Near Protocol (NEAR) in 2023 is an innovative blockchain platform that aims to facilitate and democratize access to decentralized applications. With a focus on ease of use and performance, Near Protocol aspires to become a major player in the world of blockchain and cryptocurrencies. History, objectives, operations, future prospects: Discover our detailed analysis of this cryptocurrency and the specific features that set it apart from other projects on the market.
What is Near Protocol ?
Near Protocol crypto is an open-source blockchain platform that aims to make decentralized applications (dApps) more accessible, efficient and secure. This blockchain has been designed to solve the scalability, cost and complexity issues faced by many other dApp platforms, such as Ethereum.
Near Protocol relies on a consensus mechanism called “Nightshade”, which enables it to achieve high performance while guaranteeing network security and decentralization. The platform’s native cryptocurrency, NEAR, is used to carry out transactions, deploy smart contracts and reward validators. Near Protocol emphasizes usability and accessibility for developers.
Viking Code School and Near Protocol’s founder is Erick Trautman, who created this crypto in 2018.
Near Protocol is divided into three distinct parts:
the “NEAR University” for developers
the “NEAR Academy” for learning how to set up dApps on the blockchain
the NEAR Protocol itself
Thanks to its exclusive sharding protocol, the NEAR blockchain can handle up to 100,000 transactions per second. The development team has also perfected the Aurora protocol, which enables dApps developed on Ethereum to have full compatibility with NEAR and facilitate the exchange of tokens between different blockchains.
The story of Near Protocol began in 2017, when the idea germinated in the mind of Erik Trautman, former Wall Street entrepreneur and founder of the Viking Code School programming school. By the summer of 2017, an initial fundraising round of $12.1 million had been completed, with MetaStable Capital and Accomplice as key players.
Several key dates follow:
2020: the main Near Protocol network is launched, with a billion NEAR tokens created at the project’s inception. In May of the same year, new investors Pantera Capital and Fabric Ventures inject a further $21.6 million. In August, the Initial Coin Offering (ICO) gives the general public access to the NEAR token.
2021: Near announces a massive $800 million grant to fund various initiatives around its DeFi ecosystem. 350 million dollars are allocated to the Proximity Labs grant program. 250 million to support and develop existing projects. 100 million dollars are earmarked to fund incentive programs by allocating them to start-up grant pools. Finally, 20 startups will each receive $5 million to help them launch.
2022: a new round of financing, organized by Three-Arrows Capital, raises a further $150 million. Thanks to these successive investments, Near Protocol goes up rapidly and setting up ambitious projects to support its ecosystem.
Even today, Near Protocol continues to establish strategic partnerships with other major players in the blockchain industry, such as Aurora, Octopus Network and Ethereum, to ensure interoperability between different blockchains and facilitate the adoption of dApps.
Why was the Near Protocol designed?
The Near Protocol was designed to address several issues encountered in the ecosystem of blockchains and decentralized applications (dApps). Indeed, many of the existing platforms were facing challenges in terms of scalability, cost and complexity for developers. It was against this backdrop that the Near Protocol was born, with the main aim of facilitating the development and adoption of dApps by making their creation more accessible, efficient and secure.
One of the key elements of the Near Protocol is its proprietary consensus mechanism, called Nightshade. This system ensures high performance, while guaranteeing network security and decentralization. Thanks to Nightshade, Near Protocol is able to process a large number of transactions per second, thus solving the scalability problems encountered by other blockchains.
At the same time, Near Protocol has been developed with particular attention to ergonomics and accessibility for developers. The platform’s ecosystem integrates several tools, such as NEAR University and NEAR Academy, which offer training and resources to help developers create dApps on the blockchain. These initiatives aim to reduce the complexity of developing decentralized applications and encourage their adoption by a wider audience.
How does Near Protocol work?
Near Protocol is a decentralized cloud infrastructure that facilitates the deployment and execution of decentralized applications (dApps). It relies on a token, the NEAR, which enables the platform to function and the applications built on it to communicate with each other.
Near Protocol provides a censorship-resistant environment for smart contracts involving digital assets and identity data. The Near Protocol infrastructure is made up of nodes exploiting Proof of Stake (PoS) technology. Network players have a right of governance that enables them to participate in decisions to update the system.
The NEAR platform is designed to be used independently and without permission, with a set of integrated tools and implementations to facilitate its use by developers and end-users. These tools include:
NEAR Command Line Tools
Near Protocol adopts a sharding approach to solve scalability problems. The network is divided into several blockchains (shards) which communicate with each other to increase computing power. Also, the protocol uses an innovative approach called Nightshade to organize transactions into chunks (chunks) within blocks, enabling enhanced scalability and security.
The NEAR token has several key functions within the ecosystem:
Use for the staking process
Payment of network transaction processing fees
Revenue sharing with smart contract developers
Participation in governance processes
Value transfer between applications and NEAR accounts
This token is subject to inflation limited to 5% per year, with 90% of new tokens issued going to validators and 10% to the protocol treasury. In addition, 70% of transaction fees are burned (token burn), which could make NEAR a deflationary token in the long term.
Where to buy Near Protocol?
Wondering how to buy Near Protocol and where to find this digital asset? The NEAR token is available on several reputable crypto-currency exchange platforms. Here we offer you three options for buying the NEAR token:
Binance (read the review) is one of the world’s largest cryptocurrency exchange platforms in terms of trading volume. It offers a wide range of trading pairs for the NEAR token, and lets you exchange popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) for NEAR. Binance has the advantage of competitive transaction fees. To buy Near Protocol on Binance, simply create an account, deposit funds and place a buy order on the trading pair of your choice.
Based in the USA, and very popular with novice investors due to its ease of use and user-friendly interface, Coinbase (see review) also offers the buying and selling of Near tokens. The Near Protocol stock price can be easily consulted on the platform, and buying NEAR is just a few clicks away. Please note, however, that Coinbase’s transaction fees are generally higher than those of Binance and Kraken. If you’re prepared to pay a little more for ease of use, then Coinbase may be a good choice.
Kraken (read the review) is another crypto exchange platform renowned for its wide range of trading pairs and competitive transaction fees. The platform is particularly appreciated for its security and responsive customer support. To find out where to buy Near Protocol on Kraken, simply create an account, deposit funds and place a buy order on the trading pair NEAR in EUR or NEAR price in USD, whichever you prefer.
Of these three options, Binance seems to us to be the best platform for buying the NEAR token. It not only offers a wide range of trading pairs and competitive transaction fees, but also high liquidity, facilitating fast and smooth transactions.
To find out about the Near Protocol value and follow the Near Protocol price trend, you can consult the real-time Near Protocol chart on the platforms mentioned above, as well as on other analysis sites such as CoinMarketCap.
Is buying Near Protocol a good investment in 2023?
What about Near Protocol future? NEAR’s share price has grown exponentially since its launch in 2020, rising from an initial value of less than a dollar to around 15 dollars in early 2022, before falling back to around 2 dollars in 2023. This growth can be explained in part by the rapid development of the NEAR ecosystem and the support of a growing number of projects and decentralized applications (dApps) on its platform.
When it comes to Near Protocol crypto prediction, it’s difficult to make an accurate forecast of the NEAR price trend, as many factors can influence Near Protocol price to USD and also EUR. However, many analysts and industry experts remain optimistic about the future of this cryptocurrency, due to its technological potential and the growing adoption of the NEAR blockchain. Many experts agree on a price of between $4.24 and $6.37 for 2024.
Near Protocol Staking
The current estimated reward rate of the NEAR Protocol is 8.01%. This means that NEAR Protocol stakers earn about 8.01% if they hold an asset for 365 days.
The advantages and disadvantages of crypto Near Protocol
State-of-the-art technology for improved scalability and energy efficiency.
Growing adoption of the NEAR blockchain by developers, businesses and users.
An active and committed community, as well as a skilled and experienced development team, working to continuously improve the platform.
Innovation and disruption potential in games, social networks, DeFi.
Volatility of the cryptocurrency market: wide fluctuations in the Near Protocol price.
Competition with other blockchain and cryptocurrency projects, which are also looking to solve scalability and energy efficiency issues.
Constantly evolving regulations and legislation.
Near Protocol crypto forecast
Investing in Near Protocol in 2023 may present interesting opportunities, given its technological potential and the growing adoption of its blockchain. Be careful, however, to understand the risks associated with investing in crypto and to consider the pros and cons listed above before making a decision.
Our Final Opinion on Near Protocol
Our final opinion on Near Protocol is based on an in-depth analysis of its technical features, ecosystem and long-term potential.
In our view, Near Protocol stands out among the many blockchains available on the market for several reasons. Firstly, Near Protocol’s innovative technology, based on sharding and Proof of Stake, solves the scalability and energy efficiency issues facing many blockchain projects. This progressive and sustainable approach is a major asset in a world that is increasingly aware of the environmental issues associated with the cryptocurrency industry.
Secondly, the Near Protocol platform is designed to be accessible, facilitating adoption by developers, businesses and end users alike. Thanks to this ease of use, we are convinced that Near Protocol could experience rapid growth, as more and more decentralized applications and projects choose this platform.
At the same time, Near Protocol benefits from a strong development team and a committed community. The success of a blockchain project depends largely on the quality of the people working on it, and we believe that the talents gathered around Near Protocol are more than equal to the project’s ambitions.
So, will Near Protocol recover? We firmly believe in its potential to become one of the main platforms for the next generation of dApps, and to bring significant innovation to a variety of sectors. But it’s important to remember that investing in cryptocurrencies always involves risks, so it’s essential to be well-informed and carefully weigh up the pros and cons before taking the plunge.
FAQ - Frequently asked questions about Near Protocol crypto
What is Near Protocol?
Near Protocol is an open-source blockchain platform that enables developers to create and deploy decentralized applications easily and efficiently.
What is sharding?
Sharding is a technique for horizontally scaling the network by dividing the blockchain into several sub-chains (shards) operating in parallel, thereby increasing transaction processing capacity and enhancing the network’s scalability.
Which programming languages are compatible with Near Protocol?
Is Near Protocol decentralized?
Yes, Near Protocol is decentralized thanks to its Proof of Stake consensus mechanism and sharding, which enable a balanced distribution of responsibilities and rewards.