How Near Protocol became the front-end “Ethereum Killer”

NEAR recently experienced a sharp decline in the market, and the price of the currency rose from around US$6 to its highest point. It was once close to US$12, almost doubling.

The editor has always firmly believed that behind all real pull-ups, it must be the result of the completion of the landing application or the ecological explosion, and the final value will be fed back to the currency price.

Today, let’s take a look at what the near protocol is known as the ” Ethereum Killer”!

First of all, if we want to understand a project, we must first go to its official website and look at the published information and white paper.

NEAR official website:

How Near Protocol became the front-end "Ethereum Killer"

Next, we will analyze the entire NEAR project from three aspects: technical highlights, development and investment background, and personal analysis.

Technology Highlights

We know from the white paper that NEAR is a decentralized development platform designed to provide an ideal environment for dapps by overcoming some of the limitations of competing systems-such as low throughput, low speed, and poor cross compatibility.

NEAR uses pos instead of POW, which is still running on Ethereum at this stage.

NEAR is very fast. It has a processing capacity of the order of 100,000 transactions per second (tps), and by virtue of the 1-second block rhythm, the transaction can be finalized almost immediately.

The cost it consumes is almost negligible compared to the current Ethereum.

At the same time, NEAR greatly reduces the barriers to entry for developers. It is compatible with Rust, Solidity, and TypeScript, and is perfectly compatible with the cross-chain Polkadot contract, which is also more conducive to the development of more Web3 projects in the future.

Among the many technical highlights, the most attractive is that it can seamlessly dock with eth.

Using the Rainbow Bridge in NEAR, erc20 assets can be directly migrated to NEAR. Conversely, NEAR’s assets can also be directly sent back to the Ethereum network.

How Near Protocol became the front-end "Ethereum Killer"

Development and investment background

The core members of the NEAR team have sufficient development experience and competition experience, as well as work experience in large companies such as Google and Facebook.

The two core founders and developers are Alexander Skidanov and Illia Polosukhin.

Alexander Skidanov: Partner, ICP C gold medal (International College Student Program Design Competition), former Microsoft’s MemSQL project director.

Illia Polosukhin: Co-founder of Near Protocol and finalist of the 2008 ACM International College Student Programming Competition (ICPC). He is the main code contributor to the Google Tensor Flow artificial intelligence open source project and has produced programming tools used by thousands of teams in the field of machine learning. .

He also served as the project director of Google’s deep learning team, leading the team in charge of the core search algorithm business for nearly 10 years.

At the same time, there are 26 supporters/investors on NEAR’s official website, including some well-known investment institutions such as a16z and coinbase.

How Near Protocol became the front-end "Ethereum Killer"

Project Analysis

NEAR, as a representative of the last public chain, does have a lot of novelty in its propagated technical ideas and concepts, but it has not yet reached the point where it is eye-catching.

But the most attractive part of the editor is its friendliness to developers and users. NEAR is compatible with Rust, Solidity, and TypeScript.

At the same time, the Ethereum expansion solution Aurora has recently reached a cooperation with the famous block explorer Etherscan, which will integrate Aurora, and Ethereum developers and users will also be able to use familiar browser tools.

Aurora is an Ethereum expansion solution built on NEAR (or Ethereum’s Layer 2). It can help Ethereum users and dApps to easily migrate to the NEAR blockchain and enjoy the advantages of NEAR’s low gas fee and high transaction speed.

At the same time, the Rainbow Bridge mentioned above allows erc assets to be directly transferred to NEAR, and vice versa, it can also be transferred directly to Ethereum. In the opinion of the editor, NEAR is likely to be in front of other “Ethereum killers”. Important reason.

How Near Protocol became the front-end "Ethereum Killer"

Why have so many “Ethereum killers” appeared in a few years, but none of them can pose a real threat to Ethereum in the end?

One of the important reasons is that Ethereum has a strong first-mover advantage, and its ecology has gathered too many outstanding developers and ready-made smart contracts. These people have no incentive to redevelop a set of smart contracts on other bottom layers, and then Created a situation where the strong became stronger.

And NEAR is fancy to this point. From the very beginning, it actively embraced the Ethereum ecosystem, and at the same time used its own characteristics of large throughput and low price to attract users and developers , which is in contrast with other public chains. Sentenced.

At the same time, it is worth noting that the current market value of NEAR is 4 billion U.S. dollars, while the market values ​​of sol, dot, and atom on the same track are 50 billion U.S. dollars, 30 billion U.S. dollars, and 6 billion U.S. dollars, respectively.

To achieve such a high level with such a low capital, its advantages and prospects must not be underestimated.


Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (1)
Donate Buy me a coffee Buy me a coffee
Previous 2021-09-12 12:21
Next 2021-09-12 12:23

Related articles