NEAR Protocol (NEAR) Research

NEAR Protocol (NEAR) Research Details

NEAR Protocol (NEAR) NEAR Protocol

INTRODUCTION

NEAR is an application development platform designed to provide ideal conditions for decentralized applications (dApps) by overcoming a certain system downtime in the competition, including low speed & weak cross-compatibility. NEAR Protocol contains a number of new features that increase the rate and reduce costs for end-users and developers. NEAR Protocol aims to encourage the blockchain network to build and launch dApps on the DeFi platform and to maximize profits by integrating staking and sharding into the blockchain network. The focal point of the NEAR Protocol design is the concept of sharding. This process aims to divide network infrastructure into a few subdivisions known as nodes to manage a part of network activity. Distribution of blockchain nodes instead of distributing the complete blockchain to all network participants. It helps to pave the way for more efficient data acquisition and measurement of a subdivided platform.


HISTORY AND FOUNDERS

NEAR was a machine learning project before it became a platform for blockchain development. Illia Polosukhin, with experience of more than a decade including three years on Google, and Alexander Skidanov, a computer scientist who worked for Microsoft and continued to join memSQL, where he became the engineering director launched NEAR in early 2017 to explore the integration of the system: the field of automated programming by the human specification. The integration of the research program led the team to explore smart contracting platforms and crypto payments in late 2017 and early 2018.


REASON TO BUILD THE PROJECT

When the co-founders explored the solution environment and experimented with various blockchain processes, they realized that the current state of technology did not meet their needs and began to design a blockchain that could. Then, the co-founders Illia and Alex gathered a team of engineers and officially commenced building the NEAR Protocol in August 2018. The innovative idea for the NEAR platform was to give developers an easy way to build space-based applications that could reach mass use.

NEAR Protocol aims to advance in the fast-paced race to deliver Web 3.0 infrastructure and seek to differentiate itself with its unique developer and easy-to-use features.


BASE OF PROJECT

The NEAR Protocol is a Proof of stake (Pos) that helps beginners and businesses with sharding solutions.

·       Nightshade- Sharding is a blockchain structure that allows each participating site to store a small set of platform data. Nightshade allows NEAR to store a single data chain. The nodes manage the calculation needed to store this data into ‘fragments.’ The nodes process data and additional information on the main blockchain network.

·       Rainbow Bridge- NEAR Protocol consists of an application namely Rainbow Bridge that allows network participants to move Ethereum tokens back and forth between Ethereum and NEAR.

·       Aurora- Aurora is a Layer 2 scaling solution built into the NEAR protocol for developers to launch their Ethereum decentralized applications in the NEAR network. Aurora is created through Ethereum code technology. 


USE CASE

The use cases of NEAR tokens are:

·       Security- Participants receive NEAR rewards for placing their tokens and contributing to network security.

·       Network Fees- The network charges for transactions by processing changes in the database. NEAR network automatically collects and burns these funds, so that higher use will lead to the burning of more NEAR tokens.

· Non-Fungible Token (NFTs) - NFTs are digital objects that exist in the NEAR blockchain, and the artist can be informed and commissioned every time they buy and sell.

·       DeFi- NEAR makes DeFi easily accessible to the general public through Rainbow Bridge.


CURRENT RUNNING PROJECTS

NEAR Protocol has gained a huge amount of interest within and outside the cryptocurrency sector over the past two years. During this time, the NEAR ecosystem has grown rapidly, and many new and exciting enterprises have joined.

The FluxProtocol                                                             Feiyu

Mintbase                                                                          Reality Chain

Paras                                                                                CapsuleSocial

Astro


TOKENOMICS

NEAR Protocol established its mainnet on April 22, 2020, with 1 billion NEARLY tokens created in genesis. 5% of the additional allocation is issued each year to support the network as a reward for the epoch, with 90% going to validators (total 4.5%) and a circulating total of 60M tokens and 10% to the protocol treasury (total -0.5%). 30% of dealings fees are payable as deductions for working contracts, while the remaining 70% are burned. Depreciation, transfers, and withdrawal schedules did not begin until the final phase of NEAR's mainnet release, which began on October 13, 2020. NEAR Protocol uses Proof-of-Stake(PoS) consensus to protect and guaranteed blockchain sales.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

12/01/2022

NEAR raises $150 mn from a variety of investors, the no. of projects launched on NEAR network has increased

+30% Increase

22/12/2021

NEAR token jumps after Terra said its USD stablecoins  would be supported on the network

+77% Increase

18/05/2021

China prohibits financial and payment institutions from offering cryptocurrency services

-35% Decrease


CONCLUSION

NEAR Protocol is one of the newest and advanced protocols in the blockchain creation system. NEAR Protocol is equally focused on developing decentralized applications (dApp) as it uses sharding technology to achieve scale.

 NEAR is a system that aims to deal with the problems of existing blockchains. NEAR protocol drives the crypto and blockchain industry forward with its comprehensive resources and ease of use; NEAR is a striking example of how to balance unequaled progress, measurement, and security.

DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.