Near Protocol: Fast-growing & Developer Friendly Blockchain

NEAR Protocol is software designed to encourage a network of computers to run a platform that allows developers to construct and deploy decentralized applications.


In Brief: Near Highlights

  1. 3 advantages: Simple, secure, and scalable technology.

  2. 5M+ people helped to invent and explore new experiences.

  3. Sustainable and inclusive future.

  4. 100,000 transactions per second (tps).


NEAR was a machine learning initiative before evolving into a blockchain growth platform. Illia Polosukhin and Alexander Skidanov founded NEAR.ai in early 2017 to investigate program synthesis, which is the field of automated programs based on human specifications. The NEAR project was motivated by Illia's work as the primary backer for TensorFlow at Google.


In late 2017 and early 2018, the team examined programmable intelligent contract platforms and crypto payments. They discovered the present state of the technology did not satisfy their needs.


Therefore, they researched the solution space and tried out a variety of blockchain protocols, so they started designing a blockchain that would.


Simply put, NEAR is a decentralized product platform. It strives to overcome some of the weaknesses of competing systems. These problems include low throughput, slow speeds, and poor cross-compatibility.


It operates on the NEAR Protocol, a developer-friendly proof-of-stake (POS) blockchain that contains various inventions to boost scalability and reduce costs. It contains a novel technique for sharding and 'Doomslug,' a powerful new consensus mechanism.


Project building on Near Protocol include:

  • Flux: A decentralized open market protocol that launched on NEAR in August 2020.

  • Mintbase: A platform that makes issuing and selling NFTs simple and cheap.

  • Paras: An NFT marketplace that focuses on high-quality works curated by select artists.

Advantages


Decentralised

A network should be permissionless to preserve real decentralization, which means that potential node operators should be able to join at any time (as opposed to incentivizing pooling).


Near employs threshold proof-of-stake, a kind of staking that is both fair and predictable.

The advantage of this strategy is that it prevents powerful validators from pooling and encourages network members to participate widely.


Sharding Strategy

The three basic functions of nodes in any blockchain are processing transactions, communicating valid transactions and finished blocks with one other, and maintaining the network's transaction history. These functions evolve increasingly tricky for nodes to operate. Especially when the network expands and evolves more crowded.


Nea employs sharding, which allows the network's power to develop even when more nodes join. Due to high network utilization, network nodes divide dynamically into many shards. The computation is subsequently distributed between many shards, lowering the computational load on each node.


Governance

Near Protocol's governance also facilitates rapid protocol progress while providing valuable input and oversight to the community to support the Protocol's freedom and independence.


Near's ambitious to keep community-driven innovation alive. Their tactics to keep it alive include effective execution, decision-making, and proper representation within the network.


Key Resources & Readings:


What is NEAR Protocol? (NEAR) | Kraken

https://www.kraken.com › en-us › learn › what-is-near-pr...

NEAR Protocol | Reimagine Your World

https://near.org


NEAR Protocol to USD Chart - CoinMarketCap

https://coinmarketcap.com › currencies › near-protocol


NEAR Protocol price, NEAR chart, and market cap | CoinGecko

https://www.coingecko.com › coins › near

NEAR Protocol (@NEARProtocol) · Twitter


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