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Srijan Bijjam -

NEAR - empowering millions to invent and explore new experiences

Users find the NEAR Protocol appealing because of its sharding technology, which it calls “Nightshade”. The sharding technology allows for greater transaction capacity, security and lower transaction fees than many other platforms.

Sharding is the process in which the network’s infrastructure is split into several fragments in order for computers to only have to handle a fraction of the network’s transactions. Instead of distributing the complete blockchain across network participants, sharding distributes segments of blockchain and this helps to retrieve network data more efficiently.

Like other major centralized data storage systems, NEAR too operates in a similar way, all applications are built on them. But those major centralized data storage systems run on a single entity, NEAR is operated and maintained by a network of computers.

The Rainbow Bridge application allows easy transfer of Ethereum tokens back and forth between Ethereum and NEAR. NEAR Protocol uses a native token called NEAR which allows users to pay fees for transactions, run applications and pay for storage.

Aurora, a layer 2 scaling solution built on NEAR protocol, allows developers to launch their Ethereum decentralized applications on NEAR’s network. Developers who want to build more efficient applications which will experience a high volume of activity prefer the NEAR protocol.

Alex Skidanov and Illia Polosukhin are the founders of NEAR protocol. NEAR has raised a total of $183.7M in funding.

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