Founded as a machine learning project in 2017, Near Protocol has slowly climbed its way up, evolving into a layer1 blockchain project the year following its launch.
The platform is a POS (Proof-of-Stake) based blockchain, and as a base layer blockchain, it allows dApps to be built on top of it. Near has easy creation funnels which dramatically simplify the development of dApps, making it the ideal blockchain to build a dApp from creation to launch in the shortest timeframe. They’ve managed to simplify dApp creation while also allowing cross-compatibility, which means dApps are also deployable on another layer 1 platforms.
Near currently leads in putting scaling solutions to use in crypto, making its dApp creation and transaction speed something robust and rapid. It has up to 100,000 transactions per second available on its network while still maintaining almost zero fees.
This rapid speed is also achieved due to its consensus mechanism Doomslug, which has the capacity to create blocks within a couple seconds by allowing validators to generate the blocks rather than the regular process of putting them against each other via their stakes.
The biggest selling point for Near Protocol is that it’s a smooth and well-functioning blockchain with almost no visible hiccups. Another benefit, for those interested in the token, is its price action, which has proven to be quite predictable in the short to medium term thanks to consistent patterns. These clear signals have drawn in a mass of traders to the cryptocurrency as well, increasing daily volume in this bear market to hover around $252 million USD.
Near has its own original procedures and dApps such as rainbow bridge and Near collective that make it easily compatible with other layer 1s. Its biggest shortcoming currently seems to be its lack of exposure and marketing.
