Anyone who has been following the cryptocurrency market’s behavior for a long time knows that the price development of most altcoins depends mainly on what kind of movement Bitcoin is making. However, aurora near protocol and other blockchain projects always go their own way and ignore the overall market trend. One of the projects may ignore negative market fundamentals in the future and grow despite the downturn in the NEAR Protocol. In today’s article, you can find out what cryptocurrency is and why it pays to monitor it for a long time.
What is the NEAR Protocol?
NEAR Protocol is a first-tier blockchain designed to offer low transaction speed, throughput, and poor interoperability solutions. NEAR provides an ideal environment for DApps and creates development and user-friendly platform. The protocol uses a method known as sharding. This allows the network capacity to increase with the growing number of nodes in the network, so there is no theoretical scaling limitation.
The protocol also allows free flow of assets and communication between Ethernet, Polkadot, or Cosmos blockchain networks to streamline and improve interconnection. He uses the so-called cross-network bridges. The following bridges are currently running: Aurora Bridge (NEAR and ETH Bridge) or Rainbow Bridge (NEAR, ETH, and Aurora Bridge). The NEAR Protocol uniquely addresses the scaling problem and uses its consensus mechanism, called “Doomslug.”
Why is it worth following the NEAR Protocol in 2022?
Work on the project began in 2018, and the mainnet was launched in October 2020. The team behind the project consists of more than 90 experienced developers worldwide, with experience in companies such as Meta (formerly Facebook), Microsoft, and Google. According to some analysts, the NEAR protocol is one of the most technologically experienced personalities in the blockchain.
Of the many, we mention just a few: Erik Trautman (CEO of NEAR Foundation, Wall Street trading experience, founder of Viking Education), Illia Polosukhin (3 years working for Google, more than ten years experience in the blockchain sector), Alexander Skidanov (scientist in the field pc technologies, worked for Microsoft and memSQL, where he held the position of chief engineer (holder of the gold and bronze medals ICPC 2005 and 2008) or Julie Bissinger (worked for Facebook for six years).
In the cryptocurrency universe, the principle is that if you don’t have time to follow all the upcoming blockchain projects, watch and learn from those prosecuting and doing it. In the case of the NEAR Protocol, we see that it is actively monitored by “big fish” and institutions. NEAR is the third most held crypto currency in bee funds after Polkadot (DOT). Why? Because big players know what most retailers don’t. The founder of the cryptocurrency Ethereum, Vitalik Buterin, himself said on one occasion to the NEAR protocol that this was a real challenge for Ethereum.
Positive future of the project
Compared to other projects that are not yet working correctly, the NEAR ecosystem may be growing slowly as it is already operational and ready to expand. In 2022, a large inflow of funds into the ecosystem is expected from investors.
The above fundamentals suggest that the NEAR protocol is a solid and potential project. It offers real and practical solutions (speed, scalability, low fees, a blockchain platform, readiness to expand the ecosystem), is backed by one of the most experienced teams in the blockchain and cryptocurrencies sector, and is an active inactive institution.
NEAR reached ATH in 2022 on January 16. At the time of writing, it is trading at 10,750. The NEAR Protocol ranks 22nd in terms of market capitalization. Cryptocurrency can be purchased on the well-known stock exchanges Binance, Huobi, Gate.io, or KuCoin.