NEAR Protocol Create without limits

Through the development of Near Protocol, we will work towards improving the ecosystem of blockchain technology in the telecom field. Near Protocol’s anti-fraud measures are developed based on smart contract and identity technology (ID) to prevent fraud. The API provided by near Protocol to allow users to build decentralized applications is a seamless system that secures the payments and reduces fraud. Near Protocol aims to resolve the problem of sharing bandwidth between users and telecom providers by using blockchain technology. In addition, the Protocol also provides a solution that enables a better payment transaction experience.

  • I’m a technical author and blockchain enthusiast who has been in love with crypto since 2020.
  • Users can chat with the AI chatbot and obtain instant responses to resolve issues such as billing, customer service, and technical support by using Near Protocol tokens.
  • The protocol is powered by the NEAR token, which is used to pay for transaction fees and gas costs.
  • Near Protocol aims to utilize the telecom sector’s sophisticated infrastructure, payment systems, and muscular development capabilities with its near-frictionless blockchain technology.

The Tangem Wallet now supports $NEAR, allowing users to store, buy, send, and swap them directly in the app. Early-stage investors have snapped up approximately 35% of the initial 1 billion NEAR tokens. This solid foundation lays the groundwork for NEAR’s journey toward widespread adoption and success. The NEAR foundation has secured over $20 million through various investment rounds, with prominent venture capital firms like Andreessen Horowitz and Pantera Capital leading the way. Blockchains are evolving amalgams of computer protocols and human participants, and rely on both old and new tech to create their governance methods.

Transaction Status​

In combination, gas fee and deposit attachments enable creation of contracts that need zero cost from developers to support and can live on blockchain forever. Even more, 30% of gas fees spent on the contract execution will go to a contract’s account itself (read more here), so just by being used it will bring some income. To be fair, due to the cheap gas cost this will make a significant impact only for most popular and often-called contracts, but it’s nice to have such an option nonetheless.

The advent of blockchain technology has revolutionized the way we perceive and interact with the digital landscape. As this transformative technology continues to gain traction, numerous blockchain platforms have emerged, each with its unique set of strengths and limitations. Nightshade employs sharding, an architectural design within blockchain technology, allocating specific data subsets to individual participating nodes. This approach enhances scalability, accommodating a higher transaction throughput and reducing transaction fees. In order to simplify creation of indexers, NEAR Indexer Framework has been created. However, even with a framework available, extracting data from a transaction may not be an easy task, since each smart contract has its unique structure and data storage model.

Contracts on Near protocol are written in various languages, including Rust, AssemblyScript, and Solidity. However, the protocol is language-agnostic, meaning that any language can be used to develop dapps on Near protocol. I’m a technical author and blockchain enthusiast who has been in love with crypto since 2020. A pivotal advantage of Nightshade lies in its capacity to minimize potential security vulnerabilities.

The Rainbow Bridge is a vital component of the NEAR Protocol that facilitates interoperability between NEAR and other blockchain networks, such as Ethereum. It enables the transfer of digital assets and tokens across different blockchains, creating a seamless bridge between ecosystems. Projects building on NEAR include Mintbase, a non-fungible token (NFT) minting platform, and Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and more. To support more complex data retrieval scenarios, smart contract data should be put in a more appropriate store, like a relational database. In a nutshell, indexer is just a special kind of blockchain node that processes incoming transactions and puts relevant data into a database. Collected data can be exposed to a client using a simple API server (e.g. REST or GraphQL).

Features include

Long-term objectives include combining community-led creativity with efficient decision and execution, as well as receiving sufficient representation of each of the network’s important stakeholder positions. This means that your project can leverage the liquidity, existing user base, and tooling available on other blockchains while benefiting from NEAR’s scalability and performance advantages. Validators often compete for delegators’ stakes based on factors such as their track record, performance, and reputation. Validators who attract more delegated stakes can have a higher chance of being selected to create blocks and earn more rewards.

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Eventually, oversight of the Reference Maintainer will be conducted by community-elected representatives. NEAR is a platform that helps users overcome all the barriers that usually hold them back in the Web3 space — from complicated UX to the high cost of scaling. During the development, and sometimes even in production, updates to a contract’s code (or even data) are needed. By utilizing cutting-edge cloud-based technology, Bitcoin Minetrix aims to decentralize the mining process, making it more accessible and environmentally friendly.

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To simplify this process, smart contracts can write structured information about outcome into the logs (e.g. in the JSON format). Each smart contract can use its own format for such logs, but the general format has been standardized as Events. Near allows users to securely hire freelancers from all over the world without any worry about their ID or if they are safe due to blockchain technology being able to verify every transaction. On top of that, it offers up-front payment so that people can be sure they are hiring reliable individuals when there is low downtime between projects and emergencies that will not interfere with payment methods.

Summary The importance of Artificial Intelligence (AI) in today’s rapidly evolving world, from powering voice assistants to driving innovations in various industries, cannot be ignored. The CEO of IBM, Arvind Krishna, believes that the future of work is about humans and artificial intelligence (AI) working together, not against each other. Overall, Near Protocol is a promising new blockchain protocol with many benefits. However, it is still early in development, and some drawbacks must be considered before using it. The total supply of NEAR is 1 billion tokens, with a circulating supply of 350 million as of July 2020.

Near Protocol aims to utilize the telecom sector’s sophisticated infrastructure, payment systems, and muscular development capabilities with its near-frictionless blockchain technology. In addition to that, Near Protocol supports DApp developers by providing a development platform for them to access and integrate with Near Protocol easily. Near Protocol offers a solution that allows users to share and utilize their idle bandwidth by using blockchain technology to build an ecosystem that integrates the DApp platform, private chain, and payment service. Near Protocol uses DHT, a distributed hash table, to create a private chain for every user and provide fast transaction speed. Unlike mainstream public chains like Ethereum, Near Protocol only processes transactions for the users involved in each smart contract.

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To do so, they first need to create a “contract,” a piece of code specifying the dapp’s functionality. Once a contract is created, it can be deployed to the network and accessed by anyone with an account on the network. The idea for Near Protocol came about in early 2017 when co-founders Alex Skidanov and Illia Polosukhin worked on scaling solutions for Ethereum (ETH).

This design significantly improves scalability and increases transaction throughput, enabling your project to handle high volumes of transactions and accommodate a large user base without sacrificing performance. Developers can leverage the NEAR Software Development Kit (SDK) to access a rich library of pre-built components, reducing the time and effort required to create innovative applications on the platform. Additionally, NEAR Protocol’s modular architecture allows for easy upgradability and protocol enhancements, ensuring the platform remains adaptable to evolving developer needs. For investors, acquiring NEAR and including it in their investment portfolio could be a strategic move if they believe in the future viability of sharding as a means to scale blockchain technology.