NEAR Protocol

NEAR In-depth Report Generated by AI - For further details, please review:

https://alpha.sosovalue.xyz/trade/NEAR-USDT-BINANCE

1)What is NEAR?

NEAR Protocol is a layer 1 blockchain network designed for decentralized application development, often seen as a competitor to Ethereum. It stands out for its high transaction speed, aiming for up to 100,000 transactions per second, and employs a unique sharding technique called "state sharding" in its "Nightshade" technology to enhance speed and scalability. Operating on a proof-of-stake consensus mechanism, NEAR requires validators to stake tokens to participate in block validation, offering rewards in NEAR tokens. Although it shows potential with rapid growth in applications and investor interest, NEAR's market capitalization remains significantly lower than Ethereum and other major competitors like Solana and Polkadot. Emphasizing environmental responsibility, NEAR claims carbon neutrality and benefits from the eco-friendlier nature of proof-of-stake systems.

2)Which sector does NEAR belong to?

NEAR Protocol belongs to the Layer 1 blockchain sector, which is a foundational level of blockchain technology where blockchains like Ethereum, Solana, and Polkadot operate. The current situation and development prospects of this sector are dynamic and multifaceted:

• Dominance of Ethereum: Ethereum remains the most widely adopted and developed Layer 1 blockchain as of 2023. It's seen as the leader in the next bull run, owing to a series of protocol-level developments, including the transition to proof-of-stake and the anticipation of further upgrades like the "Shanghai" upgrade and EIP-4844, which will enable proto-danksharding. These developments are driving greater adoption and capital into Ethereum, solidifying its position as a major player.
• Innovation in Staking: Ethereum's shift to proof-of-stake has led to it becoming the largest staked capital base of any blockchain, with innovations like liquid staking and distributed validator technology. Projects like EigenLayer are expected to bring further innovation in this space, enhancing the utility and security of Ethereum's staking mechanism.
• Growing Layer 2 Ecosystem: As Layer 1 protocols continue to evolve, Layer 2 solutions are becoming increasingly important for supporting consumer-friendly applications. These solutions address scale, user experience, confidentiality, and security, which are crucial for mass adoption of Web3 applications. In 2023, Layer 2s are expected to take a leading role in driving crypto adoption, especially for non-financial applications like social media, gaming, and metaverses.
• Emergence of Decentralized Science (DeSci): Decentralized science is emerging as a major use case of Web3 and is set to transform fields like biotech. By leveraging open-source collaboration and decentralized fundraising, DeSci aims to align research outcomes more closely with the needs of patients and researchers, marking a significant shift from traditional, monopolistic innovation models.
• Decline of Vaporware Blockchains: Some Layer 1 blockchains that have remained popular based on early hype, despite limited ecosystem development, are expected to lose their positions as top blockchains. This change reflects a shift in investor priorities towards blockchains with tangible development and utility.
• Tech Crypto's Rising Utility: In 2023, there's an increasing focus on the utility of "tech crypto," marked by a shift from centralized to decentralized financial applications, and the rise of non-financial decentralized applications. This trend is expected to lay the groundwork for broader adoption of Web3 technologies and could potentially pave the way for the next bull market.

3)What is tokenomics of NEAR (includes allocation and supply schedule)?

Token NEAR was launched in Oct 2020. The initial supply is 1 billion, the current circulation is 1 billion, the circulation accounts for 100%, the market value is 1.8 billion US dollars, and the FDV is 1.8 billion US dollars. The token is currently close to its issuance price.

Token Allocation

The initial distribution of NEAR tokens was divided among several key areas:

• Operations Grants: 11.40%
• Early Ecosystem: 11.76%
• Community Sale: 12.00%
• Core Contributors: 14.00%
• Community Grants, Programs: 17.20%
• Foundation Endowment: 10.00%
• Venture Round: 8.41%
• Seed Round: 15.23%

Supply Schedule:

NEAR Protocol's initial token launch date was on October 13, 2020. The total supply of NEAR tokens is set at 1,000,000,000 (1 billion tokens), and the protocol follows an inflationary emission rate. This means that new tokens are continuously created over time, adding to the total supply. The specific details of the token release schedule over time, including the rate of inflation and the mechanisms governing new token creation, were not accessible during my search. For more detailed and current information on the token release schedule, it's recommended to consult NEAR Protocol's official resources.

4)What about the team and the investors of NEAR?

Team Behind NEAR

NEAR Protocol, initially a machine learning project, was transformed into a blockchain development platform by Illia Polosukhin and Alexander Skidanov. Both founders have impressive backgrounds: Illia Polosukhin contributed to TensorFlow at Google, while Alexander Skidanov was the lead engineer at MemSQL. Their exploration in program synthesis led them to the blockchain domain, and they started building NEAR Protocol in August 2018. The NEAR Collective, which includes over 50 scientists, programmers, and tech intellectuals, was instrumental in creating the platform’s initial code and continues to drive its development. The team runs the NEAR Foundation, a Swiss non-profit that sponsors the protocol's advancement.

Funding History

NEAR Protocol has attracted significant investment over its development. Notable funding rounds include a $21.6 million round in May 2020, a $150 million round in January 2022, and a $350 million round in a funding round led by Tiger Global in 2022. These funding rounds were aimed at accelerating the decentralization of the NEAR ecosystem and supporting its growth. High-profile investors such as Republic Capital, FTX Ventures, Hashed, Dragonfly Capital, ParaFi Capital, Blockchange Ventures, and MetaWeb.vc have participated in these rounds. The platform has also garnered attention from industry giants, with Ethereum’s CEO and co-founder Vitalik Buterin appreciating the technical achievements of NEAR Protocol.

5)What is the development history of NEAR?

Significant Milestones in NEAR's Development（updated to 2023）

1. Blockchain Operating System (BOS) Launch (March 2023): NEAR Protocol introduced the Blockchain Operating System to aid the transition from traditional web to decentralized web. The BOS is an open-source system that simplifies building and deploying decentralized applications across blockchains.

2. NEAR Horizon Launch (April 2023): NEAR Protocol launched NEAR Horizon at the Consensus event. It's an early-stage accelerator on the BOS, providing a marketplace for Web3 startups to develop projects on NEAR and other platforms.

3. Inaugural Election in the NEAR Ecosystem (September 2023): The NEAR Digital Collective (NDC) held its first elections, establishing a community-driven governance structure within the NEAR ecosystem. This initiative aims to enhance transparency and decentralization in decision-making processes on the NEAR platform.

6)What is the progress and future roadmap of it?

The core protocol team prioritized these based on a combination of: ecosystem-level strategy from NEAR Foundation and Pagoda; feedback from founders and builders; and user research on applications built on NEAR. Here is a quick breakdown of some of the items on the roadmap:

• Meta Transactions. Meta transactions allow a third party to pay for the transaction cost of any account, which means that users can be onboarded to NEAR apps without having to get NEAR tokens first.
• Zero-balance Account. Allow accounts with zero balance to exist to make it easy for applications and wallets to create accounts for new users.
• Secp256r1 keys. Secp256r1 key support would allow iPhone users to have an implicit account onchain. This reduces the friction of onboarding to an even lower threshold than existing Web2 approaches. An iPhone user does not have to go through the process of creating an account through some wallet.
• Global Storage. In the current paradigm, if a commonly used smart contract is deployed many times, the same amount of storage staking cost has to be paid every time it is deployed. As an example, every account that deploys a multisig contract today has to pay \~3N for storage cost even though the contract is exactly the same across all those accounts and isn’t consuming more physical storage on the implementation level. Global storage addresses the problem by allowing builders to burn tokens to deploy a contract once and then every account can use it without having to pay for the storage staking cost.
• Running wasm in wasm. Today smart contracts deployed within Aurora interact with each other synchronously. The same can be done for native NEAR contracts if we allow dynamically loading and executing another smart contract within the execution of a smart contract.

7)List all important links related to NEAR

Official Website:

https://near.org/

Blog:

https://near.org/blog/

Tokenomics:

https://www.coingecko.com/en/coins/near-protocol

Development Milestones:

https://everstake.one/blog/key-milestones-in-the-near-ecosystem-for-2023

Future Roadmap:

https://near.org/blog/near-protocol-roadmap-2023-4-the-next-2-years-of-near%EF%BF%BC

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

As of the latest available data, NEAR Protocol (NEAR) is valued at around $1.85, with a market capitalization of approximately $1.85 billion and a circulating supply of over 1 billion NEAR coins. This positions NEAR at rank #36 in the global cryptocurrency market. NEAR Protocol has experienced significant fluctuations in its value. Recently, it has seen a downward price trend, with a notable decline from its yearly high of $2.69 to around $1.85. Despite this correction, there are indicators of potential upward movement. The MACD indicator shows a bullish convergence, and the RSI is in a neutral zone, suggesting the possibility of price recovery. The future prospects of NEAR Protocol are a subject of various predictions and analyses. Some forecasts for the coming years are quite optimistic:

• For 2023, the price is predicted to reach up to $2.23.
• By 2026, the price might rise to approximately $7.82.
• Projections for 2029 suggest a potential price of up to $25.38.
• By 2032, NEAR could reach up to $79.66.

These predictions are reinforced by other sources, such as Coincodex and DigitalCoinPrice, which also indicate a bullish outlook for NEAR in the future, with potential substantial price increases projected over the next decade. NEAR Protocol's technical aspects contribute significantly to its prospects. It is a decentralized platform built on the proof-of-stake consensus model, designed to address limitations of existing blockchains. It offers improved transaction speeds, higher throughput, and enhanced interoperability, making it suitable for decentralized applications (DApps). NEAR Protocol uses innovative solutions like 'Doomslug' for block production and implements sharding to tackle scalability challenges. The founders of NEAR Protocol, Erik Trautman, Illia Polosukhin, and Alexander Skidanov, bring a diverse set of experiences in finance, machine learning, and computer science, contributing to the protocol's development and growth. From a tokenomics perspective, the NEAR token is used for transaction fees and data storage on the blockchain. The protocol employs a token reward system to incentivize stakeholders and supports a variety of tokens, including NFTs, adding to its versatility. Governance of the NEAR Protocol is overseen by the NEAR Foundation, a Switzerland-based non-profit dedicated to maintaining the protocol and guiding its governance. This structure is designed to support the protocol's aim to lead in the infrastructure for Web 3.0, distinguished by its developer and user-friendly features. Overall, while the recent market conditions have led to a decline in NEAR's value, the protocol's technical strengths, ongoing partnerships, and market forecasts suggest potential for growth and recovery in the future. However, it is important to note that cryptocurrency markets are highly volatile, and predictions should not be taken as guarantees of future performance.