Proximity Labs has developed the first non-Ethereum Virtual Machine (EVM) blockchain solution compatible with the popular Ethereum wallet, Metamask.
Compatibility is achieved through a smart contract called NETH developed by Proximity Labs. statement.
How NETH works
NETH enables remote control of the Ethereum (ETH) address of paired NEAR accounts via transaction signing.
NETH will be deployed on the NEAR blockchain and will allow direct interaction with NEAR decentralized applications (DApps) using Ethereum wallets like Metamask.
According to Proximity Labs, the NETH smart contract works like this: It verifies the signature sent from your Ethereum account, recovers your Ethereum public address if the verification is successful, and executes transactions as long as it matches the address in her initial NETH setup.
NETH is open source, non-administrative, audited by Ottersek. It remains client-side without the need to communicate with a third party or server.
NETH users can unpair their Ethereum accounts and get seed phrases for NEAR native accounts at any time.
However, creating a NETH account is subject to a fee paid to validators, currently costing 0.5 NEAR at the time of writing. This fee includes account name creation, access keys, and contracted storage.
In the future, Proximity Labs plans to roll out an “improved onboarding experience” that includes reduced account creation costs. The company will also be adding more of his DApp integrations, educational materials and guides for users and developers.