Zooming in on an underrated crypto: What is NEAR Protocol crypto, and should you buy it right now? – Mag Mirror

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

NEAR is on the path to creating a decentralized, permissionless “open web”. That means no business, no government, and no person has the ability to shut it down. It relies 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 place 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 transact them securely with anyone without need another person’s permission or platform”.

What is 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 finalize 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 to existing centralized platforms such as Amazon Web Services and Microsoft Azure. However, the differentiator of NEAR is the distributed number of validators that secure the network without a single point of failure. The goal is to prevent tampering, hacking, deletion, and loss of data, as well as eliminating other inefficiencies associated with a cloud platform controlled by a single entity.

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

How does NEAR Protocol work?

NEAR Protocol maximizes benefits for users and developers, driving wider adoption. This may interest you: Experts Predict Solana Price Rebound As SOL Crosses $58 Billion Transaction Milestone. Entrepreneurs and developers can create decentralized applications and free software that can generate cash flow while maintaining data ownership for the user.

NEAR also aims to solve two crucial problems that its predecessors failed to overcome: system design and organization design. These issues have led to usability and scalability issues, with the primary concern being transaction processing time during high volume times. NEAR solves this problem with proof of stake and its self-calibrating nightshade technology.

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

NEAR was also not designed just for “blockchain enthusiasts”. By creating an experience that resembles 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 ​​for running 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 abandon 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 appreciated significantly in value and has been on an upward trajectory since inception. This may interest you: SushiSwap Review 2022 – How to use SushiSwap? – feat. Crypto Academy. The token’s price and market capitalization peaked at around $12 billion in January 2022, but it has become one of the largest cryptocurrencies in the world, boasting a place among the top 20 cryptocurrencies by market capitalization. stock market.

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

One negative, however, is that NEAR is currently limited by its availability on 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, unproven technology, and unproven returns. However, the number of developers lends credence to NEAR’s long-term goals of amassing 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 associated with 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 NEAR Protocol, including:

The latest funding round led by Tiger Global raised $350 million to support further development, acting as a near-term catalyst that led to price appreciation for NEAR cryptocurrency holders.

Is it worth investing in NEAR?

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

However, the signs are telling so far, and NEAR looks set to solidify its position if it continues to perform. To illustrate, none of this existed four years ago. NEAR has grown from a small team in a San Francisco office to what it is today. Adoption has accelerated at an incredible rate, and the stats from a recent presentation are encouraging. This includes :

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

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Thomas Estimbre
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Zooming in on an underrated crypto: What is NEAR Protocol crypto, and should you buy it right now? – Mag Mirror

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