IS NEAR PROTOCOL WORTH THE HYPE?

Published in

Coinmonks

5 min readMay 21, 2022

Indeed, every individual who uses the internet today regardless of whether or not is into blockchain must have come across the word Near Protocol. This is made even more sure as a result of Near Protocol collaborations with some browsing apps. But what is the history behind this project and why is there a lot of discussions, AMAs, conferences and awareness about Near Protocol? Let’s shed some light on the blockchain behind the name.

A LITTLE BACKGROUND INFORMATION

In 2017, Near founders Alexander Skidanov and Illia Polosukhin first created the Near project as a machine learning platform where blockchain concepts and facts could be learnt. As they continued further in the space their need for knowledge and better blockchain performance deepened and they kept seeking to fill these needs. During their study and research in various blockchain terms and technologies they saw it fit to explore a wide range of projects and platforms in the space. As a result, they came to realize that:

· Due to the persistent increase in activity on the blockchain, there is a need for a platform that is easy to use with great scalability so that developers can create strong Decentralized applications (Dapps).

· Although various blockchain platforms have tried to embody this need, they haven’t quite got it right.

As a result of this discovery, they decided to take it upon themselves to create such a blockchain platform leading to the birth of Near Protocol. That is what is called pure ingenuity.

FEATURES OF NEAR PROTOCOL

As a layer 1 blockchain, Near Protocol acts as a foundation or underlying platform for high powered Dapps building that is easy to operate by developers and users alike.

With its POS (Proof of Stake) mechanism, Near allows validators and token holders to stake their token so as to able to form nodes. To reduce the power wielded by its validators, Near uses an auction system to choose its validators every 12hours. With this technique, Near greatly reduces misconducts on the part of validators and ensures that there is a greater pool of participants on the network ultimately increasing the scarcity of the blockchain.

Near Protocol utilizes smart contracts in a way that eliminates the slow, congested and costly process of running Dapps and transactions thus ensuring optimum use of technology. It is able to do so through the sharding technique termed Nightshade.

A shard in simple terms means a piece of a whole. So, by extension the use of sharding technique implies that nodes can be disintegrated or split into smaller units or shards across various validator node giving each node a fraction of the network transactions to process and store in the Near protocol blockchain. In this way, Near Protocol is able to undertake high capacity transactions without affecting output resulting in increase in transaction volume, scalability, speed and overall performance.

Near Protocol also uses a mechanism known as doomslug whereby validators take turns to produce and broadcast blocks in the blockchain to increase efficiency. Near Protocol showcases a user-friendly interface introducing readable account name as a replacement for the normally used cryptographic wallet address.

Near Protocol also has its token called NEAR which has multiple uses:

As a means of transactional fees. Some portion of the transaction fees is paid to the developers who create the smart contract while the rest is burned to foster the scarcity of the token.

It can also be used as a form of collateral for storing data on the blockchain.

To ensure steady improvement of the Near ecosystem, 0.5% of the total yearly Near token available is injected into the ecosystem platform for development.

Validators are rewarded in Near token for ensuring that the security of the blockchain is maintained by staking their tokens.

HOW NEAR PROTOCOL IS SET FOR SUCCESS

Near Protocol has got an explosive developer community and being regarded as one of the fastest growing ecosystems in the blockchain. There are certain factors that gives rise to this.

The Aurora platform is an EVM built as a smart contract on Near Protocol. With this, developers can enjoy Ethereum-compatible services, high throughput, optimum scalability, less transactional fees, platform safety and security. It also makes it easy for developers to easily move their apps to the Near platform. With the use of Aurora platform, developers get to enjoy the best of both worlds, Ethereum applications on the efficiency of the Near platform.

The Rainbow Bridge used for cross chain services allows migration of assets from other ecosystem to Near platform in a trustless, permissionless manner.

Also, to be noted is their variety of project funding to improve the protocol, collaborations effected and underway in the Near ecosystem. The building of projects like Mintbase, Paras, NPunks, OPGames, Tenk, DAO Records, Satori, Near Misfits, RAIZ and a host of others is sure to create excitement and functionality for Near users.

Ever wondered how soon it will take to generate an easy bridge between fiat and cryptocurrency? Near Protocol says since yesterday! With NearPay in the form of a physical and mobile app, users can make transactions in Near or any crypto currency. It is simple, fast and most importantly, safe.

Near Protocol is working on initiatives to greatly reduce if not totally eliminate its carbon footprints in the world. There has been some good success in this regard with the use of Near Protocol sharding technique, Nigtshade and its POS activities. As a result of its efforts to replace its carbon footprints with greener projects, in 2021 Near Protocol was awarded the Climate Neutral Product Label from South Pole.

Another way Near Protocol is encouraging a healthier living ecosystem is by partnering with Sweatcoin, a company with the mission to create a new economy of wealth through health by incentivizing people to move more in launching SWEAT tokens. Users of the Sweatcoin app get to earn this token whenever they are moving.

CONCLUSION

With each project it undertakes, Near Protocol keeps ensuring that its vision to bring creativity, simplicity, scalability, and empowerment to its community and the blockchain is being realized. The best is yet to come for this high performing blockchain.

To create a Near account visit:

https://wallet.near.org/create

Learn firsthand information about Near Protocol on:

Twitter

https://twitter.com/near_blockchain

https://twitter.com/NEARProtocol

https://t.me/cryptonear

Discord