Exchange NEAR Protocol (NEAR) at the Best Rates

NEAR Protocol Overview: A Fast-Growing Network

NEAR Protocol seeks to reward a computer network for running a platform that allows programmers to design and implement decentralized applications. In its work, it uses a technique called ‘sharding,’ designed to improve transaction speed and capacity. Just recently, the NEAR Protocol price showed potential for a bullish reversal with a 3348.28% rise in active addresses. The number of active addresses on the network has been continuously growing since last year expressing a keen interest in the network. Let’s take a closer look at NEAR Protocol and try to explore the project’s potential.

What Is NEAR Protocol?

Rivalling Ethereum, NEAR Protocol is a decentralized application (dApp) platform that prioritizes development and user-friendliness. On the NEAR Network, transaction fees and storage are covered by its native NEAR tokens. Sharding technology is used by the Proof-of-Stake blockchain NEAR to achieve scalability.

NEAR Protocol was founded in 2017 by Illia Polosukhin and Alexander Skidanov as an attempt to develop a blockchain network that is easier to use and more effective. The goal of the platform's creators was to create a decentralized system that could manage large transaction volumes. By no means is NEAR Protocol the first network to adopt sharding. Since 2013, it has been discussed as a potential Ethereum repair, and in 2018, Ethereum rival Zilliqa implemented a variant of it. A ‘fully sharded’ chain, however, would be revolutionary. This is why NEAR Protocol claims to provide ‘infinite scalability,’ or the ability to increase the volume of transactions occurring on the network without compromising its functionality.

Here are the main features that make NEAR Protocol unique:

1. Dynamic Sharding – Nightshade: NEAR Protocol’s scaling roadmap revolves around a concept called Nightshade. This unique form of sharding dynamically adjusts to network demand, aiming to improve transaction speeds and scalability. Sharding is a process that splits the blockchain into multiple parts, allowing for parallel transaction processing.

2. Interoperability with Ethereum: NEAR achieves interoperability with Ethereum through its native light client bridge, Rainbow. This bridge facilitates the transfer of assets and information between the two blockchains, enhancing the flexibility and reach of NEAR Protocol.

3. EVM Compatibility via Aurora: While the native NEAR chain is not directly compatible with the Ethereum Virtual Machine (EVM), it offers EVM compatibility through Aurora. Aurora is a smart contract platform that operates on NEAR Protocol, providing an EVM-compatible execution environment. This allows developers to deploy and interact with EVM smart contracts on NEAR, broadening the protocol’s usability and appeal to developers familiar with Ethereum’s ecosystem.

NEAR Protocol Price Prediction

The NEAR Protocol recorded an unprecedented 42.0% increase in average daily active addresses in Q2 2024, reaching a record high. The greater interest and involvement in the NEAR environment is reflected in this milestone. Since last year, the number of active addresses on this network has been rising steadily.

Increased transactions and address activities have helped NEAR prices recover from recent losses. With higher engagements, bulls are pushing to overcome resistance. This led to 450 million total transactions and 227.7 million unique users. In June, NEAR attracted 12.3 million new addresses and 5.8 million in May.

An increasing number of elements have contributed significantly to the acceptance and utilization. First and foremost, the NEAR AI R&D Lab's development seeks to advance scalable, safe, and straightforward technology. Attracting consumers and establishing NEAR as a major player in the integration of AI and blockchain have been made possible by the exciting potential of AI.

Other improvements of NEAR Protocol include the integration of HERE wallet and chain signatures. NEAR's accessibility and user experience have been enhanced by these advancements and integrations. Due to this news, many experts are bullish on NEAR crypto. Many, like CoinEagle via CoinMarketCap, believe that in 2030, NEAR token can go as high as $100. 

Experts like those at DigitalCoinPrice believe that in 2025 the highest price NEAR token can reach is $13.16, while PricePrediction believes that the bullish market will drive NEAR token’s price in 2025 to its peak of $10.48. Telegaon analytics think that by 2030, NEAR coin will reach a maximum of $73.08.

Can NEAR Coin Reach $100?

The price of NEAR Protocol depends on a variety of factors. An essential factor is the mood in the cryptocurrency market. Good news boosts investor confidence. Examples include big businesses adopting cryptocurrency, governmental approval, or advancements in blockchain technology. As a result, the price may tend to rise. Conversely, unfavorable news, including data breaches, government prohibitions, or technical malfunctions, can cause panic sell-offs and price reductions.

The price of NEAR can also be impacted by changes to the blockchain network and technological advancements. Increased functionality, security, and hardforks are just a few examples of improvements that might draw in additional investors and users and raise prices. On the other hand, technical malfunctions or weaknesses can erode investor trust and cause prices to drop.

In the erratic cryptocurrency market, the NEAR Protocol (NEAR) has performed remarkably. In spite of the significant fluctuations, NEAR has produced a remarkable 323.46% return over the last year and a 70.03% performance thus far this year. To contextualize this, have a look at its rivals: Over the past year, Ethereum saw a 50.03% gain while Bitcoin recorded a 53.24% return. NEAR clearly did better than Ethereum and Bitcoin, proving its strength as a competitor. With such outstanding performance, many experts claim that NEAR Protocol has a high potential.

It is quite possible that NEAR will reach $90 by 2025 given its outstanding past performance and the quickly changing blockchain industry. Astute traders seeking to optimize their profits can use these instruments to seize NEAR's increasing trend.

NEAR Protocol vs. Other Layer-1 Protocols

NEAR Protocol has a number of competitors in the field, and its major rivals are Ethereum and Solana. Let’s take a look at the short overview of all three platforms.

In general, NEAR Protocol is more useful than Ethereum and is likely to stay that way for a very long time. However, because of Ethereum's relative youth, NEAR is used in transactions comparatively less frequently.

When opposed to Ethereum, NEAR Protocols are often three thousand times less expensive to transfer. Furthermore, NEAR's transactions approach acceptable certainty approximately 100 times faster than other methods. Compared to Ethereum, NEAR Protocol is roughly a thousand times less decentralized. This does not necessarily imply that NEAR Protocol is less secure; rather, it may suggest that NEAR is less reliable than Ethereum. Self-custody is supported both by Solana and NEAR Protocol. As a result, they become less dependent on centralized security providers.

The overall usefulness of Solana is projected to remain lower than that of NEAR Protocol for the foreseeable future. In spite of this, Solana is used in transactions comparatively more than NEAR Protocol, even though it is almost as old. Sending Solana is typically twice as costly as sending NEAR Protocol. SOL transactions, on the other hand, acquire adequate certainty almost nine times faster during confirmation. Self-custody is supported both by Solana and NEAR Protocol. As a result, they become less dependent on centralized security providers.

Lastly, Layer-2 tokens are supported by both NEAR Protocol and Solana. Layer-2 tokens enable developers to construct decentralized ecosystems, such as DeFi, on top of the foundational blockchain protocol.

NEAR Protocol: Use Cases and Applications

NEAR Protocol offers a number of use cases within the crypto environment:

1. Decentralized applications (dApps). NEAR Protocol provides a platform for developers to build and deploy dApps with a focus on scalability, usability, and developer experience. Developers can leverage NEAR’s infrastructure and tools to create various types of dApps, including decentralized finance (DeFi) applications, social networks, gaming platforms, etc. The most prominent ones include NEAR Crowd, Ref Finance, Paras 2.0, ZomLand, Land to Empire, and more.

2. Tokenization and NFTs. NEAR Protocol supports the creation and management of tokens and non-fungible tokens (NFTs). It allows developers to tokenize assets, create unique digital items, and build NFT marketplaces. NEAR’s infrastructure provides the necessary tools and smart contract capabilities for developers to establish their own token economies and enable new forms of digital ownership and trading.

3. Cross-chain interoperability. NEAR Protocol offers interoperability through the Rainbow Bridge, which enables the seamless transfer of assets and tokens between NEAR and other blockchain networks, initially focusing on Ethereum. This interoperability unlocks various opportunities for developers and users, allowing them to leverage the strengths of multiple blockchain ecosystems and benefit from the features and liquidity of different networks.

4. Scalability solutions. NEAR Protocol addresses the scalability challenges faced by many blockchain platforms. Its sharding-based consensus mechanism, Nightshade, allows for parallel transaction processing and smart contract execution across multiple shards. This design significantly improves the network’s scalability and increases the transaction throughput, making it more efficient and cost-effective for dApps and users.

Is NEAR Protocol a Good Investment?

It may be. Near Protocol was facing accusations from the SEC of operating as an unregistered security. Though there were some doubts as to whether NEAR Protocol could become another target after Ripple, the SEC has just declared that it would not pursue cryptocurrencies. With this in mind, NEAR may turn out to be a good investment.

What Is NEAR Protocol?

NEAR protocol is a blockchain that uses a Proof-of-Stake (PoS) system and tries to stand out with its approach called ‘Nightshade’ for sharding.

Is NEAR Protocol Worth Buying?

It depends on your personal risk tolerance. NEAR token is a volatile cryptocurrency, and proper research should always be carried out before making any investment.

Is It Worth Investing in NEAR Protocol?

It is hard to say if NEAR will become popular. Any improvement to the native token of the platform should have a favorable impact on its utility and visibility, and NEAR has always reacted favorably to such advancements. In addition, additional users have been drawn to NEAR Protocol by the KAKINOW screen lock platform.

Why Is NEAR Protocol So Good?

NEAR Protocol offers a solid technological base and real use cases, not to mention that it may be superior both to Ethereum and Solana, so it may be viewed as a good choice of investment by many experts.

What Is NEAR Protocol For?

It’s a platform for dApps that focuses on developer and user-friendliness.

Is NEAR a Layer-1 Protocol?

Yes, it is. It was launched in 2020.

Is NEAR Protocol a Layer-2?

No, NEAR Protocol is a performant Layer-1 smart contract blockchain focused on scalability and creating a user-friendly platform.

Is NEAR Protocol the Same as Ethereum?

In essence, yes, but actually, it may be better than Ethereum.

Is NEAR an AI Crypto?

It’s trying to transition into the AI realm. NEAR is building a cutting-edge blockchain operating system that creates a category that has never been seen before in the industry: a common layer for exploring and finding open web experiences that works with any blockchain. 

Conclusion

NEAR remains one of the fastest growing networks by stablecoin supply, powered by chain abstraction that eliminates the need to pre-fund user accounts. Its distinctive architecture highlights the possibility of a distributed network of computers cooperating to power the future of dApps, setting it apart from conventional centralized platforms. NEAR Protocol has indeed become one of the most popular platforms on the blockchain and may become even more prominent.

How Can You Buy NEAR Crypto?

StealthEX is here to help you buy NEAR coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1500 coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, ETH to NEAR. 

2. Press the “Start exchange” button.

3. Provide the recipient address to transfer your crypto to.

4. Process the transaction.

5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.