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NEAR Protocol (Blockchain Platform)

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NEAR Protocol
Ticker symbolNEAR
Development
Original author(s)Alex Skidanov, Illia Polosukhin
White paperNEAR Protocol: A scalable blockchain designed for usability
Code repositoryhttps://github.com/near/
Development statusActive
Developer(s)NEAR Inc. & NEAR Foundation
LicenseApache 2.0[1]
WebsiteOfficial website
Block explorerhttps://explorer.near.org/

Search NEAR Protocol (Blockchain Platform) on Amazon.

NEAR Protocol is a blockchain platform and cryptocurrency ecosystem for the development and deployment of decentralized applications (dApps). NEAR utilizes a sharding technology, "Nightshade,"[2] which is intended to enable faster transactions at reduced operational costs. This technology is also designed to support scalability while aiming to maintain security and performance. The network uses its native digital cryptocurrency, NEAR. Its approach to solving blockchain scalability and usability challenges has been detailed in mainstream coverage.[3]

History[edit]

NEAR Protocol began as a project focused on machine learning and artificial intelligence, named NEAR.ai, in early 2017. It was founded by Illia Polosukhin and Alexander Skidanov, who both had backgrounds in computer science. The project's pivot to blockchain technology was prompted by the founders' attempt to pay contributors in Ethereum. Finding the existing blockchain solutions inadequate for their needs, Polosukhin and Skidanov sought to develop a new programmable smart contract platform used for crypto payments.[4]

The NEAR blockchain launched its main network in April 2020.[5]

Funding[edit]

The main network launch followed a $21.6 million funding round from Andreessen Horowitz.[6] Earlier, developers had raised a $12.1M round to facilitate the adoption of decentralized applications.[7] In April 2022, NEAR secured a new $350 million investment, which was aimed at accelerating development and consolidating its position in the competitive blockchain space.[8][9]

Technology[edit]

Consensus Mechanism[edit]

NEAR Protocol utilizes a proof-of-stake consensus mechanism. Known as Doomslug, this mechanism is designed for faster transaction processing times compared to traditional proof-of-work (PoW) systems, while also ensuring that the network remains decentralized and secure.[10] The adoption of such consensus mechanism aims to facilitate more sustainable blockchain operations, to address environmental concerns associated with cryptocurrency mining.[11]

Sharding[edit]

The platform's scalability is primarily achieved through Nightshade, a sharding mechanism. This approach is intended to allow the network to process transactions in parallel with the goal of increasing throughput without compromising security or decentralization.[2] Nightshade's development is ongoing, with further phases planned to increase its functionality and performance.

Usability[edit]

NEAR provides features that include human-readable account names (e.g., "test.near"), as opposed to traditional public key addresses. For developers, the platform provides documentation, development tools, and support for multiple programming languages.[12]

Data Availability[edit]

In a move to address the scalability and efficiency challenges faced by Ethereum, the NEAR Foundation has developed "data availability" solutions, aiming to reduce the load on the Ethereum blockchain. This initiative, known as "NEAR DA," aims to enhance blockchain infrastructure by providing an alternative for storing and broadcasting large amounts of data on Ethereum.[13]

Governance[edit]

Governance on NEAR Protocol is executed through a decentralized autonomous organization (DAO). Token holders vote via community-driven governance on decisions regarding the network's future development, policy changes, and funding allocations.[14]

Tokenomics[edit]

The NEAR token serves multiple purposes within the ecosystem, including paying for transaction fees, staking for network security, and participating in governance. This aims to aligns incentives across the network's participants and aid in the overall security and decentralization of the platform.[15]

Ecosystem[edit]

The NEAR ecosystem includes DeFi applications, NFT platforms, and various other dApps. Aurora was launched on the NEAR Protocol to provide services similar to an Ethereum Layer-2 experience with its own transactional features.[16] Additionally, the NEAR ecosystem has been involved projects using cryptocurrency for fundraising efforts. For instance, during the crisis in Ukraine, the global community turned to cryptocurrencies, including those on platforms like NEAR, to send aid in response to humanitarian needs.[17]

Reception[edit]

In 2021, NEAR Protocol was noted for its increase in usage, according to a report by Forbes.[18] Additionally, the platform attracted funding rounds, including $21.6 million from Andreessen Horowitz and $350 million in 2022.[19]

Its partnerships in the gaming industry and partnerships with companies like WEMADE[20] and MARBLEX,[21] demonstrate applicability across various sectors. In April 2023, Cosmose AI partnered with NEAR Protocol to develop a blockchain-based payment system.[22] NEAR has also committed to collaborating with RECUR with the goal of improving interoperability and accessibility.[23]

Controversies[edit]

The blockchain and cryptocurrency industry, including NEAR Protocol, operates within a complex regulatory landscape. In addition to debates over environmental impact and market volatility, regulatory scrutiny has emerged as an area of controversy. The U.S. Securities and Exchange Commission (SEC) has increased its oversight of cryptocurrency exchanges and platforms, reflecting growing concerns about investor protection and financial stability in the evolving digital asset space. An example of this heightened regulatory attention is seen in the SEC's actions against Coinbase in June 2023, in which NEAR was cited along with several other cryptocurrencies.[24] NEAR Protocol, along with other blockchain platforms such as Algorand and Filecoin, experienced price plunges.[25][26] In Jan 2024 the NEAR Foundation announced layoffs of 40% of the team in an effort to consolidate and refocus efforts.[27]

See also[edit]

References[edit]

  1. ↑ "nearcore/LICENSE". NEAR Inc. 17 March 2023. Archived from the original on 18 March 2023. Retrieved 18 March 2023. Unknown parameter |url-status= ignored (help)
  2. ↑ 2.0 2.1 "How Nightshade Sharding Works". NEAR Protocol. Archived from the original on 2024-03-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  3. ↑ "Explained What is Near Protocol and how does it work?". CNBCTV18. 22 February 2022. Retrieved 2024-03-04.
  4. ↑ "NEAR Protocol Profile". Messari.
  5. ↑ "NEAR Protocol Launches Mainnet". NEAR Protocol Blog. Archived from the original on 2021-05-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  6. ↑ "NEAR Protocol raises $21.6M from A16Z and launches its MainNet, beating Ethereum 2.0". TechCrunch. 4 May 2020. Retrieved 2024-03-04.
  7. ↑ "NEAR Protocol Developers Raise $12.1M Round led by Metastable and Accomplice to Bridge the Adoption Gap for Decentralized Applications". Business Wire. 10 July 2019.
  8. ↑ "Crypto Investing: Near Protocol Raises $350 Million for Blockchain". Bloomberg. 6 April 2022.
  9. ↑ "Near secures new $350m investment in giant bet on fast blockchains". Axios. 6 April 2022.
  10. ↑ "Understanding Doomslug". NEAR Protocol Documentation. Archived from the original on 2024-03-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  11. ↑ "Mining Cryptocurrencies Is More Energy Intensive Than Actual Mining, Researchers Say". BuzzFeed News. 5 November 2018.
  12. ↑ "NEAR Protocol Developer Documentation". NEAR Protocol Documentation. Archived from the original on 2024-03-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  13. ↑ "Near Foundation Joins Celestia in Race to Provide 'Data Availability' for Ethereum Rollups". Markets Insider.
  14. ↑ "NEAR Foundation: Governance and Funding". NEAR Protocol. Archived from the original on 2024-03-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  15. ↑ "NEAR Token Economics". NEAR Protocol. Archived from the original on 2024-03-01. Retrieved 2024-03-01. Unknown parameter |url-status= ignored (help)
  16. ↑ "Aurora Launches on NEAR Protocol, Providing Ethereum Layer-2 Experience". Business Wire. 12 May 2021.
  17. ↑ "How Ukrainians are fundraising in cryptocurrency". The Verge. 26 February 2022.
  18. ↑ "The 10 Fastest-Growing Cryptocurrency Ecosystems In 2021". Forbes. 5 January 2022.
  19. ↑ "NEAR Protocol raises $21.6M from A16Z and launches its MainNet, beating Ethereum 2.0". TechCrunch. 4 May 2020.
  20. ↑ "NEAR Protocol Leads Korean Web3 Gaming Industry with Strategic Partnership with WEMADE". Markets Insider. Retrieved 2024-03-04.
  21. ↑ "NEAR Protocol Continues to accelerate market share in Korean Web3 Gaming Industry by Becoming the First ever to Integrate with Netmarble's subsidiary MARBLEX 'WARP Bridge'". Markets Insider. Retrieved 2024-03-04.
  22. ↑ Rita Liao (24 April 2023). "Now valued at $500M, Cosmose ditches Stripe to adopt Near's crypto solution". TechCrunch.
  23. ↑ "RECUR and NEAR Protocol Partner to Enhance Interoperability and Accessibility in Web3". Markets Insider.
  24. ↑ "SEC Complaint Against Coinbase, Inc. and Coinbase Global, Inc" (PDF). U.S. Securities and Exchange Commission. 2023.
  25. ↑ "Why Algorand, Filecoin, and NEAR Protocol Plunged This Week". The Motley Fool. 9 June 2023. Retrieved 2024-03-04.
  26. ↑ "Near Foundation Downsizes in Bid to Boost Efficiency". Yahoo Finance. 12 January 2024.
  27. ↑ "Near Foundation Downsizes in Bid to Boost Efficiency". Yahoo Finance. 12 January 2024.


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