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What is NEAR Protocol?

The NEAR Protocol is a decentralized platform that is primarily designed for low-end devices such as mobile phones. The protocol has a simple goal: to create a platform that supports decentralized applications (dApps). It offers a very fast support that enables it to be used on all mobile devices and increase its reach to as many users as possible across the globe.

To its credit, the protocol allows low-end devices to take part in the NEAR network, playing the role of a node. This eliminates the need for purchasing high-ending computing devices for operation.

Problem & Solution

Contrary to the general expectation when the blockchain technology was introduced about a decade ago, the adoption of the technology for modern application has been less than impressive. This slow adoption is due to two major reasons: consumers and developers have to contend with lack of user-friendly technology while there is also an inherent scalability issue to deal with as well.

The scalability issue implies that new protocols can’t be released “without delivery finality time on the order of seconds and thousands of transactions per second,” according to the protocol’s whitepaper. This is where the NEAR Protocol comes in handy.

This protocol employs the sharded decentralized system that targets mobile devices and ensures that both the state and processing of transactions are sharded. This ensures that the protocol is future-proof in terms of its storage and compute.

By allowing millions of mobile devices to be connected into the network and implementing the Thresholded Proof of Stake, NEAR completely addresses the centralization issues that Ethereum and Bitcoin have to deal with frequently.

Partnerships

NEAR Protocols enjoys the partnership of some notable organizations that are represented in the image below:

Features

This protocol is designed with some great attributes that are responsible for its efficiency as a platform for low-end devices. These features are:

  • Speed of operation

It is extremely fast and offers impressive finality times that support its rapid peer-to-peer transactions.

  • Mobility

Of course, this is its major feature. The protocol’s lite nodes can run effectively on mobile devices. This offers end users a platform that supports dApp ecosystem.

  • Scalability

As I previously mentioned, scalability issue is one of the factors hampering the growth of the blockchain technology over the years. This protocol has this adequately taken care of as its power scales in response to its size growth. This enables it to support large commercial-grade decentralized applications.

The team

Behind this unique protocol is a team of dedicated and professionals with years of experience in the technology industry that includes Alexander Skidanov, Evgeny Kuzyakov, Illia Polosukhin, and Mikhail Kever.

They include three ex-Google engineers and three ex-memSQL engineers.

For more details about the team and advisory board, check here

Token sale

  • Pre-Token Sale begins on: To be announced.
  • Pre-Token Sale ends on: To be announced.
  • Main Token Sale starts on: To be announced.
  • Main Token Sale ends on: To be announced.
  • Total token: To be announced.
  • Total token offered: To be announced.
  • Hard Cap: To be announced.
  • Soft Cap: To be announced.
  • Token Symbol: To be announced.
  • Token Sale Price: To be announced.
  • Blockchain Used: To be announced.
  • Token Standard: To be announced.
  • Token distribution: To be announced.

Community

Although the protocol is relatively new in the industry, it is gradually building its followership.

  • Twitter: 582 followers
  • Telegram: 4,393 members
  • Facebook: 25 followers

News

NEAR Protocol also has a blog. Some highlights of the blog are:

For more news and updates, check here

Competitors

There is a good number of competing projects. These projects are also taking advantage of blockchain technology in different ways. Two of such projects are Hashgraph and Zilliqa.

  • Hashgraph

It’s a platform that offers cryptocurrency users a unique distributed consensus. It creates a platform where people without prior knowledge of each other can collaborate and securely conduct transactions online without an intermediary.

Besides, you can leverage the Hedera Hashgraph platform to build applications that are globally decentralized, by making use of the native HBAR cryptocurrency. The ownership and discretion over the licensing is left under your control.

The platform has a transparent codebase and it is a fluid ecosystem which is maintained by an assorted community that is dedicated to ensuring free education for all.

  • Zilliqa

It offers you a blockchain technology where you can birth your idea and nurture it to grow. It is a very secure and scalable platform for individuals or corporate organizations that want to host decentralized applications.

It provides unquantifiable opportunities to users. Zilliqa’s non-fungible tokens provide gamers with endless opportunities to own assets.

Moreover, Zilliqa offers automated payments and reduces the number of middlemen there helping to advance programmatic advertising.

Zilliqa is professionally designed to be scalable thereby minimizing the cost of the transaction, which eventually makes it possible for DApps to carry out micro-payments across borders.

Verdict

NEAR Protocol is charting a new course in the blockchain technology industry. It has all it takes to be the leading figure in the low-device sector it has chosen for operation.

While much can’t be said about its popularity, its social media presence seems to be promising, considering how long it took to get thousands of members on the platform.

The experienced team members will play a huge role in the protocol’s growth in the coming year with their extensive experience in the technology industry. Although there are a couple of competitors, their experience is an edge they can leverage to be ahead of others in the game.

However, NEAR Protocol can still do better. At the moment, there is little to nothing about their token. They should work towards rectifying this by providing more information about the token.

They should also communicate regularly with their community to keep the members abreast of any development.

Contacts

Website: www.nearprotocol.com

Twitter: https://twitter.com/nearprotocol

Telegram: https://t.me/cryptonear

By Jamal Molla

Rating

7.4

PLAN

8.0/10

TEAM

8.5/10

MARKETING

8.0/10

MARKET GROWTH

7.5/10

COMPETITORS

5.0/10

Pros

  • Innovative
  • A team of experts
  • No scalability challenges
  • Easy for mobile device users
  • Powerful investors

Cons

  • Insufficient information about its token
  • The social media presence can get better

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