Since its humble beginnings with a small team in San Francisco, NEAR Protocol has quickly grown to partner with some of the industry’s top giants, performing on an upward trajectory since its inception.<\/p>\n\n\n\n
With the announcement of an ambitious program to pull ahead in the crypto game and set the groundwork for Web 3.0, the NEAR network is attracting a great deal of attention.<\/p>\n\n\n\n
In this NEAR Protocol (NEAR) review, we\u2019ll evaluate the network\u2019s key features, along with technical analysis and our NEAR future price predictions.<\/p>\n\n\n\n
NEAR Protocol is a Layer 1 public Proof of Stake (PoS) blockchain focused on building user and developer-friendly platforms. The Protocol was founded in 2018 by Alexander Skidanov and Illia Polosukhin, who previously held roles in major businesses like Microsoft and Google. Combining their past experience to its greatest advantage, the pair initially had visions of a machine learning project but found themselves gravitating towards blockchain technology. Soon after, the NEAR Protocol was born.<\/p>\n\n\n\n
As a smart-contract capable blockchain, NEAR was designed to host dApps (decentralized applications) and focus on user-friendliness. Competing with other smart contract-enabled blockchains like Ethereum and EOS, NEAR has incorporated several features to heighten usability and user convenience. <\/p>\n\n\n\n
For example, the platform allows users to interact with smart contracts and dApps without needing a wallet and incorporates human-readable account names alongside crypto wallet addresses.<\/p>\n\n\n\n
One of NEAR’s most ambitious programs is to create a permissionless, open, decentralized web- a space where no company, person, or government can intervene. NEAR aims to stand apart from other platforms like Meta, which it deems a “biased, closed ecosystem,” and instead create a space where users have the power to control their own data. <\/p>\n\n\n\n
NEAR’s solution is titled the “community cloud,” where users can safely secure and transact assets, identity, and money without requiring permission or external platforms.<\/p>\n\n\n\n
NEAR Protocol has its own native token called NEAR, which is used to pay for storage and transaction fees on the platform. NEAR not only validates and finalizes transactions but also secures the network against malware and fraudulent activity by incentivizing validators with NEAR crypto tokens. With the NEAR Protocol expected to blow up further in the future, the token’s value is likely to follow suit.<\/p>\n\n\n\n
While NEAR can be compared to existing platforms like Microsoft Azure or Amazon Web Services, it has a unique selling point. With the distributed number of validators, the NEAR network is secured with no single point of failure. <\/p>\n\n\n\n
This prevents hacking, tampering, and data loss and also counters other inefficiencies commonly found in most centrally-controlled cloud platforms. The NEAR Protocol’s primary goal is to empower users to regain control of their assets, data, and governance.<\/p>\n\n\n\n
Below, we\u2019ve evaluated some of the key features of the NEAR Protocol.<\/p>\n\n\n\n
The most remarkable aspect of NEAR’s performance is its speed and scalability. Using its Doomslug block production technique and Nightshade sharding system, the NEAR network can process up to 100,000 transactions per second, double that of competitors like Solana. <\/p>\n\n\n\n
The network also finalizes transactions in less than a second, with an extremely low transaction fee. The combination of Nightshade and Doomslug helps increase throughput, improve efficiency, and reduce the load on the network, resulting in lightning-fast transactions.<\/p>\n\n\n\n
With human-readable account names, NEAR Protocol makes the world of crypto simpler and more accessible for everyday users around the globe.<\/p>\n\n\n\n
NEAR\u2019s interoperability is yet another strength. Using what NEAR calls its “Rainbow Bridge,” users can bring tokens from Ethereum and easily build Ethereum projects using the Aurora Ethereum Virtual Machine.<\/p>\n\n\n\n
NEAR Protocol was certified as the world\u2019s very first climate and carbon-neutral blockchain in 2021.<\/p>\n\n\n\n
NEAR Protocol is incredibly cost-effective, offering users 1000x lower transaction fees and empowering developers to earn 30% of transaction fees.<\/p>\n\n\n\n
Since its launch in August 2020, the NEAR network has received backing from many notable names in the industry, such as the reputable capitalist fund Andreesen Horowitz. It has also partnered with other prominent names, such as BlockChange Ventures, Tiger Global, MetaWeb Ventures, and Einsvill Labs. <\/p>\n\n\n\n
Other organizations like Kurtosis, Flux, Mintbase, and Paras have also successfully used NEAR to build inexpensive, quick, and decentralized open market protocols, alongside the $350 funding round led by Tiger Global leading to significant price appreciation for NEAR crypto holders. If NEAR’s history of close partnerships continues, the coin’s value will likely take off significantly in the future.<\/p>\n\n\n\n
Near Protocol is currently worth $<\/b>1.56<\/span><\/span><\/span><\/strong> USD. NEAR has moved -3.50%<\/span><\/span><\/strong> in the last 24 hours with a trading volume of