Near Protocol blockchain review details



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This protocol was developed with a focus on scalability and environmental friendliness. The network supports sharding, and it aims at being infinitely scalable in the long run. Like other newer blockchains, it uses the proof-of-stake method to validate transactions. This method does not consume as much energy as PoW, which makes it great for the environment. Also, the company behind the project works with a climate solutions organization to ensure that it is carbon neutral.


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Near blockchain is still fairly new in the crypto world, so it is yet to become as popular as Solana and similar protocols. However, its environment friendly nature is likely to create more interest in crypto enthusiasts and investors. Payments made on this network are also completed almost instantly, and this can be extremely important to crypto users.

 

Briefly about Near Protocol

This protocol was founded by Alexander Skidanov and Ilya Polosukhin, and both of them previously had prominent jobs in the tech sector. Although the team started working on the project in 2018, they wouldnt release it until 2020. The network is focused on lowering the environmental damage caused by cryptocurrencies by making its operations carbon neutral.

With high speeds, low fees, and progressive UX, Near protocol is ready for a climate-neutral future.CryptoLists.com
 

Like other blockchains, this one uses a public ledger to record transactions. That means everyone can see past transactions on the blockchain, and these cannot be reversed or altered. The main difference between this network and Ethereum is the fact that it uses the Proof of Stake method. In fact, Near blockchain has taken steps to ensure that it ends up becoming carbon neutral.

 

Utility of Near Protocol?

You can use this blockchain to develop NFTs or other tokens. Traders and crypto investors also appreciate this protocol since it charges very low transaction fees and processes transactions almost instantly. Since it is highly scalable, users shouldnt expect any network lags.

Near Protocol details

BSC Contract address: 0x1fa4a73a3f0133f0025378af00236f3abdee5d63
Near Protocol Consensus Method: Proof of Stake
Release Date: April 20, 2020
Resources & Social media
Website: https://near.org
Blockchain URL: https://explorer.near.org
 

Advantages at Near Protocol

+ Near Protocol uses advanced sharding technology.
+ The Near Network charges extremely low transaction fees.
+ It is interoperable with other blockchain networks.
+ A proof-of-stake blockchain network for a climate-neutral future.
 

Disadvantages

- Near blockchain has to compete with several established blockchains.
- It isnt very decentralized as validators can vote on changes.
- It isnt clear how the initial token distribution was decided.
 

Costs

▪ Rated at 10/10

This protocol charges a fee of about 1% of the supply of the token, and this always amounts to less than 1 NEAR token. The fees are fairly consistent, but you should note that they have to be paid in the native token of the blockchain. Any changes in the price of the token will affect the amount you have to pay in transaction fees. While the fees are recalculated for every new block, the developers designed the network to cap the changes at 1% for each block.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

Although this is a scalable and climate neutral product, it has faced stiff competition from several other blockchains. This has prevented it from growing as fast. However, most users of the protocol appreciate its innovative nature and are hopeful that it will keep growing. The protocol was founded in 2018 and currently has more than 380,000 followers on Twitter. While people are generally positive about the project, they have noted that it is not very decentralized.

 

FAQ

Who created Near Blockchain?

This protocol was developed by Alexander Skidanov, who was a former employee of Microsoft. Illia Polosukhin also played a major role in the development of the blockchain. Illia previously worked at Google AI.

Is Near Blockchain proof of stake?

Yes, as a carbon neutral protocol, this network uses the proof of stake validation method. It is important to note that environmental pollution is one of the biggest issues in the crypto world.

Will Near Blockchain overtake Ethereum?

Although Near blockchain has many benefits, it is unlikely to overtake Ethereum. The latter is well established and trusted in the crypto community, and past trends indicate that people dont easily move to new networks.

What is Near blockchain doing to be carbon neutral?

In addition to using the proof of stake validation method, this company works with South Pole, a global climate solutions provider, to assess its carbon footprint. South Pole helps the company lower its carbon footprint wherever possible and also helps with the compensation of the remaining exhaust.

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Screenshots from Near Protocol

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Near Protocol Newsflash
    Two scalable blockchains gaining supporters: Near & SolanaTwo scalable blockchains gaining supporters: Near & Solana
    Tuesday, 3 May 2022 11:42 am
    Near Protocol and Solana Network have been gaining popularity among crypto enthusiasts in the last months, and there are very good reasons for that. The development of Solana started in 2017, but the network went live in 2020. This blockchain aims at improving scalability by adding a proof-of-history consensus on top of the proof-of-stake consensus. The SOL coin also enjoys speedy transactions and low transfer costs. Solana has a market cap of over $28 billion and is ranked as the eighth most important cryptocurrency...
    Read the full newsflash

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