What is Near Protocol? Is it a good buy in 2023?
The Near Protocol was founded by Alex Skidanov and Illia Polosukhin. Illia used to be an engineering manager at Google Research, while Alex used to be a Microsoft software developer. They received assistance from the Y Combinator venture capitalist program.
In the first four months, they raised roughly $50 million in two private investment rounds without having created anything. They did it in a bear market as well. So they’re probably on to something, don’t you think?
According to Near’s website, the Near Collective, as they are known, is essentially developing the infrastructure for the New Internet, making it more difficult for large corporations to steal your data and for terrible countries to shut it down.
It’s intriguing to me that they’re attempting to replace the internet as a whole.
What we are going to learn?
About Near Protocol
|Release Date||April 2020|
What is NEAR Protocol?
Near Protocol is a smart contract-capable blockchain that aims to be the next-generation platform for D-apps, complete with its own scaling mechanism. Smart contract-capable blockchains aren’t a new concept. They’ve been around since the Ethereum Mainnet was launched in 2015.
Today, there are over a dozen comparable platforms in operation. Despite the fast-expanding demand for decentralized applications and the development of increasingly complex and capable D-apps, adoption is still hampered by a number of fundamental roadblocks.
Near Protocol is a newcomer that aims to address the shortcomings of existing systems with a community-governed sharded blockchain platform that prioritizes interoperability and scalability.
Near Protocol is a decentralized development platform that aims to provide the best possible environment for D-apps by eliminating some of the shortcomings of competing systems, such as limited throughput, slow performance, and poor cross-compatibility.
Near Protocol Uses Consensus Model
Near Protocol is a blockchain that uses a consensus process called Delegated Proof of Stake. The delegated aspect simply implies that if you lack the coins or computer components to build up your own validator node, you lend your coins to someone who can.
Doomslug is the name of their Proof of Stake protocol. Near’s method of producing blocks is referred to as a Doomslug.
Doomslug, in their words, allows us to achieve a sense of practical finality after only one round of conversation.
Instead of waiting for 35 additional blocks, as in Ethereum, you only have to wait for one.
It’s pretty technical, and it has a few other advantages (and ofcourse disadvantages too).
How does Nightshade Sharding work with Near Protocol?
Rather than employing sidechains, as many other blockchains do, Near uses Shards, with snapshots of all of these Shards stored on the main blockchain. In fact, while Ethereum 2.0 is rumored to incorporate Sharding, the Near Protocol already does and can execute around 100000 transactions per second as a result (atleast this is what they claim they do.
The fact that each Shard has only 100 seats is one of NightShade’s unique features. You can be a validator from every seat. As more people join the Shard, the cost of becoming a validator climb.
This allows for the creation of more shards when they are required. As a result, when the network requires more shards due to congestion, new validators are motivated to build a new shard. Within these multiple blockchain shards, delegation takes place as well.
But WTF is Sharding?
Sharding is the process of dividing a blockchain company’s whole network into smaller shards. When compared to other shards, each shard is made up of its own data, making it separate and autonomous. Next up let’s talk about Guilds because probably my favorite thing about Near Protocol is the idea of Guilds.
Okay, so what are Guilds?
Guilds are essentially organizations of people who work together to help NEAR. Guilds in NEAR are similar to distinct divisions of a firm, such as the marketing department, HR department, accountancy department, and groups of people who can join to assist with the procedure.
It’s comparable to DAO. A DAO is a decentralized organization in which decisions are made without the need for a president or CEO. Instead, it is the token holders that make the decisions. You have more voting power the more tokens you have.
The NEAR foundation is currently centralized, with four board members. Although, technically, this is the same as Ethereum’s board. However, one day in the future, the intention is to hand over the keys to the NEAR kingdom to the users by utilizing DAOs, decentralized governance, and guild-like concepts.
What is AURORA?
The NEAR Protocol blockchain’s Aurora is a layer-2 solution.
Its goal is to assist developers in expanding their apps on an Ethereum-compatible platform with reduced transaction fees for their consumers.
Aurora, according to NEAR, can handle thousands of transactions per second and has a block confirmation time of fewer than two seconds.
The Aurora Engine and the Aurora Bridge are the two components that makeup Aurora.
Aurora Engine is an Ethereum Virtual Machine based on the NEAR Protocol, which means it is Ethereum-compatible and supports all Ethereum-based tools.
This allows developers to quickly get started using NEAR without having to rewrite existing DApps or learn new development tools.
They can also utilize the Aurora Bridge to connect their Ethereum and NEAR Protocol smart contracts and ERC-20 tokens in a seamless manner. On Aurora, users can also pay transaction costs with ETH.
Near Protocol FAQs
Does NEAR have a future?
Based on our price forecast, NEAR Protocol is one cryptocurrency that has a promising future. It will govern the digital kingdom if it rides the crypto wave, and it will have a lengthy reign as a form of payment.
Is NEAR Protocol a good investment?
It’s usually a good idea to do your homework first. If you purchase or sell carefully, take a calculated risk by doing your own research, read the price chart for any price changes, and protocol technical analysis for the expected price in the cryptocurrency market, there should be no heartbreaks or overblown expectations required.
Is NEAR Protocol a Scam or legit?
Despite all of the controversy and disputes, the NEAR Protocol displays a highly vibrant and active ecosystem. The NEAR network is a legitimate platform that uses a Proof-of-Stake (PoS) consensus process.
Where can I buy NEAR Protocol?
NEAR can be purchased on major cryptocurrency exchanges, such as Binance. You’ll need to send your Bitcoin (BTC) or Ethereum (ETH) cash via a wallet system once you’ve set up your trading account at one of the exchanges that trade NEAR Protocol.
|Buy $NEAR||Register here|
|Binance||Sign up here|
|Huobi||Sign up here|
|OKEx||Sign up here|
|KuCoin||Sign up here|
|Coinbase||Sign up here|
|eToro||Sign up here|
Why did NEAR give more than 16X return in 2 years?
The credit for this goes to the investors who have put their trust in the asset. At the same time, the fact that NEAR Protocol is listed on the exchange is a great cause for it to do well. This elicits an emotional response from investors and demonstrates a high level of market motivation. As a result, it’s no surprise that the token is constantly increasing in value. However, if we look at last two months chart, we will see NEAR dropped in value.
- What is Cosmos? Is COSMOS a good buy in 2023?
- What is AAVE? Is it the best Defi coin to buy in 2023?
- What is FLOW? Should you buy FLOW in 2023?
Is it worth investing in NEAR Protocol in 2023?
NEAR Protocol is the third-largest in terms of the ecosystem that they have built, and it is expected to make significant progress in 2023.
With its alliances and partners on an expansion spree, the NEAR Protocol price could surpass the $10 mark this year, based on historical data, forecast price patterns, and our cryptocurrency price prediction.
With a market value of $1,665,237,478 and the current price of NEAR Protocol is $1.92, NEAR Protocol currently has a quantity of 866,021,029 (86.6%) NEAR in circulation.
Platforms that can provide lower transaction costs and higher throughput will likely play a key role in widespread adoption as the blockchain field matures. Developers seeking to create more efficient Defi devices and decentralized applications may be interested in NEAR’s scaling solutions (DApps).
To further scale its blockchain and ultimately assist developers and end-users, the NEAR roadmap includes more sharding advancements and layer-2 cross-chain solutions.
I think NEAR in 2023 could be a good investment to make. Now that the price is 90% down from its ATH of more than 20USD, it is a good time to adding NEAR in your portfolio.
Last updated: 16th March 2023