Zoom in on an underrated crypto: What is NEAR Protocol crypto and should you buy it right now?

NEAR Protocol was built by Alexander Skidanov and Illia Polosukhin in 2018, and crypto NEAR is the original sign of the ecosystem. The duo first had roles with companies including Google, Microsoft and MemSQL before co-founding NEAR Inc. They first started working on a machine learning project, but slowly switched to blockchain technology.

NEAR is on track to create a decentralized, unauthorized “open web”. This means that no business, no government and no person has the ability to shut it down. It depends on code and users.

Using Meta Platforms, Inc. – formerly known as Facebook – as a comparative example, NEAR does not want to create what it sees as a closed and biased ecosystem. Rather, NEAR wants to build a site where users control their own data.

NEAR’s solution is what it calls the “community cloud”, where users can store “meaningful things like money, identity and digital assets and trade them securely with someone without the need for another person’s permission or platform”.

What is the NEAR protocol?

NEAR is a Tier 1 blockchain solution designed for the core network and infrastructure of an ecosystem. Bitcoin and Ethereum are examples of other Tier 1 blockchains. Also read: Shiba Inu vs. Cardano: Which Investment is Better?. These blockchains complete and validate transactions and secure the network against malicious behavior by rewarding validators. In this case, validators are rewarded with NEAR cryptocurrency tokens.

The NEAR team compares its solution with existing centralized platforms such as Amazon Web Services and Microsoft Azure. However, NEAR’s differentiator is the distributed number of validators that secure the network without a single point of error. The goal is to prevent tampering, hacking, deletion and loss of data, as well as to eliminate other inefficiencies associated with a single device-controlled cloud platform.

The main purpose of NEAR crypto is to help users regain control of three pillars:

How does the NEAR protocol work?

NEAR Protocol maximizes the benefits for users and developers, driving a wider application. This may interest you: Experts predict Solana price increase as SOL crosses $ 58 billion transaction milestone. Entrepreneurs and developers can create decentralized applications and free software that can generate cash flows while maintaining data ownership for the user.

NEAR also aims to solve two crucial problems that its predecessors failed to overcome: system design and organizational design. These issues have led to ease of use and scalability issues where the primary concern is transaction processing time under high volumes. NEAR solves this problem with proof of effort and its self-calibrating night shadow technology.

Nightshade technology uses a process known as “sharding” to reduce usage costs. This means that each node can be divided into “shards”, which utilize their own set of data, thus helping to increase the throughput of the network. This allows for a much higher transaction volume than some other networks and processes around 100,000 transactions per second.

NEAR was also not designed just for “blockchain enthusiasts”. By creating an experience similar to a typical individual’s Web 2.0 experience, NEAR has the potential to appeal to a wide range of users, not just crypto enthusiasts.

For developers, NEAR uses Web Assembly and Rust – two easy-to-use programming languages ​​to run nodes and smart contracts. Developers can program ownership, encryption and storage with all the tools provided to build the open web. NEAR describes that high interruption rates, estimated at 97% to 99%, occur when developers experience frustration while building and maintaining applications. NEAR has therefore simplified the tasks so that everyone can interact with the network.

NEAR protocol performance

NEAR has increased significantly in value and has been on an upward trajectory since the beginning. This may interest you: SushiSwap Review 2022 – How to use SushiSwap? – feat. Crypto Academy. The token’s price and market value peaked at around $ 12 billion in January 2022, but it has become one of the largest cryptocurrencies in the world and boasts a place among the top 20 cryptocurrencies by market value.

The average 24-hour trading volume has increased steadily over the last few months, indicating that the adoption of this currency is increasing. It is also one of the cheapest cryptocurrencies to buy, making it attractive to new cryptocurrency investors.

One negative, however, is that NEAR is currently limited by its availability on stock exchanges. The NEAR token is not yet listed on Coinbase, but it is available for trading on Binance, so it is important to compare cryptocurrency exchanges before investing.

Good to know

Investing in any cryptocurrency involves risk due to a number of factors, including limited regulation, untested technology and undocumented returns. However, the number of developers gives confidence to NEAR’s long-term goal of gathering one billion users over the next five years.

Expert Opinions on NEAR Crypto

Andreesen Horowitz, a reputable venture capital fund, backs the project. This fund has been linked to several other well-known and successful projects and companies, such as Coinbase, Alchemy, Keep, Maker, OpenSea, Solana, Celo and Trust. Other industry players have followed suit by investing in the NEAR protocol, including:

The most recent funding round led by Tiger Global raised $ 350 million to support further development, and acted as a short-term catalyst leading to price increases for NEAR cryptocurrency holders.

Is it worth investing in NEAR?

NEAR has quickly risen to the top 20 list of cryptocurrencies, but the development is still very early. It is good to keep an eye on its progress before making a big investment.

The signs say so far, however, and NEAR appears to be consolidating its position if it continues to perform. To illustrate, none of this existed four years ago. NEAR has grown from a small team in an office in San Francisco to what it is today. Adoption is accelerating at an incredible rate, and the statistics from a recent presentation are encouraging. This includes:

This token has the potential to provide extraordinary returns and become one of the best web 3.0 cryptocurrencies to buy. The stakes are high and an investment can lose some or all of its value.

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Thomas Estimbre
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