The NEAR protocol was developed to address some drawbacks of other blockchains, such as slow transaction speeds, limited throughput, and lack of compatibility. At the same time, it has been brought to the forefront as a collaborative cloud computing platform and is attracting attention as an advanced layer-one blockchain.
This provides a perfect environment for DApps and a user- and developer-friendly platform. For example, NEAR uses human-readable account names instead of Ethereum’s encrypted wallet addresses.
The NEAR Collective developed the NEAR protocol, which maintains the base code and issues updates to the ecosystem. The stated goal is to create a platform that is “secure enough to manage high-value assets like money or identities, and powerful enough to make it valuable to everyday users.”
Who founded the NEAR protocol?
Erik Trautman, an entrepreneur with Wall Street experience and founder of Viking Education, invented the NEAR protocol. Its co-founders are Illia Polosukhin, who has more than a decade of industry experience, including three years at Google, and Alexander Skidanov, a computer scientist who worked at Microsoft before joining memSQL as director of engineering. The NEAR protocol development team includes multiple gold medalists and winners of the International Collegiate Programming Competition (ICPC). The team claims to have professionals who can develop scalable monolithic systems, a solution the protocol aims to improve blockchain scalability.
What NEAR Foundation is prioritizing during the crypto winter period?
The goal of the NEAR Foundation is to create an ecosystem that is easy, secure, scalable and sustainable for Web3 developers to eliminate any obstacles. Despite being in its early stages, both time and resources are necessary to fulfill the potential of decentralized technology. Even during the tough times in the crypto world, the NEAR Foundation remains committed to its supporters and is working on improving key areas as the Web3 industry awaits better times.
Price prediction for 2023
Our 2023 NEAR Protocol price forecast predicts a minimum and maximum price range of approximately $2.35 and $5.75, respectively, with an average price expectation of around $4.05. The NEAR prices are expected to start rebounding in 2023.
Is the NEAR Protocol fraudulent or genuine?
Despite all the debates and controversies, the NEAR Protocol displays a lively and functioning ecosystem. It operates using the Proof-of-Stake (PoS) consensus mechanism, indicating that it is a legitimate platform.
To sum it all up, NEAR Protocol is unique in its approach to scalability, achieved through sharding. It functions as a solution provider, handling the processing, communication, validation, and completion of transactions with other nodes. The sharding method benefits the network by reducing the computational load by partitioning the network into smaller segments, known as shards. This results in an increase in network capacity and faster processing speeds.
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