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NEAR Protocol is a decentralized smart contract platform that aims to facilitate the creation of decentralized applications (dApps) by offering high scale and performance with a user experience comparable to that of traditional Web applications.
It uses a consensus mechanism called Nightshade that distributes proof-of-work across the network more efficiently, enabling fast, low-cost transactions.
NEAR also uses an economic model called the “creative economy”, which is designed to encourage developers and users to contribute to the network.
View the Near Protocol course below.
The Near Protocol story begins with two visionary minds: Alexander Skidanov and Illia Polosukhin.
Their journey into the world of blockchain began with an ambitious mission: to overcome the inherent limitations of existing blockchains and create a platform that would foster mass adoption of this revolutionary technology.
Before founding Near Protocol, Skidanov already had a wealth of experience in the field of technology and software development.
Skidanov began his career in software development at Microsoft, where he worked on major projects.
This experience enabled him to acquire solid expertise in the design and implementation of complex systems.
After his time at Microsoft, Skidanov joined MemSQL, a company specializing in real-time databases.
There, he worked on problems related to large-scale data management, which gave him an in-depth understanding of the technical challenges of scalability.
It was this experience combined with his passion for blockchain that led Skidanov to co-found Near Protocol.
He brought his technical expertise and leadership to the team, making a significant contribution to the creation of an innovative blockchain platform.
Illia Polosukhin, Near Protocol’s second co-founder, is also a key figure in the platform’s development.
Like Skidanov, he has brought a wealth of technical experience to the team.
Polosukhin is known for his expertise in artificial intelligence (AI) and machine learning.
Prior to Near Protocol, he worked at OpenAI, the renowned AI research organization behind ChatGPT.
His contribution to major AI projects has demonstrated his ability to tackle complex technical problems.
Combining his AI skills with the ambition to revolutionize blockchain, Polosukhin played a key role in the creation of Near Protocol.
His vision and expertise helped shape the platform’s technical approach.
Skidanov and Polosukhin brought with them a wealth of experience in software development and a deep passion for creating innovative solutions.
Together, they laid the foundations for what was to become one of the most promising blockchains on the market: Near Protocol.
However, these two co-founders are not the only protagonists in the project’s story.
In addition to them, Near Protocol relies on a diverse and highly qualified team to advance its mission.
From developers to cryptography experts to marketing specialists, all team members share the passion and commitment to Near Protocol’s vision.
The culture at Near Protocol emphasizes transparency, collaboration and continuous innovation.
This approach has helped make Near Protocol not only a leading-edge technology platform, but also a dynamic and committed community. Buy NEAR safely with Coinhouse
Near Protocol is a Layer 1 blockchain that aims to solve the scalability and cost issues associated with many existing blockchains.
Near Protocol’s consensus mechanism is a central element of its architecture, determining how transactions are validated and added to the blockchain.
Near uses Proof-of-Stake (PoS) consensus to achieve a balance between security, low power consumption and scalability.
Staking is therefore possible on this network.
In PoS, players called “validators” are selected to validate transactions according to the quantity of crypto they hold and are willing to “stake” as collateral.
This staking acts as an incentive to act honestly, as validators risk losing part of their funds if they are caught acting improperly.
This mechanism promotes network security by encouraging validators to act in the best interests of the community.
When a transaction is submitted to the network, competent validators are selected to validate it.
They examine the transaction to ensure that it is valid and does not lead to double spending or other problems.
Once the transaction has been validated, it is added to a block, which is then added to the Near Protocol main chain.
A distinctive feature of Near Protocol is the use of “sharding” to improve scalability.
Rather than processing all transactions on a single network, Near divides the network into several fragments called “shards”.
Each shard has its own group of validators and can process a specific number of simultaneous transactions.
This enables the network to carry out a large number of transactions in parallel, considerably increasing its scalability.
In particular, sharding is the technique envisaged by the Ethereum blockchain to achieve its optimum level of scalability.
Ethereum has not yet implemented sharding, but its transition to Proof of Stake has laid the foundations for making it possible.
Ethereum is recognized as the most widely used and capitalized Proof of Stake network.
The decision to focus its development on sharding demonstrates the technological value of the Near Protocol project.
By using PoS and sharding, Near Protocol manages to combine security, speed and scalability, making it a particularly high-performance blockchain platform.
What’s more, this approach reduces energy consumption compared with traditional consensus mechanisms such as Proof-of-Work (PoW), making it more environmentally friendly.
NEARCore is the main module responsible for consensus and transaction management on the Near blockchain.
It implements the Proof-of-Stake (PoS) consensus mechanism, which validates transactions and guarantees network security.
The latter is designed to be resistant to attacks and attempts to manipulate the network.
Advanced security protocols are in place to guarantee transaction integrity and protection against malicious attacks.
In particular, NEARCore supports smart contracts.
Smart contracts are autonomous programs that execute automatically when certain predefined conditions are met.
NEARCore integrates a smart contracts engine that supports several programming languages, including Rust.
This enables developers to create decentralized applications (dApps) that run securely on the Near Protocol blockchain.
NEARCore represents the technological backbone of Near Protocol.
By integrating PoS consensus, sharding for scalability, support for smart contracts and an increased focus on security, NEARCore plays a crucial role in creating a next-generation blockchain ready to redefine the way transactions are managed and executed.
South Pole has calculated the carbon footprint of the NEAR Protocol, taking into account emissions from the NEAR Foundation, Core Collective members, NEAR validators, and the Protocol use phase (NEAR users initiating transactions).
In line with the Greenhouse Gas Protocol Standard, the footprint accounting covered both direct and indirect emissions related to the NEAR Protocol, including those caused by electricity use, heating and cooling, as well as the use of hardware and cloud services, waste generation, travel, commuting and telecommuting.
Surprisingly, Core Collective members’ commuting and business travel accounted for the bulk of the NEAR Protocol’s carbon emissions.
The Rainbow Bridge and Layer 2 Aurora are two innovative Near Protocol components that address interoperability and scalability issues in the blockchain ecosystem.
Together, they open up new perspectives for the adoption and use of blockchain technology. The Rainbow Bridge The Rainbow Bridge is a cross-chain bridge solution developed by Near Protocol.
Its main objective is to enable the bidirectional transfer of tokens and assets between the Ethereum blockchain and the Near blockchain.
It aims to offer seamless interconnectivity between these two major blockchain ecosystems.
The transfer process via the Rainbow Bridge is based on the classic crypto bridge scheme, and takes place in three stages: – Locking: When a user wishes to transfer a token from the Ethereum blockchain to the Near blockchain, they first “lock” their tokens onto the Ethereum blockchain.
This means that the tokens are deposited in a specific smart contract that holds them securely. – Issuing (Minting): Once the tokens have been locked onto Ethereum, the Rainbow Bridge issues corresponding tokens on the Near blockchain, making them usable on the latter. – Unlocking: If the user wishes to transfer his tokens back to Ethereum, he can “unlock” them.
This means sending them back from the Near blockchain to the Rainbow Bridge smart contract, which then unlocks the corresponding tokens on the Ethereum blockchain. Layer 2 Aurora Layer 2 Aurora is a scaling technology developed by Near Protocol.
It aims to significantly increase the processing capacity and transaction throughput of the Near blockchain, while maintaining security and decentralization.
Layer 2 Aurora is based on a mechanism known as “Rollups”.
It exploits the security of the Near blockchain while delegating the execution and validation of certain transactions to an off-chain layer. – Off-chain validation: Transactions are first processed off-chain by a group of validators.
This reduces the load on Near’s main blockchain and significantly increases processing speed. – Transaction aggregation: Transaction results are then aggregated into a single summary that is sent to the main blockchain for validation. – On-Chain Validation: The aggregated summary is verified by validators on Near’s main blockchain. If everything is in order, the transactions are considered valid.
–Finality: The results are finally recorded on the main blockchain.
Advantages and Implications of Rainbow Bridge and Layer 2 Aurora-Interconnectivity: Rainbow Bridge enables users to transfer assets seamlessly between Ethereum and Near, promoting the adoption of Near Protocol.
–Enhanced scalability: Layer 2 Aurora significantly increases the transaction processing capacity of the Near blockchain, enabling it to accommodate a greater number of users and decentralized applications.
–Enforced security: Both solutions leverage Near Protocol’s inherent security, guaranteeing secure and reliable transactions.
–Easier adoption: By combining Rainbow Bridge and Layer 2 Aurora, Near Protocol creates a robust, interconnected ecosystem that facilitates the adoption of blockchain technology by a wider audience.
Decentralized Finance (DeFi) has become one of the most dynamic and innovative areas of the crypto ecosystem.
With the promise of providing financial services that are open, transparent and accessible to all, DeFi is pushing back the boundaries of traditional finance.
At the heart of this revolution is NEAR Protocol, which stands out as the medium of choice for the development of decentralized applications in the DeFi ecosystem.
One of NEAR Protocol’s key assets is its scalability-optimized architecture.
Transaction fees are a major consideration in the DeFi ecosystem.
On many blockchains, fees can be prohibitive, limiting access to these decentralized financial services.
NEAR Protocol stands out for its extremely low transaction costs.
This means that users can participate in DeFi activities, such as lending, trading and liquidity provision, without being held back by excessive fees.
Security is a top priority for any crypto project, and all the more so when its ambition is to build a DeFi ecosystem.
NEAR Protocol benefits from a PoS consensus mechanism that guarantees network security by encouraging validators to act honestly.
In addition, NEAR is designed to resist malicious attacks and guarantee transaction integrity.
NEAR Protocol is distinguished by its easy-to-use development ecosystem.
Developers can use popular programming languages such as Rust to create smart contracts and dApps.
NEAR also offers comprehensive documentation, development tools and an active community to facilitate the process of creating innovative DeFi applications.
As seen above, the Rainbow Bridge enables interoperability between NEAR and other blockchains such as Ethereum.
This means that assets and tokens can be transferred in a simplified way between these different chains, expanding the possibilities for DeFi developers.
| Transactions per second | Up to 100,000 |
| Consensus mechanism | Proof of Stake (PoS): Staking |
| Programming language | JavaScript or Rust |
| Security | Sharding, Layer 2 Aurora |
| Governance | NEAR token holders participate in the protocol improvement process (proposals, votes, etc.). |
| Bridges | Rainbow bridge |
| Compatible wallets | NEAR Wallet |
Near Protocol is a blockchain platform that focuses on ease of use and scalability.
Several innovative projects are being developed or have already been launched on this platform: – Rainbow Bridge: This is an inter-chain bridge that enables users to transfer tokens and other assets between Near Protocol and other blockchains, such as Ethereum.
This facilitates interoperability and opens up new possibilities for developers and users. – Ref Finance: This is a decentralized exchange (DEX) built on Near Protocol.
It offers users the possibility of exchanging tokens in a decentralized way, without the need for an intermediary. – Burrow: This is a lending platform that enables users to borrow or lend digital assets.
It offers a new way to earn interest on assets or obtain liquidity. – Metapool: This is a liquid staking solution for Near Protocol.
Users can stake their NEAR tokens while obtaining a token representative of their stake, which they can use in other decentralized applications.
These projects demonstrate Near Protocol’s ambition to create a rich and diverse ecosystem, meeting the varied needs of users and developers in the blockchain space.
NEAR Protocol is emerging as one of the most promising blockchains of our time, offering an innovative approach to overcoming persistent industry challenges.
This next-generation blockchain skillfully combines features such as high performance, first-class security, an intuitive development experience and decentralized governance.
What’s more, NEAR Protocol’s vision goes beyond mere technology.
The project emphasizes decentralized governance, enabling token holders to actively participate in decisions affecting the future of the network.
This democratic approach gives the NEAR community a sense of belonging and influence, reinforcing commitment to the project.
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