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One of the common issues which plague the Blockchain networks is scalability and the most affected ones are the legacy-based older networks like Ethereum. They faced plenty of issues in handling a large number of transactions at the same time which led to the sky-rocketing gas fee or transaction fee.
According to Rejolut, an award-winning Near protocol development company, Near is a dApp platform that is taking its competitor Ethereum heads-on by placing a premium on the developer and user convenience. While new-age Blockchain protocols battle against each other, the Near protocol steals the show!
To know how, read on:
What is Near protocol?
Near protocol is a layer 1 blockchain network focusing on enhancing usability among developers and users. Near protocol was developed in early 2017 by Illia Polosukhin and Alexander Skidanov, as a machine learning platform initially by the name Near.ai. During the initial stages of the development and research, they learned about smart contracts and cryptocurrency. This made them learn more about cryptography and conduct more studies for the development of Near protocol. After all these initial developments the final launch of the Near protocol network took in 2020.
The creators of the Near protocol desired to create a Blockchain platform that would be hugely scalable and allow developers to launch their robust dApps. Near protocol uses sharding to achieve greater scalability than Ethereum, which it considers a competitor. Near has account names that are human-readable, compared to other blockchain protocols where cryptographic wallet addresses is used, so that it remains both developer and user-friendly.
How does Near protocol work?
While newer blockchain networks like Near protocol understood this issue and decided to address it by breaking up the blockchain into smaller more manageable segments. So that the computational load over the network can be reduced to increase the throughput of transactions.
Near protocol functions over the threshold Proof-of-Stake (PoS) mechanism to achieve consensus over the network. To become a validator over Near protocol, network the interested nodes must stake their NEAR tokens to be considered for participation. Further token holders are free to choose validator of their choice by delegating their stake to their chosen validator if they do not wish to operate a node. Validators in Near are chosen at every epoch through an auction system after an interval of 12 hours.
dApps can be built over Near protocol functions same as like it does over Ethereum and this is possible due to the Near’s cloud infrastructure which operates through numerous globally locater servers. This cloud system combines serverless computing and decentralized data storage for ultimate functioning.
Features of Near protocol that makes it unique
Sharding
To prevent the network from getting congested Near uses a sharding approach that enables the network’s capacity to grow even as more nodes join. Whenever there this high utilization of the network happens it results in network nodes dynamically splitting into multiple shards. Due to this parallel computing starts over the shards which ultimately results in reduced computational load for each node.
Decentralization
Near protocol puts a great deal of emphasis upon decentralization and to achieve that, Near uses threshold Proof-of-Stake (TPoS). This staking method is generally considered both fair and predictable, as it prevents powerful validators from pooling and further encourages wide-scale participation among network members.
User-first approach
Near protocol has a usability-first approach, where developers are allowed to create dApps that resemble web experiences for users. Under this policy, Near protocol developers are likely to develop such dApps that offer value and usability to their users. Further, there are over-positive points like easy subscriptions, simple onboarding, predictable pricing, and familiar usage styles for users in Near, which makes it a user-centric platform.
Governance
To ensure the platform’s independence, Near protocol allows rapid protocol improvement while retaining the provision of helpful input and supervision towards the community. Near believes in retaining community-led creativity through efficient execution, decision making, and adequate representation in the network.
Why Near protocol will see unprecedent growth?
There is high expectation from Near protocol and according to reports NEAR Protocol cryptocurrency is the third-largest cryptocurrency. The Near protocol experts at Rejolut are of this opinion that the recently raised $150 million in seed investments will be used to accelerate the adoption of Web3 technologies. This will also provide an opportunity to connect with new audiences as Near Protocol’s technologies are great for fostering blockchain adoption and that is a reason why it is growing so fast!
