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Price Updates, Recent Developments, Future Events, Community By DailyCoin

by Mike Robinson

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NEAR Protocol (NEAR): Price Updates, Recent Developments, Future Events, Community
  • NEAR Protocol is an open-source technology hub that allows users to develop web apps.
  • Nightshade (a proof-of stake mechanism) is the blockchain network’s operating system. It focuses on stability and scalability.
  • NEAR Protocol introduced the NEAR coin 22 April 2020. 1 Billion tokens were created in the initial phase and an additional 5% supply is issued each year.
  • The platform has been expanding its product offerings and recently launched ‘Shroom Kingdom,’ a play-to-earn video game.

NEAR Protocol, a distributed platform that is easy to use by developers and runs on proof-of-stake technology. It became the first fully trustless bridge to in April 2021 after launching the Ethereum NEAR Bridge, a universal protocol that unlocks communication and interoperability between smart contract chains.

Users can create decentralized, scalable web apps with relatively low fees using the NEAR Protocol. In the Ethereum network, fees have risen dramatically due to innovation around Decentralized Finance (DeFi) and Non-fungible Coins (NFTs). However, the NEAR Protocol which provides a direct link to the network may help reduce project fees.

Recent Developments

The NEAR coin is listed across multiple crypto exchange platforms, illustrating its growing popularity. This year, the company also has significant developments.

NEAR’s partnership with Ceramic was announced on May 28th. It allows NEAR developers the ability to utilize data streaming, identity protocols, and cross-chain identification to manage their user identities.

Platform launched NFT Marketplace for Hip-Hop Heads on June 19, This first issue of the Hip Hop Heads collection pays tribute to hip-hop’s 47 year history, starting at the Bronx in New York.

The NEAR Protocol and Filecoin entered into an agreement to speed up the growth of Web3’s stack on August 10, 2017. Filecoin NEAR bridge allows for the anonymous storage of smart contracts.

On September 14th, NEAR announced ‘Shroom Kingdom’ as the latest play-to-earn video game to be added to the platform.

NEAR has also partnered with other crypto gamers to support the Rust conference. Rust, the most popular coding language among cryptographers, is growing at an alarming rate. NEAR Protocol was one of the sponsors for this conference.

Future Events

NEAR has some exciting events lined up, with some having been part of its recent announcements. Following the launch of ‘Shroom Kingdom’ on the platform, NEAR users will be able to ready themselves for an Airdrop.

‘Shroom Kingdom’ was announced on September 6th, asking players to be ready to capitalize on an Airdrop, as it would only be available for those online at launches.

On The Flipside

  • One of NEAR Protocol’s biggest drawbacks comes from governance centralization. Validators cannot vote on proposed proposals. It has some work to do before being fully acknowledged as a distributed network.
  • A potential problem is that 35% is held by insiders. This could again overshadow decentralization.

NEAR Protocol (NEAR) Price Updates

Although cryptocurrency prices continued to experience high levels of volatility this year, the NEAR coin barely dipped below last year’s levels. Over the past 7 days it has seen a more than 24% increase in value and more that 480% over this same period.

NEAR’s 24 hour price chart. Source: CoinMarketCap

In the last 24 hours, NEAR reached a high of $9.16, and traded at a low of $8.04. The 24-hour trading volume was more than $340M, and the market capital, fully diluted, stood at $8.95B as of this writing.

Community

The NEAR Protocol has one of the fastest-growing communities in the crypto market due to its ability to link users from different networks. Users have expressed excitement over NEAR coin and are optimistic about the future.

Reacting to the news that NEAR coin would soon be listed in Coinbene global, Twitter (NYSE:) user Eli posted:

Another user was very excited when NEAR hit a new all-time high last week. User Blazej posted:

Why You Should Care?

NEAR is not without its flaws. However, it seems to be focused on making the platform as easy as possible for developers.

In addition, NEAR’s unbonding period of 36-48 hours is considerably shorter compared to its peers, such as Polkadot’s 4 weeks and Cosmos’ 3 weeks. Its trustless bridge with Ethereum is also extensible to be used as an alternative to other layer 2 solutions.

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