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NEAR: Incentivizing The Development of Decentralized Apps

04.08.2022

A couple of weeks ago we had a busy Week 8 as part of our 15 Weeks of Summer campaign. On two consecutive days, we listed DAI, KSM, MATIC, NOIA and NEAR on the Coinmetro exchange. These are all significant assets shaping the blockchain and crypto space for the better and can make a positive impact for you. With this blog, we will focus on NEAR (NEAR Protocol). Find out why we have listed this project and the many problems it solves.

 

The NEAR Protocol Trading on Coinmetro Exchange

 

At first, the NEAR Protocol was conceived as a machine learning platform. The idea was to use the processing power of idle devices to train machine learning models. The project has since pivoted and is now focused on incentivizing the development of decentralized apps (dApps).

 

NEAR’s vision is to make it easy for anyone to build dApps that work at scale. The team is building a set of protocols and a developer platform to make this possible. The flagship product is the NEAR platform, which makes it easy for developers to deploy and scale their dApps.

 

The NEAR protocol uses a novel consensus algorithm called Nightshade. This algorithm is based on the Hashgraph consensus and is designed to be more scalable than existing solutions such as Proof-of-Work (PoW) and Proof-of-Stake (PoS). The team is also working on a new programming language called Rust, which is designed to be more user-friendly than existing languages such as Solidity.

 

At its core, the NEAR Protocol is a decentralized application platform that is designed to be scalable, secure, and easy to use. The protocol incentivizes the development of dApps by providing a way for developers to earn rewards for their work. The NEAR Protocol is built on top of the Ethereum blockchain and is compatible with the Ethereum Virtual Machine (EVM). This makes it easy for developers to create dApps that can be used across Web3.

 

 

New Trading Pairs: NEAR/USD and NEAR/EUR

 

 

How does the NEAR Protocol Work?

 

Just as Amazon’s AWS or Microsoft’s Azure provides a platform for developers to build and run applications, the NEAR Protocol provides a decentralized platform for developers to build and run dApps. The protocol is designed to be scalable, secure, and easy to use.

 

The NEAR Protocol uses several tools such as Nightshade, Aurora, and the Rainbow Bridge to make dApp development easy.

 

Nightshade

Nightshade is a tool allowing developers to easily create, test, and deploy smart contracts on the NEAR platform. This tool uses a sharding approach to smart contract development facilitating parallel processing and scalability. Instead of using a single chain, Nightshade uses multiple chains that can process transactions in parallel. Sharding also enables lower transaction fees while maintaining a single chain of data. One of the main benefits of Nightshade is it allows developers to focus on writing code rather than worrying about the underlying infrastructure. It also reduces the points of failure and makes the system more resilient.

 

Aurora

Aurora is a Layer 2 scaling solution for the NEAR platform. It uses state channels (smart-contracts that enforce predefined rules for off-chain transactions) to move transactions off-chain and onto a sidechain. This allows for near-instantaneous transactions that are much cheaper than those on the main chain. Aurora is designed to bring full compatibility of the NEAR platform with Ethereum’s EVM. This allows dApps to scale without compromising security or decentralization and without the need for a hard fork. What’s more, since Aurora is built with Ethereum’s coding standards in mind, it is easy for developers to port their Ethereum dApps to the NEAR platform.

 

Rainbow Bridge

The Rainbow Bridge is a tool allowing developers to easily connect their dApps to the Ethereum blockchain. The Rainbow Bridge makes it possible for dApps on the NEAR platform to interact with those on the Ethereum blockchain. This allows developers to leverage the large ecosystem of Ethereum dApps and tools. The Rainbow Bridge is designed to be easy to use and requires no coding.

 

 

What Problems Does the NEAR Protocol Solve?

 

The NEAR Protocol solves several problems that have been preventing blockchain technology from being widely adopted.

Scalability

One of the biggest problems with blockchain technology is scalability. Ethereum can currently handle about 15 transactions per second (TPS). This is not enough for many applications, such as online payments or gaming, which require near-instantaneous transactions. The NEAR Protocol is designed to be much more scalable than Ethereum. Nightshade can process up to 10,000 TPS and is designed to be scalable to millions of TPS.

Security

Another problem the NEAR Protocol solves is security. Ethereum is currently secured by PoW, which is very energy-intensive and expensive. The NEAR Protocol uses a new consensus algorithm called Nightshade, which is more energy-efficient and cheaper.

Cost

The NEAR Protocol also reduces the cost of using blockchain technology. Ethereum transactions currently cost about $0.20 each. The NEAR Protocol will allow developers to create applications that can be used by anyone without having to pay high transaction fees.

 

Usability and Utility

NEAR Protocol also brings a different level of utility to the blockchain space. With NEAR Protocol as a decentralized AWS or Heroku (a cloud platform as a service), anyone will be able to deploy their code in one click similar to how today we launch apps on these centralized services. The goal is to have an App store for dApps where end users can discover the right app for them with confidence that it will work as advertised.

 

 

Final Thoughts About The Near Protocol

 

The NEAR Protocol has the potential to solve many of the problems that are preventing blockchain technology from being widely adopted. It is scalable, secure, and cost-effective. In addition, it is designed to be easy to use and brings a new level of utility to the blockchain space. Developers and other users looking to leverage the NEAR Protocol may find it appealing due to its Nightshade sharding mechanism, which allows it to process a large number of transactions quickly and securely.

 

The NEAR Protocol could potentially have a significant impact on the development of decentralized applications. The focus on ease of use and developer incentives may attract a wide range of developers to build on the platform.

 

 

Smart Assets on Coinmetro Exchange

 

Given the busy listings schedule of Week 8 of 15WoS, we had to go back and thoroughly cover all these 5 assets that are already bringing many positive things to the advancement of crypto and blockchain. DAI, KSM, MATIC, NOIA and NEAR are players who break new ground and the technology they push forward is becoming an integral part of the on-chain system.

 

Even though we are currently in a bear market, it doesn’t mean progress has to stop. Smart investors may use this period to carefully plan their next moves and buy assets at a more reasonable price. When optimism floods the markets again, where will your portfolio stand? By listing projects that are shaping the future of crypto and blockchain, we know where ours will be.

 

Stay close to the Coinmetro community on Discord and Telegram to be up to date with the latest crypto developments. To begin your trading and investing journey today, take action now and sign up to Coinmetro in just a few steps.