The open web of the future will be enabled by NEAR, a decentralized application platform that will drive its economy. It combines cutting-edge developments in community consensus, database sharding, and usability with the same fundamental technology that made Bitcoin an unstoppable currency. This web allows for the creation of new sectors, new applications, and new currencies, opening the door to an entirely new future. NEAR is a platform for executing programmes that have access to a user-owned, secure, shared pool of money, identity, and data. Technically speaking, it creates a new type of platform by fusing the characteristics of serverless computing, distributed storage, and partition-resistant networking.
Although it is a raw technology that hasn’t seen any popular use, Ethereum is the second and slightly more advanced version, which developed the fundamental ideas of Bitcoin to create a more general computation and storage platform. NEAR is the first decentralized application platform that successfully address all three of the major barriers to widespread adoption: usability, scalability, and security. It is a step forward from what has come before.
NEAR offers a cloud infrastructure that is run by the community for the deployment and operation of decentralised apps. It combines aspects of a serverless computing platform with those of a decentralised database. The token that makes it possible for this platform to function also makes it possible for applications that are developed on top of it to interact in novel ways. Together, these features enable programmers to build censorship-resistant back ends for apps dealing with sensitive information like money, identities, and assets, as well as open-state components that smoothly communicate with one another.
Tokenomics
The total supply of NEAR Protocol (NEAR) token is at 1,000,000,000. The NEAR token has a maximum supply of 1 billion and issues inflationary token rewards to incentivize a target supply of the amount of NEAR staked.
NEAR is available for Staking, and you can earn up to 16.9% APY on following exchanges.
Benefits of NEAR Protocol (NEAR).
Efficient Scalable Networking-
With the help of NEAR’s sharding strategy, the network’s capacity can grow as more nodes join. When demand is large enough to warrant it, the network nodes are dynamically split into many shards, and computation is parallelized over those shards. This method allows for continual network scaling as demand rises. A single machine would not otherwise be able to store all the data on the chain or be able to validate all the transactions without significant platform adoption.
Real Decentralization-
In spite of the fact that Bitcoin and Ethereum are frequently praised for their high degree of decentralisation, they actually have severe centralization problems. For instance, only three pools control 53% of the mining power for Bitcoin. The network must permit permissionless participation from potential node operators and not reward pooling to sustain true decentralisation. In order to overcome these issues, NEAR employs a staking method dubbed “Thresholded Proof of Stake” that is particularly created to be both deterministic and generally fair in order to discourage the pooling of powerful validators and to promote widespread node participation.
Better Usability-
Using the well-known web usage paradigms, the NEAR economic model enables developers to pay for usage on behalf of their consumers in order to conceal infrastructure expenses. Because NEAR enables developers to act on behalf of their users, they may onboard people without needing to ask them for their wallet information or force them to utilise tokens the moment they access an application.
Recent Developments
In October 2022, NEAR Protocol partnered with Google Cloud to support Web3 developments. Under this partnership with Near Protocol, Google Cloud will help Near developers in building and scaling their Web3 projects and DApps.
In May 2022, Pocket Network, the latest addition with NEAR protocol will allow its native developers to deploy their applications on other supported blockchains, including Ethereum, Solana, Polygon and many more.
NEAR Protocol (NEAR) Price Predictions
As of the time of writing NEAR Protocol (NEAR) was trading at around $1.30. The coin is already 87.9% down from its all-time high of $20.4. With growing adoption of cryptocurrencies and rise in the development of sharding network is expected to boost the NEAR token price. Thus, NEAR is forecasted to surpass its all-time high in the near future.
Further, NEAR’s community-operated cloud utilizes a novel consensus algorithm and a scalable sharding architecture to achieve its high-level design goals. Thus, NEAR is estimated to reach $25.0 in the next 4-5 years.