NEAR Protocol PriceNEAR

The NEAR Collective is composed of NEAR Protocol users. It improves the original code and puts out changes for the ecosystem. Its main purpose is to create an environment which is safe enough to manage valuable assets like money or identity and effective enough to make them useful for everyone”

Who Are the Founders of the NEAR Protocol (NEAR)?

Erik Trautman started the NEAR Protocol. He is an entrepreneur who has worked on Wall Street and started Viking Education. Illia Polosukhin is the co-founder. She has worked in the field for more than ten years. Out of those years, she was employed in Google for three years. Another co-founder is Alexander Skidanov. He is a computer scientist who used to work at Microsoft and then joined memSQL and became the head of engineering. 

What Makes NEAR Protocol (NEAR) Unique?

NEAR's Nightshade technology greatly boosts the number of transactions that can be processed at a time. Nightshade is a type of sharding in which separate groups of validators handle transactions across various sharded chains at the same time. This makes the blockchain more effective. Nightshade shards make "chunks," which are smaller pieces of the next block than "regular" sharding. By doing this, NEAR Protocol can handle up to 100,000 transactions per second and make sure that transactions are complete almost instantly. This is mainly because of the  one-second block rate.  Moreover, the transaction fees are kept to a minimum.

How is the NEAR Protocol Network Secured?

NEAR utilizes a proof-of-stake consensus mechanism which is known as Doomslug. It takes two rounds of consensus for Doomslug .A block is considered complete once it gets through the first communication round. This makes it possible for decisions to be made almost immediately by enabling validators to take turns making blocks instead of competing directly based on their investment.

Near Protocol Ecosystem Fund

On October 25, 2021, NEAR revealed an ecosystem funding plan worth $800 million. This was similar to what other Layer-1 blockchains like Avalanche, Fantom, and Celo had done.  The funds raised will be used to support projects that will speed up the NEAR protocol community’s growth. Three hundred million dollars from Proximity Labs are in the fund. 

NEAR Protocol for Developers

The ultimate objective of NEAR protocol is to make blockchain technology available to everyone. This goal continues to drive the development work of NEAR Collective and the community. 

The NEAR team declared that they will release a  JavaScript software development kit (JS SDK) in August 2022. This project will likely make it possible for more than 20 million coders who work with JavaScript on the Web2 to move into the blockchain and Web3 worlds.

NEAR Protocol’s Security

Rainbow is a kind of NEAR-Ethereum bridge. It has successfully stopped two successful attacks. Infact, in the second attack the hacker lost 2.5 ETH.

NEAR protocol additionally claimed that in September 2022 it had fixed two security challenges on Aurora which was its its Ethereum sidechain. This was done through its bug bounty program. 

The flexibly sharded Proof-of-Stake carbon-neutral blockchain team built it to be easy to use and expand. They are sure that combining the power of PoS and sharding can become one of the most safe, flexible, and long-lasting blockchain networks in the digital currency market.

Conclusion

The NEAR Protocol is a  blockchain with great potential. It aims to make decentralized apps safe, scalable, and easy for developers to use. It can give crypto enthusiasts a great investment opportunity because of its expanding ecosystem, smart alliances, and community backing.