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What is NEAR Protocol (NEAR)?

NEAR Protocol is a carbon-neutral layer 1 blockchain network that is scalable and secure using Nightshade, a sharding technique. NEAR was built with a focus on usability and convenience for developers and users.

Machine learning and program synthesis

It started as a machine learning project with the goal of "program synthesis." This means automatically finding a program in a programming language that the user is looking for, where the user has a specific goal in mind. People have been looking for this since 1950, and it can be called the "holy grail" of computer science.

Main goal NEAR Protocol

With NEAR Protocol, you can effortlessly build and distribute innovative dApps over any blockchain. With the NEAR Blockchain Operating System (BOS), you help create a more open Web.

The term Ethereum killer will be familiar to you by now, but Ethereum is stronger than ever. NEAR does indeed have features that are better than Ethereum, but they need some practice before they can even approach Ethereum.

After we have discussed the history of this cryptocurrency, we will go into the depths of the various components involved in NEAR.

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The history of NEAR Protocol

NEAR is a project started by Alexander Skidanov and Illia Polosukhin. Skidanov worked at Microsoft as a software developer and also at MemSQL. He won first prize at a programming competition in 2008, the renowned ACM ICPC. In combination with others, he has 4 database patents to his credit.

Polosukhin was a software engineer manager at Google for many years and had a hand in the translation services Google now uses. He did studies in deep learning and big data analysis. He also holds master's degrees in computer science and applied mathematics.

The beginning of NEAR

Genesis 2017: In the beginning what he AI. Illia Polosukhin and Alexander Skidanov started with to explore "program synthesis." They cried, "The Singularity is NEAR!" (this is a book by Ray Kurzweil). As it often goes at the beginning of a story, however, they were a bit premature. They wanted to pay people who contributed in Ethereum, but found out that this did not work.

In this year they also wrote their white paper called "The NEAR White Paper - NEAR Protocol." By now this can no longer be found, but it stated that they wanted to build a place without a single point of failure, like Microsoft or Amazon. It had to be permissive, run by a community, with no authority to corner you with new terms. We can now call this their secret mission, since they took it offline.

NEAR Protocol gets its own blockchain

NEAR saw the light of day in 2018. They wanted to have their own and fast blockchain, so they created one. Their vision was to give developers a place to easily build decentralized applications that were easy to scale.

An investment round followed in 2019, in which they raised $12 million for its development. There was also another private sale, in which they raised $21 million. That year also saw the creation of the NEAR Foundation, charged with developing the protocol and growing the ecosystem.

Mainnet NEAR Protocol

In 2020 was their ICO, raking in $35 million. That year also saw the launch of NEAR Mainnet. In this year, NEAR Protocol became a full DAO, meaning the community votes on the future of the protocol.

Sharding (sharing tasks for speed) was introduced in 2021, with an emphasis on being able to scale up quickly.

By 2022, they had had enough of working with change. They held another private sale and raised a whopping $500 million, enough to get ahead with developing this powerful protocol for a while.

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Additional information on NEAR Protocol (NEAR).

The team at NEAR

The NEAR Protocol was developed by the Near Collective, a community spread around the world consisting of some 50 scientists, programmers and philosophers in technology. They wrote the protocol's basic code and remain active in its further development.

The core team consists of the NEAR Foundation, a Swiss foundation. Besides Illia Polosukhin and Alex Skidanov, Eric Trautman may still be mentioned as one of its most prominent contributors. Eventually it should be dissolved, when the DAO makes all the decisions and complete decentralization is a reality.

NEAR Inc, their commercial arm, is based in San Francisco. It may be determined that NEAR Protocol's team has great potential.

Partners of NEAR Protocol

They now have a whole arsenal of partners and dApps in their portfolio, but the really big names are still a bit lacking.

Perhaps the great competition in their field is playing tricks on them, because the technology of this network is fine.

NEAR Protocol philosophies

  1. NEAR wants to be user-friendly. They are a smart contract development platform, on which dApps and DeFi applications can be developed quickly and easily. If you know nothing about blockchain, you should still be able to develop an app on this. For this, they have developed a Software Development Kit (SDK), where developers only need to pick components from the library. As the app grows fairly organically, developers see a working app emerge.

  2. NEAR wants to be accessible. If they find an app promising they use the NEAR Grants Program to help get the project started.

  3. They want to have low transaction costs. They even use the Yocto unit consisting of 10-24 NEAR, so negligible are these costs.

  4. They want to be fast. They can reach speeds of around 100,000 transactions per second.

  5. Climate Friendly. Their mission is to be carbon neutral and they offset all their consumption of energy by investing in sustainable projects.

  6. Open source. They want anyone to be able to contribute and use the code to develop NEAR.

Tokenomics NEAR

NEAR is the native token of this blockchain. You can pay with it when developing apps and you can secure the network by tokenizing it.

When the NEAR token was created, 1 billion coins were tokenized. Most of it has since been marketed, though, so there won't be much dilution.

Of the transaction costs, 70% are burned to fight inflation and 30% are used to discount contracts.

Those who hold the NEAR token may also vote on the future of the project. Thus, it is also a governance token for the DAO of NEAR Protocol.

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