Protocols

What Is Near Protocol and How Does It Work

Near protocol is the killer of the Ethereum blockchain, why just because of its high transaction fee, lower TPS, slow transactions, and network congestion. Moreover, Ethereum is also facing scalability issues and it would not be compromised. Near comes into the market as a competitor of the Ethereum blockchain.

What Is Near Protocol

Near Protocol comes to kill the Ethereum blockchain due to its reliability, useability, and scalability. It is developed by using technology web 3.0 as it is completely decentralized. It works on proof of stake and runs on smart contracts; in addition, overcomes the issue of scalability and speed. We can use this in Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Decentralized Autonomous Orgs (DAOs).

It came with a bridge (Rainbow Bridge), a Non-custodial Wallet (MyNearWallet), and tools (Nightshade, Ethereum Virtual Machine – EVM). Let’s discuss all the given products of Near Protocol one by one:

1: Rainbow Bridge

It is completely decentralized and developed by using a permissionless blockchain. It is the bridge between the Ethereum blockchain and Near. Moreover, we can transfer coins directly from Metamask or other wallets to Near wallets.

Near has a wallet facility, in the wallet you can store fully owned digital coins. Moreover, you can send or receive from or to any source using the Rainbow Bridge. The most common usage is staking and sandbox ventilation. Sandbox is a decentralized gaming platform where you can play games and can earn the Near.

2: Nightshade and EVM

Nightshade and EVM are the tools of Near, they help to perform fast transactions at a low fee. Moreover, it resolves the scalability issue.

3: Decentralized Network

Near is the web 3.0 technology, that’s why it is completely decentralized, each node within the Near network has the same privileges. No centralized authority like web 2.0 technologies. For instance, Google, Facebook, Twitter, and many other platforms that are sticking with centralized authority. Here you store your private information on third body servers, they have full access to your accounts. They can deny access to your account anytime anywhere because you don’t have equal rights. But on the other hand, in the decentralized system, there will not be typical client-server networks, in fact, in a decentralized network, each node is a client and at times a server too. Here each node has equal rights to access.

Conclusion

Near Protocol comes to kill the Ethereum blockchain due to its reliability, useability, and scalability. It is developed by using web 3.0 technology as it is completely decentralized. Its use cases are Decentralized Finance (Defi), Non-Fungible Tokens (NFTs), and Decentralized Autonomous Orgs (DAOs). Moreover, it came with a bridge, a non-custodial Wallet, and tools (Nightshade, Ethereum Virtual Machine).

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Talha