17. June 2022., 17:05 / Author: Nearian

Layer 1 Redefined: NEAR Protocol

NEAR is the efficient Layer 1 Web3 platform

It has long been established that Layer 1 blockchains come with a package of limitations such as lack of scalability, slow transaction processing, and extremely expensive fees. In essence, a Layer 1 blockchain has traditionally been defined as a base protocol that does not require another infrastructure to validate and finalize transactions. The NEAR protocol has set a goal of redefining what a Layer 1 is capable of offering. 

The NEAR Protocol is a Layer 1 blockchain that provides a variety of unmatched benefits in the Web3 Ecosystem. From its sharding architecture that allows virtually infinite scalability to its arsenal of developer tools to user-friendliness, NEAR has created a new standard where Layer 1 is all you need.

In the following, we will explore the benefits of the NEAR Protocol and how you can use them to build your world in the Web3 revolution.

Building on NEAR is easy

As a developer, shifting to a new blockchain is sometimes quite a commitment because of the change in the environment that this transition implies, from coding tools to the mere transfer of coins and other assets. Whether you are an aspiring developer or a veteran in the field, NEAR protocol will provide you with a package of incentives that will probably make the transition worth your while. 

We will first discuss the developer-friendly environment of NEAR. 

NEAR is an open-source protocol; that means any developer in any part of the world can easily contribute to the development of NEAR and use resources and assets developed for the protocol. Furthermore, NEAR is equipped with a plethora of tools to eliminate any barriers to entry for developers seeking to build on its blockchain, such as the Javascript SDK, Rust SDK, JSON RPC API, etc. Additionally, NEAR offers compatibility with Ethereum Virtual Machine through Aurora. Aurora can run and execute code in practically any language (Python, Java, Go, etc.). It offers an Ethereum-like development experience, with a whopping 1-second transaction time and a 2-second transaction finality. It also provides an Ethereum Layer-2 gas fee with a transaction cost averaging $0,02. NEAR is bridged to the Ethereum blockchain, making the transfer of assets and information between the two protocols as seamless as getting your hand out of your pocket.

Moving to the actual concrete financial incentives, NEAR offers 30% of the fees that their smart contracts generate on the blockchain back to the developers – a much higher paycheck than other protocols. Moreover, NEAR continuously publishes challenges on its website related to issues on the protocol, whose bounties sometimes amount to $100K. These bounties are up for grabs on Github if you’ve got the skills! 

A human experience! 

The NEAR protocol has redesigned the conception of the Web3 transition by building a user-friendly, easy-to-access blockchain. The UX design of the website, wallet, and other protocol applications is appealing through its simplicity. It provides a holistic perspective about the blockchain and its features without resorting to technical terms or over-complicated designs. Additionally, the protocol has broken with the tradition of needlessly long, overwhelming account names. The new design features human-readable, easily-memorable IDs, retaining the same security and encryption. NearPay, one of the foundation’s latest projects, is a fiat debit card designed to facilitate the conversion of fiat to crypto and vice versa. This much-needed solution will open NEAR for a whole new audience as it provides the ordinary layman with a very simple way to invest in crypto. 

Sharding – the scalability game-changer

Instead of every node on the blockchain recording the history of all the blocks from genesis to the most recent, consensus nodes are now only responsible for recording and validating a certain number of blocks or a chunk of the blockchain. This reduces the computational power and storage space required to validate a block. The NEAR team speculates that a laptop with 8 GB of ram and a quad-core processor is capable of validating a block-chunk on NEAR.  For a more technical understanding of sharding and dynamic sharding check here.

The Web3 Express

Whether you’re a blockchain enthusiast or just a curious entrepreneur, the NEAR protocol provides an ensemble of incentives and a well-paved road for you to start building your business on it. Building decentralized applications or Dapps on NEAR is a relatively simple task because of the aforementioned developer tools and the lightning-fast nature of the blockchain in general. Furthermore, the sharding mechanism mentioned above allows the blockchain to infinitely grow with your business without increasing the transaction fees or the cost of building your Dapps. NEAR has also developed the Octopus Network to help creators effortlessly build and maintain their appchains (a secondary (child) blockchain dedicated to a decentralized application that leverages the security and scalability of the Layer1). The Octopus network lays a foundation of security built on the NEAR protocol for appchains. This security can be leased according to the specific needs and purchasing power of the appchain. Additionally, Octopus delivers a direct bridge between NEAR and Ethereum, offering premium interoperability to the appchains. 

To wrap up, the NEAR protocol is the game-changer that is exponentially growing and incentivizing the global transition to Web 3.0. Whether you’re a developer, validator, entrepreneur, enthusiast, or just a curious individual, NEAR will give you the platform you need for your Web3 plans.

Check out the NEAR Website to find out more: https://near.org

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