NEAR Protocol is a Layer-1 blockchain platform, operating under an open-source proof-of-stake (DPoS) mechanism and starting mainnet launch from October 2020. Since then, the protocol has always been evaluated. is one of the ecosystems with amazing growth in the cryptocurrency market.
Currently, the whole market is going through the darkest days when continuously witnessing the decline of leading coins such as Bitcoin or Ethereum along with the collapse of the Terra empire. Therefore, the slowdown in the NEAR coin is also completely explainable and the price drop is inevitable.
This makes some investors nervous, while others see this as a safe destination for their capital in the midst of the market's storm. As evidenced by the number of new accounts created on the NEAR Protocol network, it has been on a steep upward slope to the present time (according to NEAR Explorer statistical data ).
So is NEAR Protocol one of the safe investments in the Crypto world at the moment as people think? Let's go with TraderH4 to find the answer in the next sections.
To successfully build and launch a blockchain infrastructure platform is many times more difficult than building a Dapp or a normal smart contract. This comparison is similar to comparing the creation of the Android operating system with the development of software that works on it.
On the other hand, almost all blockchain platform developers often exaggerate their performance and scalability. However, not every project can meet those expectations. Because, no matter how creative and unique their ideas are, they still face many difficulties in mobilizing all the necessary resources and experience to implement.
Thus, everyone must realize that in order to build the NEAR Protocol ecosystem with many advantages such as: Fast transaction processing speed, large transaction volume, ease of use, security, safety, etc. ask for a huge financial backing as well as world-class expertise.
NEAR Protocol is built by a team of more than 90 best programmers in the world, they have worked at large technology corporations such as: Google, Facebook, Microsoft...
Illia Polosukhin (former Google employee) and Alexander Skidanov (former Microsoft employee and head of engineering at MemSQL) are the two founders and leaders of the NEAR team.
The NEAR team also attracted many award-winning engineers in competitions organized by Google, MemSQL, Facebook and Niantic. They are all people with extensive professional knowledge base in developing distributed systems, sharding.
In particular, several members of the NEAR team helped build one of the only shard databases currently used by Uber, Goldman Sachs, and Comcast.
The project is supported by more than 40 major investment institutions, including: Andreessen Horowitz (a16z), Metastable, Coinbase Ventures, Pantera Capital… The backers, funding and resources from this quality backer are key. core element to build a current NEAR Protocol ecosystem.
In just the first few months of 2022, more than 500 million US dollars have been invested by VCs in the platform. It can be said that NEAR Protocol is one of the projects that attracts the most investment funds in a volatile market like Crypto. In other words, it has been extremely successful in building credibility and trust in the eyes of VCs.
NEAR always shows a serious effort in research so investors can rest assured to follow their development and know where the destination lies.
Platform and technology are also one of the brightest highlights of NEAR Protocol. The introduction of this platform has solved the problem of scaling and expensive gas fees that are a headache for many developers.
Recently, the cryptocurrency market has continuously grown at a rapid rate, many new use cases of blockchain are applied in real life. As a result, older generation blockchains like Ethereum are becoming increasingly overloaded, creating a paradox where transaction processing speeds are getting slower and slower but gas fees are increasing.
Various next-generation blockchain platforms have overcome this problem in two ways: Scaling vertically and scaling horizontally.
With a vertically scalable solution, specifications will be designed to handle larger computational requirements. This requires each node of the network to be powerful enough to allow the network to perform the above computations.
This is the scaling method that Solana has chosen. This approach works quite well for some applications, but not for others. It is also because it requires too complex and modern machinery systems, which inadvertently limits the participation of many users. Regular individuals will no longer be able to participate in and validate blocks, making it less decentralized.
NEAR Protocol again applies the sharding method – horizontal scaling, also known as “Nightshade”. It divides the network into parallel "segments", on different hardware, and allocates computation to those segments to increase the network's processing capacity.
NEAR Protocol's Nightshade started launching with 4 shards as of Nov 15, 2021 and is expected to continue to roll out the next phase in 2022 with 100 shards when Nightshade is fully deployed and demand increases.
The official token of NEAR Protocol is NEAR. It is used as a means of payment for transactions on the network, paying for data storage fees.
In addition, the NEAR protocol works on a proof-of-stake (PoS) consensus mechanism, so NEAR token holders can stake NEAR to run validating nodes on the system and receive rewards for their contributions. its contribution.
It is also used in governance, voting on issues related to the direction of the ecosystem, as well as the reward mechanism for Dapp developers and smart contracts on the platform.
In addition to a technical team with rich expertise and a solid technology background, the success in developing a supportive community is also an outstanding competitive advantage of NEAR Protocol.
These communities can be anything related to NEAR, they can be programmers working on the network, building on the foundation, exploring the use cases of new technology. Or they can be a community of users who are constantly raising awareness about the project and even people who are working on sponsored projects.
All together towards the goal of building NEAR Protocol to be the leading infrastructure provider in the blockchain space.
Comparing NEAR with other platforms is probably not an easy thing for investors who do not have an in-depth understanding of software, background knowledge and cryptocurrencies.
Therefore, TraderH4 will provide other perspectives for you to evaluate the potential of NEAR and consider investing in this platform.
NEAR still has a lot of room for development
The NEAR ecosystem is exploding in size at an amazing rate. This proves that it must be a good platform, meeting all the requirements of technology, transaction processing capabilities, compatibility ... of developers who have been building projects on the network. net.
Until now, NEAR Protocol still has a lot of room for growth as project teams and analytics companies still highly appreciate the potential of NEAR. In other words, VCs can also rest assured to pour more funding to expand this ecosystem.
Moreover, similar to the competitive market of operating systems, the blockchain infrastructure market will be dominated by a very small number of rulers, just as Ethereum has firmly sat at number one in the world. for years. But in the next 5 years, blockchain platforms like NEAR are fully capable of changing this unique position.
Because not only focus on perfecting the product, NEAR is also the platform that cares about the developer experience the most in the crypto space. With over 1 billion USD in funding and huge resources, they regularly organize events such as: Hackathon (METABUIDL), startup programs (Pagoda)… almost weekly to connect with the community. community of projects in the same ecosystem, representing a well-planned long-term development roadmap of NEAR Protocol.
NEAR Protocol almost fully converges the necessary elements of a leading blockchain platform in the market such as: Experienced human resources with world champion programmers, a huge backer that doesn't hesitate to pour billions US dollars for the project… All have created a diverse, colorful and constantly expanding ecosystem.
That is why many investors and researchers consider NEAR Protocol to be a relatively safe destination in the crypto space in 2022. This platform promises to quickly surpass its competitors. competitors and become a Layer 1 with the highest market capitalization value.
Let's wait and update the developments of NEAR Protocol in the near future on TraderH4.
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