At present, the development of the blockchain industry can be divided into 3 main stages. In the first stage, Bitcoin played a great role in helping everyone open the door to "open currency" and completely liberated people's imagination of the concept of "decentralized currency"; in the second stage, the protagonist was Ethereum , Ethereum's smart contracts have released unlimited potential, making it possible to "decentralize open finance" represented by stablecoins, lending protocols, and DEX; and now, we have entered a new third stage, each The leading public chains are showing their magical powers and launching all-round competition, all wanting to occupy a new position on the future track as soon as possible.
Among them, there is a "public chain star" that shines so much, and even people have high hopes that it can become the future "Ethereum killer", and it is the star public chain NEAR.
Where is NEAR sacred? Can it bring value and potential to the entire market in the future? Today, World Chain Investment Research is here to conduct an in-depth analysis for everyone.
What is NEAR?
The full English name of NEAR is the NEAR Protocol, which is a highly scalable basic protocol that ensures that DApps can run fast enough on mobile devices. NEAR allows developers to build mobile blockchain DApps and run them locally, and at the same time, provides developers with important information about DApps. Thanks to state sharding technology, the blockchain is allowed to scale linearly with the number of nodes in the network, with the goal of 100k TPS based on 1 million mobile nodes.
As an open network infrastructure, NEAR strives to provide everyone with a decentralized application platform. Different from the obscure features of most existing blockchain platform technologies, NEAR strives to make the difficult and threshold blockchain accessible. From the scalability of the bottom layer, to the optimization of the middle layer, to the mature tools of the application layer, layers of checks and breakthroughs are designed to provide developers and users with a simple and friendly experience.
From the perspective of value depth, NEAR's sharding technology is particularly worth mentioning. In addition to effectively solving the scalability problem, this technology also attempts to solve core problems such as composability, cross-shard communication delay, and cross-shard transaction fees.
The reason why people regard the NEAR agreement as a potential project is largely because it targets the low-end devices (such as mobile phones) in this market segment. Although this is a subdivided field, it has a lot of room for operation. As far as the current development is concerned, these low-end devices have not yet become the focus of attention. NEAR has taken the lead in this area, and it can be said to have seized the opportunity. In the future, as the performance of mobile phones continues to improve, the quality of memory chips will inevitably be greatly improved. Mobile devices such as mobile phones are likely to become "a battleground" in the field of agreement. By then, NEAR will have greater advantages in applications market.
What are the ecological applications of NEAR?
As a project with the vision of "committed to building an open network platform available to everyone", NEAR has done quite a bit in its own ecological application construction. Next, let's take a look at the ecological applications of NEAR "out of the circle".
Rainbow bridge
The main function of Rainbow Bridge is to build a bridge of communication and mutual transmission between NEAR and Ethereum. What's more, the same architecture, after only a little modification by technicians, can allow NEAR to successfully connect to all compatible EVMs, including Polygon, Matic, Binance Smart Chain, Avalanche and other blockchains. Eventually, L2 blockchains like Optimism and Arbitrum can also be connected.
Additionally, the Rainbow Bridge team is planning to expand the Rainbow Bridge to support EVM-incompatible blockchains including Bitcoin, COAMOS IBC.
The release and launch of the Rainbow Bridge is of unusual significance to NEAR, because the emergence of the Rainbow Bridge means that the DeFi function is officially launched in NEAR. After this, creators and users around the world can use DeFi products and services on NEAR, and all assets originated in Ethereum can now seamlessly interact on the NEAR platform.
SputnikDAO/Boring DAO
As we all know, DAO can be regarded as an important part of the decentralized governance strategy of every blockchain protocol. For this reason, the DAO ecology on NEAR has also attracted much attention.
SputnikDAO is the DAO infrastructure on NEAR. With the help of this tool, it becomes much easier for projects or individuals to publish DAOs on NEAR, set the governance model for their treasury management, and update the smart contracts of the protocol. Projects can set up multi-signature governance, or issue and distribute governance tokens (both through Sputnik), or both.
BoringDAO is a decentralized asset bridge that will connect NEAR assets to Ethereum and other blockchains in the future, and will introduce PoW assets such as Bitcoin to NEAR. BoringDAO uses the "channel" operated by DAO to bridge assets, and this channel will also be responsible for managing important tasks such as the casting and destruction of cross-chain tokens.
Flux/ Band Prptocol
The Flux Protocol team is planning to release a new oracle aggregator to power DeFi applications on NEAR. The optimized Flux oracle can support API, random and price feed data, and the whole process is secured by economic guarantees. In addition to organic data, Flux oracles can leverage existing oracles and price feeds (Chainlink, Band, Uniswap) to provide developers with secure, customized price feeds.
Band Protocol introduces price feeds and data sources into the NEAR blockchain in a native way. With Band, developers can use real-world events, sports, weather, random numbers, etc. data in their applications and protocols.
Pulse
Pulse is a community-owned and community-run application, and it is also the first application driven by the Flux oracle. Users can use the application to predict a series of events, including predicting the weather, whether people find loopholes in the NEAR Rainbow Bridge, etc., and then submit the prediction results. Currently, Pulse is online, and there are thousands of users and hundreds of thousands of dollars in streaming liquidity.
Metapool
Pledge derivatives and DAO-based pledge distribution are vital to the PoS network to maintain a decentralized state, and the core advantage of Metapool is that the above two points can be achieved at the same time.
Users can pledge their NEAR through Metapool, and Metapool will assign NEAR to verification nodes on the whitelist, and then return $stNEAR. It is worth mentioning that stNEAR and NEAR have a 1:1 redeemable relationship. Holders will receive pledge rewards in the form of stNEAR. These stNEAR can be used in DeFi applications. Staking NEAR by this method can enjoy extra 10% annualized return.
OIN Finance
OIN is a decentralized stablecoin release platform. Projects can release their own branded stablecoins on OIN without the need to whitelist their collateral on other early platforms (such as MakerDAO). It is reported that OIN will release a set of stablecoins with NEAR as collateral, allowing NEAR token holders to unlock stability without having to sell their NEAR tokens. In addition, OIN also plans to launch an off-ramp function and other businesses, so that it can support swaps with other mainstream stablecoins, and can also provide services such as adding leverage, hedging, and lending, and can be targeted to specific A large number of functions have been launched on the ecology.
What are the characteristics of NEAR tokens?
The NEAR agreement officially launched the relevant mainnet on April 22, 2020. At the same time, 1 billion NEAR tokens were created. After that, an additional 5% of the supply will be issued every year as a block reward. 90% of the additional supply will be allocated to validators (ie 4.5% in total); the remaining 10% will be allocated to the protocol reserve pool (ie 0.5% in total). 30% of the transaction fee will be paid as a rebate for the contract interacting with the transaction, and the remaining 70% will be destroyed.
The overall distribution plan of NEAR coins is as follows, of which 17.2% will be used as community grants; 14% will be allocated to core contributors; 11.4% will be used as operating grants; 17.6% will be allocated to supporters; 10% will be used as Foundation donation; 6.1% will be used for the early ecosystem; 12% will be used for community sales.
It is worth mentioning that NEAR is the native token of the NEAR protocol, and its biggest role is to protect network security. Running a node needs to pledge NEAR tokens, so once a node commits evil, it can be punished. This mechanism can effectively guarantee the security of the network in an all-round way. Secondly, NEAR tokens play an important role as a medium of exchange. When conducting transactions, users need to use NEAR tokens as a medium of exchange. You need to use NEAR as a trading medium when trading in NEAR. In addition, NEAR tokens can also be used for network governance voting, which can determine the distribution method of network resources and the future technical direction of the protocol.
NEAR also has two core advantages that are unmatched by other tokens. One is that NEAR transaction fees are destroyed. Therefore, at high usage, the NEAR token will be deflationary; another is that NEAR's transaction fees are bound to remain low over time as network capacity is dynamically expanded through sharding.
Will NEAR's future development prospects look good?
Although many people in the industry hailed NEAR as the "Ethereum Killer", there is no doubt that the future development of NEAR will inevitably rely on the help of Ethereum. Ethereum has a strong developer community and extensive token distribution. In the next 2-3 years, how to achieve the transition from Ethereum 1.X to 2.0 will become the focus of everyone's attention.
And this opportunity gives NEAR sharding technology more space and possibility. NERA's sharding technology will prioritize the balance of network resources across shards, and will not treat shards differently. The Nightshade consensus and "large block design" originally created by NEAR can better serve as a single blockchain, thus achieving an Internet-level scale.
In addition, as the so-called "time, place and people are in harmony", the NEAR project team is full of talents. NEAR has a rich team composition, including many world-class computer competition winners, several former MemSQL engineers, and many members from well-known organizations such as Google and Facebook. It is not an exaggeration to say that they have rich industry experience in building distributed systems.
Compared with traditional public chains such as ETH and DOT, NEAR is a PoS public chain that adopts sharding technology. We have reason to believe that NEAR, which is currently in the window period, will seize the wind of the times and burst out amazing potential and value.
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