The NEAR Protocol is a carbon-neutral, proof-of-stake, easy-to-use, and scalable Layer 1 blockchain.
The creator economy needs a solid infrastructure, including a set of intuitive development tools and an engaged community. With the onset of the Web3 era, it is imperative to break down the existing barriers of speed, scalability, interoperability, and access to developer tools. The NEAR protocol seeks to remove these barriers to Web3 adoption with its simple, secure, and scalable technology. Let’s learn how.
NEAR Protocol: Introduction
The NEAR protocol is a shared, proof-of-stake, layer-1 blockchain that is simple to use and scalable. NEAR is also a certified carbon neutral blockchain.
The NEAR ecosystem consists of a thriving network of global community members, developers, and creatives. The community regularly updates the code and releases updates to the ecosystem.
It functions as a community-managed cloud computing platform to eliminate some limitations faced by competing blockchains, including low transaction speed, low throughput, and poor interoperability. NEAR uses human-readable account names instead of cryptographic addresses to make the platform user-friendly. It uses its own consensus mechanism, “Doomslug”.
NEAR, through its Nightshade technology, has dramatically improved its transaction throughput to over 100,000 transactions per second and achieved instantaneous transaction finality. Nightshade is a variation of sharding that will follow the Ethereum 2.0 update. This helps NEAR solve scalability issues faced by other blockchains.
The NEAR Protocol announced a NEAR Protocol Ecosystem Fund in October 2021 and has committed $800 million to ecosystem funding initiatives to help existing NEAR Protocol projects scale and help new startups scale up. establish their base on the NEAR blockchain, thus accelerating the growth of the ecosystem.
Many successful dApps, such as Flux, a protocol allowing developers to design markets based on real-world commodities, assets and events, and Mintbase, an NFT minting platform, are already running on its blockchain. .
The NEAR Token is the native coin and governance token of the NEAR Protocol and is used for a variety of purposes including: 1) payment of data storage and transaction processing fees 2) staking to run nodes of validation on the network and 3) participate in governance and voting on how network sources are allocated.
One billion tokens were created during the genesis event in 2020, and every year an additional 5% tokens are added to support the network as epoch rewards. Currently, 645 million tokens are in circulation.
Short term technical analysis
The NEAR token is trading at $11 today after posting a 12% gain on the day. It is ranked among the top 25 cryptos by market capitalization. After a steady downtrend against a long-term resistance trendline, NEAR is again trying to turn it into support at $11.2.
Source: TradingView, Binance
If this level is recovered, the resistances at $12.7 and $13.9 will be immediate targets to watch.
The NEAR protocol focused on funding innovative Defi-based projects and finding new projects working on NFTs, DAOs and games. It raised $150 million in seed investment from Three Arrows Capital and other participants including a16z, Jump, Dragonfly Capital, Mechanism Capital, and more. The protocol aims to deploy these funds to accelerate the adoption of web3 technologies. NEAR Protocol holds greater potential as an ecosystem and community of developers, users and tools for the next self-sovereign era of web3.
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