Near Protocol (NEAR), which is a Proof of-Stake blockchain with sharded architecture, can process as many as 100,000 transactions per second. It is known for its developer-friendly nature and ease of use.

Near Protocol was founded in 2017, launched April 2020 and is now among the 20 largest cryptocurrencies in the market. It has high hopes of rallying even further.

Status of the project
Near Protocol is a blockchain-based platform that focuses on solving the “blockchain trilemma” (the belief in which blockchains cannot be scaleable, secure, and decentralized simultaneously) through sharding. Near Protocol allows for the simultaneous processing of 100,000 transactions per second. This reduces transaction costs.

Near Protocol uses a Proof-of-Stake algorithm (PoS).

Near Foundation, a non-profit foundation based in Switzerland, coordinates the development of this protocol. The community is responsible for managing the project.

NEAR is the native cryptocurrency for Near Protocol. It has many uses. NEAR can be used to protect the network, pay transaction fees and reward stakeholders.

Each year, the NEAR Protocol network produces 5% more tokens.

Near Protocol’s total value (TVL), is currently $160M

Whitepaper
A long document contains all details about how Near Blockchain works.

Phase of Development:
Near’s mainnet was officially launched in October 2020.

NEAR introduced Nightshade’s sharding technology in November 2021. This allows 4ctimes more Protocols transactions.

Rainbow Bridge, the NEAR’s bridge to network went live in March 2021.

Ethereum scaling solution Aurora was completely integrated into Near’s blockchain in May 2021. Consensys partnered it later, opening up many possibilities for dApps that run on Ethereum to be compatible with Near Protocol.

Near Protocol has 2 decentralized finance (DeFi) protocols built on its network, according to DeFillama.There are numerous DeFi dApps and protocols built and operating on Near’s blockchain, but their amount is not growing as fast as compared with the other layer-1

Near Protocol has announced $800 Million in funding to help ecosystem growth.

Grayscale selected Near protocol to be a candidate currency as part of its new cryptocurrency trust.

Terra’s UST stablecoin was integrated with Near Protocol during the last days of 2021.

NEAR was able to raise $150M for its goal of becoming a Web3 hub by January 2022.

Partnerships:
For a cross-chain connection between blockchains, partner with

The Graph has partnered with developers in order to allow them to develop applications using NEAR’s Graph technology.

Near Protocol currently has DragonFly Capital as a Venture Capital company in the crypto sector. This advisory board is effective January 2021.

Venture capital funds have supported this project in large numbers, including Andreessen Horowitz (NASDAQ:) Ventures Ventures Fundamental Labs Coinfund Blockchain.com Ventures and Xpring.

Fundraising
Before launching its mainnet in 2020, the company raised around $50,000,000 through token sales.

Team:
Near Protocol was established by Alexander Skidanov (a computer scientist) who had previously worked at SingleStore as a director of engineering and as a developer of software. Ilya Polksukhin also founded Near Protocol. She has more than 10 years experience in the industry, having spent three years with Google (NASDAQ:).

Marieke Flament has been appointed NEAR Foundation’s CEO. Her experience in fintech is extensive and she was previously an executive at Mettle and Circle.

The protocol’s team includes over 90 top-level developers.

Community:
Accounts on social media: Medium (NYSE:), Twitter (276.6K), Discord (41.5K), Telegram (1K), Medium.

Engagement with the community is high and vice-versa.

A large ecosystem of native communities (Guilds), that supports the NEAR protocol development and other projects.

Important Metrics
Maximum supply:1. Billion NEAR

Supply Circulating: 608 millions NEAR

Market Cap$11.74 Billion

List of exchanges

Listing on over 60 cryptocurrency exchanges. (The complete list can be found here).

Wallets:

Trezor and Ledger.

Token allocation:

NEAR tokens are dedicated to project’s backers (17.6%), to community grants and programs (17.2%), core contributors (14%), community sale (12%), early ecosystem (11.7%), operations grants (11.4%), foundation endowment (10%) and small bakers (6.1%).

Prices:

All-time high (ATH), $19.50, January 2022

The All-Time Low (ATL), $0.526762 November 2020

Verdict

• NEAR protocol, a top 16 cryptocurrency with a $11.5 billion market capital at the time this article was written. It has now entered the world of large-cap coins.
• NEAR is not as popular than layer-1 Blockchains. It is clear that NEAR has a lot of potential, and there are many opportunities for growth. Especially with these hundreds of millions of dollars worth of initiatives dedicated to growing NEAR’s ecosystem.
• It has the backing of venture capital investors and one of its strongest team of developers, engineers and leads.
• NEAR Protocol ranks fifth in the list of most liquid assets held by crypto-focused hedge funds and venture capital firms.
• NEAR Foundation is moving towards the Decentralized Autonomous Organization model (DAO), where NEAR tokens owners would serve as the principal governing authority of the protocol.

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