NEAR Protocol is a carbon neutral, proof-of-stake layer-1 blockchain that is simple to use and scalable.
The creator economy needs robust infrastructure, including a set of intuitive developer tools and an engaged community. With the onset of the web3 era, there is a dire need to eliminate the existing barriers of speed, scalability, interoperability, and access to developer tools. The NEAR Protocol seeks to eliminate these barriers to web3 adoption via its simple, secure, and scalable technology. Let’s learn how.
NEAR Protocol: Introduction
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 on the ecosystem.
It operates as a community-run cloud computing platform to eliminate some limitations faced by competing blockchains, including low transaction speed, low throughput, and poor interoperability. NEAR employs human-readable account names instead of cryptographic addresses to make the platform user-friendly. It uses its own consensus mechanism, ‘Doomslug’.
NEAR, via its Nightshade technology, has massively improved its transaction throughput to over 100,000 transactions per second and achieved instant transaction finality. Nightshade is a variation of sharing that will follow the Ethereum 2.0 upgrade. This helps NEAR solve the scalability issues being faced by other blockchains.
NEAR Protocol announced a NEAR Protocol Ecosystem Fund in October 2021, and committed $800 million in ecosystem funding initiatives to help the existing projects on NEAR Protocol to scale and help new startups set up their base on the NEAR blockchain, thus accelerating the growth of the ecosystem.
Many successful dApps, such as Flux, a protocol for developers to design markets based on commodities, assets, and real-world events, and Mintbase, an NFT minting platform, are already operating on its blockchain.
The NEAR Token is the native coin and governance token of the NEAR protocol and is used for various purposes, including: 1) The payment of fees for storing data and processing transactions 2) staking to run validator nodes on the network and 3) participate in governance and vote on how network sources are allocated.
One billion tokens were created at the genesis event in 2020, and each year, 5% additional token supply is added to support the network as epoch rewards. Currently,645 million tokens are in circulation.
Short Term Technical Analysis
NEAR token is trading at $11 today after registering a gain of 12% on the day. It is ranked among the top 25 crypto by market cap. After a consistent downtrend against a long term resistance trendline, NEAR is once again attempting to flip it into support at $11.2.
Source: TradingView, Binance
Should this level be reclaimed, resistances at $12.7 and $13.9 will be immediate targets to look out for.
The NEAR protocol has been focused on funding innovative Defi-based projects and looking for novel projects working on NFTs, DAOs, and gaming. It raised $150 million in seed investment from Three Arrows Capital and other participants, including a16z, Jump, Dragonfly Capital, Mechanism Capital, etc. The protocol seeks to deploy these funds to accelerate the adoption of web3 technologies. NEAR Protocol holds superior potential as an ecosystem and community of developers, users, and tools for the upcoming self-sovereign era of web3.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.