurora Engine, such as Hardhat and Truffle, to further enhance their workflow. In addition, the basic token on Aurora Engine is ETH itself, which further adjusts the user experience of app on Ethereum and Aurora. 

Aurora Bridge: A trustless protocol used to transfer ETH and ERC20 assets between Ethereum and Aurora, thereby achieving more seamless integration between the corresponding Ethereum and Aurora projects. Aurora Bridge is part of NEAR’s broader Rainbow Bridge, which now allows seamless and trustless asset transfers between Ethereum, NEAR, and Aurora. You can read more about Rainbow Bridge and its method of de-trusting here (https://www.veradiverdict.com/p/rainbow-bridge). 

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The Aurora team has also cooperated with multiple Ethereum ecosystem projects to launch several additional functions for its development environment, including a bridge for NFT transfers between NEAR and Ethereum, price oracles, data indexers, and automatic market makers (AMM ) Wait. You can view a more detailed road map here. 

Several very popular projects on Ethereum have been announced and have begun efforts to launch on Aurora, including 1inch (a DEX aggregator), DODO (a cross-chain DEX), Aave (a non-custodial liquidity agreement), Curve ( An AMM), SushiSwap (DEX) and Etherscan (blockchain explorer). 

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How is AURORA maintained?

Holders of AURORA governance tokens can participate in AuroraDAO, which is the decentralized management organization of the project. AuroraDAO includes a “committee” that votes on Aurora’s advanced changes or upgrades, which are then implemented by affiliated organizations. The committee was originally composed of Aurora Labs and a series of early investors (such as Pantera) and ecosystem partners (such as 1inch). The council has voted on several proposals, one of which is to add Etherscan to the council, and the other is to approve the creation of AURORA governance tokens. 

Final thoughts

As the blockchain becomes more and more diversified in its functions and programming paradigms, the need for better cross-chain development tools becomes more and more obvious. Especially as Ethereum continues to suffer from extremely low transaction speeds and crazy gas fees, resulting in a bad (usually inaccessible) user experience, developers are increasingly looking for simple solutions to Launch their applications on a scalable blockchain.

Aurora provides an incredible solution for developers who want to build Ethereum-based applications on the NEAR protocol, which provides faster and more scalable computing than Ethereum. With its fully compatible EVM and trustless bridge for transferring assets with Ethereum, Aurora makes it easier than ever for Ethereum developers to port smart contracts to NEAR and launch their projects in the evolving NEAR ecosystem. application. Through Ethereum’s most popular projects (such as 1inch and Etherscan) have promised to go online on Aurora, we can already see the demand for this seamless cross-chain development experience.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/understanding-aurora-ethereum-l2-on-near/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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